<<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>>

          <<  Lancair Builders' Mail List  >>

          <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>>

>>

In a message dated 98-11-11 00:17:48 EST, Bob asks:



<<Does anyone have a partnership agreement for building aircraft that we

 could use/copy from? >>



When I started building my plane we had 6 guys working on two planes. The way

we worked it was to separate the money from the hours worked. Ownership in the

equity of the aircraft was in direct proportion to hours worked. I set up a

spreadsheet to track everyone's time and logging your time was the last task

before going home. The investors were given a fixed rate of return on their

money and it was secured by the aircraft under construction.



After about a year I had worked 50% of the total time on the two aircraft and

had about half the money invested. I didn't want a majority share in two so I

said that I wanted to split the project and take one of the planes. We voted

on which of the two planes was nicer and they took that one and I took the

other. Some months later they sold the unfinished kit. The investors were paid

off and the remainder was split in proportion to hours worked. Everyone was

happy.



As far as insurance goes, the plane isn't a plane when it is a kit so

renter's,

homeowner's or business insurance should cover "aircraft parts". Check with

your agent.



Regards

Brent