In recent years, the Federal Aviation Administration (FAA) has become increasingly interested in operational control issues and the trend is expected to continue. The NBAA Operational Control Handbook summarizes the government rules, regulations and policies applicable to the operational control of aircraft. Co-ownership is defined in 14 CFR § 91.501(c)(1) of the Federal Aviation Regulations (FARs) as an “agreement wherein one of the registered co-owners of an aircraft employs and represents the flight crew of that aircraft and each of the registered co-owners pays a share of the fee set out in the agreement”. Hangar and engagement costs outside the operational base of the aircraft. The concept of co-ownership is very simple. It`s nothing but two or more people who share the responsibility of owning an airplane. If you spread the cost of owning the aircraft among several owners, your costs will decrease. The apparent simplicity of this agreement is the one that attracts a number of aircraft owners to a condominium agreement. Fractional Aircraft Ownership, a share is contractually defined and allows to sell an unshared interest for a single aircraft on the basis of 800 hours per year to several owners and to be sold in fractions of a single sixteenth. This checklist is also designed as a guideline for the design of your condominium agreement. Remember that a professional agreement can save you a lot of fear in the future. The aircraft has a maximum take-off weight of more than 12,500 pounds, or; A condominium structure allows several companies to participate in the ownership of an aircraft. During the operation of the aircraft, each co-owner is responsible for the provision of the flight crew and the payment of its direct operating costs.
The crew may be made available by the co-owner independently or through a management company. Please note that “non-equity” groups cannot be registered in this way, as group members do not own ownership of the aircraft itself. In this case, the aircraft must be registered with the owner. By using a time-sharing contract, an aircraft operator may claim a limited refund for a flight. Under this Agreement, an enterprise is authorized to lease its manned aircraft to another person or company. In return, the aircraft operator may be reimbursed for a specific list of costs related to the flight, including an amount equal to twice the cost of the fuel used on the flight. .