The main reason I fly a Cub is for the simplicity of it, and feeling like I can turn back the clock to the good old days of aviation. It is sad that the one thing that I can not turn back the clock on is Americans love affair with lawsuits. I have been renting a Cub and that comes with a lot of restrictions on what can be done with the plane. I have found a share of a partnership for sale that would cut my flying costs and allow me more places to go with the plane.
The aircraft is owned as a partnership with 10 owners, rather than as a corporation. I would have jumped at the chance to join in this group if it were structured as a corporation. It is my feeling that the corporation would give additional layer of protection for the partners from the lawyers should an accident occur.
I have asked about this with a few of the partners and they do not perceive it as a threat and not worth the work of restructuring. Any thoughts about the risks/benefits of a partnership vs. a not for profit corporation?
Sorry for the mundane and doomsday nature of my first post, but protecting my family and assets is always a great concern- In the future I will stick to my "There I was....." fun flying stories.
The aircraft is owned as a partnership with 10 owners, rather than as a corporation. I would have jumped at the chance to join in this group if it were structured as a corporation. It is my feeling that the corporation would give additional layer of protection for the partners from the lawyers should an accident occur.
I have asked about this with a few of the partners and they do not perceive it as a threat and not worth the work of restructuring. Any thoughts about the risks/benefits of a partnership vs. a not for profit corporation?
Sorry for the mundane and doomsday nature of my first post, but protecting my family and assets is always a great concern- In the future I will stick to my "There I was....." fun flying stories.
