Cirrus Partnership/LLC agreement (for those who are counting)

Discussion in 'Flight Following' started by asgcpa, Sep 16, 2015.

  1. asgcpa

    asgcpa En-Route

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    I've redacted the agreement. If you want a template, please send me a pm and include your regular email address. Thanks
     
  2. AdamZ

    AdamZ Administrator Management Council Member

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    Arthur with all respect an LLC operating agreement in IL may not float in other states. Some sections may transfer but some not. You need to be careful about template legal agreements. They often work great until a dispute or default arises.
     
  3. asgcpa

    asgcpa En-Route

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    This is true Adam. That's why I put a disclaimer on that they need to consult with an attorney for laws in their applicable state and its not to be construed as legal advice.
     
  4. midlifeflyer

    midlifeflyer Final Approach

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    I'm curious - given that someone should contact an attorney for state-specific (and I'd say, transaction-specific) advice, in what way is this superior to the AOPA co-ownership template as a starting point?
     
  5. asgcpa

    asgcpa En-Route

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    It has parts of a lot of agreements that we felt worked for us. It has to be tailored for each situation and the laws in each state. We had an Illinois lawyer review it to confirm to Illinois law. It could be a good starting point for people. I am not a lawyer so this isn't legal advice. However I believe the ideas are good. And I'm giving back since others were kind and gave me their templates. If anyone uses it they should consult with a lawyer.
     
  6. Painter1

    Painter1 Pre-Flight

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    Good on ya. It's not hard to compare contract law differences from state to state. The phrase "to the fullest extent allowed by law" addresses most of the issues.

    As a guy who has had numerous business partnerships, almost exclusively successful, I have learned the following;

    No contract will prevent a dishonest or integrity-challenged partner from screwing you and contracts don't make or prevent an honest man from doing the right thing.
     
  7. SkyDog58

    SkyDog58 Touchdown! Greaser! PoA Supporter

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    PM sent.

    Being in Illinois, I am sure I might find it a useful and great starting point as intended.
     
  8. bradg33

    bradg33 Cleared for Takeoff

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    I actually don't think the AOPA form agreement is all that helpful. It's almost too dumbed-down.
     
  9. asgcpa

    asgcpa En-Route

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    I will try to get them out to those who sent me a pm with their email on Sunday. Flying all day tomorrow.
     
  10. midlifeflyer

    midlifeflyer Final Approach

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    All it really does is get people thinking abou some of the relationship issues. It focuses on things that should be included, but is not entity-specific. IOW, it doesn't deal with the form co-ownership takes, co-owner, partnership, corporation, LLC, etc.
     
  11. asgcpa

    asgcpa En-Route

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    Exactly.
     
  12. asgcpa

    asgcpa En-Route

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    Sorry worked all day today and forgot to bring the file home :mad2: ....October 15 is another tax deadline :eek: :yikes:. Haven't forgotten about everyone...
     
  13. asgcpa

    asgcpa En-Route

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    To all those who PM'd me with an email address, the redacted agreement with disclaimers was sent out today. Again, I am NOT an attorney and you should consult with an attorney in YOUR state. I only provided it as it is what we used and could be a good starting point for others.
     
  14. DJTorrente

    DJTorrente En-Route

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    Many Thanks!
     
  15. asgcpa

    asgcpa En-Route

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    You're welcome. Hope it gives you some ideas.
     
  16. bigred

    bigred Filing Flight Plan

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    Hi CPA, sent you a PM, please pass along when you get a chance.
     
  17. txnightster

    txnightster Pre-takeoff checklist

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    PM Sent, thanks!

    Bill D.