Originally Posted by Stephjaygee
Hi, I'm about to purchase an Archer with 2 other pilots. Any advice on how to administer a bookings system or how to formulate a legally binding 'agreement' and suggestions for what it should contain. We are all first timers and would really appreciate any guidance on the subject. Thanks. Steph x
Well, although I'm not familiar with the exact parameters of the statute of frauds in English law, I'm willing to bet it should be in writing and signed by each party to be bound.
Rather than going any further, can I offer the friendly suggestion that if you're going to spend a bazillion pounds on an Archer (or even 20,000 or so), you might be well advised to consider the expenditure of a few hours' legal fees to have a competent and experienced solicitor draft an agreement (or review and mark up any document you come up with).
There are probably people out there who have drafted similar agreements, but even if you can't find one, a competent transactional lawyer will be able to help you avoid common pitfalls in drafting that could result in undesirable, expensive or unpleasant outcomes.
You may even wish to get advice about whether it would be wiser to consider incorporating, forming a limited liability entity (LLC,LLP, etc) or a formal partnership structure. That would depend on the costs and the benefits (how effective is the limitation of liability, what are tax implications, what are the reporting requirements, etc.).
If you wouldn't buy a house on a handshake and without the benefit of professional advice, should you really buy an aircraft that way?