I've been in a syndicate in Scotland since January 1990. You don't need to be alike. The only essential is you all want cheap flying. Guys who don't actually fly are great for availability.
Consider the cost of lawyers compared to the value of the aircraft before thinking of legally binding clauses.
We've just a simple agreement, which new members agree to.
Monthly payment to cover fixed costs.Each hour flown MUST make a profit. We've recently upgraded radio and tx, and are having the wing recovered at present. And hopefully there'll be enough engine fund left in the kitty.
The Group has varied between 6 and 8 members over the years. Four is possibly the minimum to avoid bitter disputes. Three will lead to 2 V 1. 3 V 1 will likely succeed in getting their way. 2 V 2 will be better than 1 V 1.
We've had 2 insurance write-offs in the 27+ years.
(Jodel DR1050 tailwheel.)