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Will the plane, hangar rent, and other liabilities be in the name of both partners or an entity? If an entity, will it be a partnership that allows a membership to be transferred (with approval), a limited liability company (LLC), an S corporation, or some other legal entity? Work this all out in advance to make your partnership run smoothly.
"Man cannot discover new oceans unless he has the courage to lose sight of the shore."
-- Andre Gide