Partnership. Bad.
LLC. Good.
Never say partnership. Liability for other partners actions transfers through partnerships.
You lose things like your house and all your possessions, when a "partner" drops Baby Grand pianos on people's heads out the back of your shared C-130 at the flour bombing competition.
You're on your way to becoming "one of the owners of a Limited Liability Corporation that owns an aircraft", never "partners".
Ahh the things you learn buying airplanes. Things you never wanted to learn.
You also want that LLC to follow all of its rules of Incorporation and to file its taxes every year so the IRS says, "Yep, they exist and reported zero income as usual", when someone attempts to pierce the Corporate veil to get at the money they think you have -- because you own an airplane and someone else did something negligent.
I smiled big when our co-owner sent me a Schedule K for the LLC a couple weeks ago.
It's nice having someone who knows the rules and fired our the correct (if utterly silly because it has a single-entry of $0 on it) paperwork.
Lawyers and Judges love paperwork.
We have a thriving little LLC that sends the IRS the stuff they love to see come in, from any thriving little zero-income LLC.