owner/Partner leaving an owner/partnership?

M

Mooney

Filing Flight Plan
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Apr 10, 2020
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Mooney
If one of the 3 existing partners leaves a partnership with NO EXCHANGE OF $, and the registration of the Aircraft is updated to reflect the change from 3 partners to 2 partners, are there any repercussions to any of the owner/partners ? FAA, IRS, etc
Thanks in advance
 
Mooney said:
If one of the 3 existing partners leaves a partnership with NO EXCHANGE OF $, and the registration of the Aircraft is updated to reflect the change from 3 partners to 2 partners, are there any repercussions to any of the owner/partners ? FAA, IRS, etc
Thanks in advance
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Only if you report it, the guy giving up the share reports it or you get caught.
 
It would appear you just gained a 1/3 interest in aircraft as a gift (1/6th each). If he’s getting divorced or should die his ex or estate might have an issue too. If he files bankruptcy the Trustee could have an issue Too many scenarios


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As I tell my students, what does the partnership agreement say about withdrawal? Should have been spelled out. Unless there isn’t such an agreement (or an LLC Operating Agreement) in which case at least a partial answer may lie in some statutes or case law. As Tommar98 says, way too many variables and unknowns to formulate any kind of an answer.
 
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