As part of a complete ownership structure, a natural or legal person owns 100% of an aircraft. Full ownership allows maximum flexibility and control of all transport factors. The owner of the aircraft is responsible for the level of safety, comfort and cost of business travel. Operations can be controlled by an internal flight service or outsourced to an aircraft management company. Using a time allocation agreement, an aircraft operator can request a limited refund for a flight. Under this agreement, a company is authorized to lease its flight crewed aircraft to another person or company. In return, the aircraft operator may obtain a refund for a specific list of out-of-pocket flight costs, including an amount equal to twice the cost of fuel consumed on the flight. The following fees are authorized by FAR 91.501 (d): common ownership is defined in 14 CFR No. 91.501 (c) (1) of the Federal Aviation Regulations (FARs) as “an agreement whereby one of the registered co-owners of an aircraft employs and delivers the aircraft crew for that aircraft and each of the registered co-owners pays a portion of the specified fee.” The concept of condominiums is very simple. There is nothing but two or more people who share responsibility for owning an aircraft. If you divide the cost of owning an aircraft among multiple owners, their costs decrease.
The apparent simplicity of this agreement is one that attracts a number of aircraft owners to a condominium agreement. The aircraft is a multi-engine turbo jet aircraft (regardless of size), or The most important distinction between these two forms of ownership is related to the transfer of the interests of each co-owner if he dies. The interest of a common tenant is transferred to the heirs of a person in the absence of will, in accordance with his will or the law of the state. The surviving heirs and co-owners then become tenants together. On the other hand, the common rent is characterized by a right of reversion, which means that the interest of a deceased tenant is transferred to the surviving tenant or tenant. As far as aircraft co-ownership is concerned, this would mean that if you die, your share of the aircraft would go directly to your co-owner and not to your heirs.