Guest rocketdriver Posted March 9, 2010 Share Posted March 9, 2010 Over the past little while, I have noticed a several comments and questions about syndicates, so I’ve put together a guide for would be syndicate members. I hope you find it interesting and useful. The information comes in part from my own experience and also from comments and ideas from, in no particular order, DarkSarcasm, Flyinghigh and DJPAcro. Thanks for your input guys and girls. :thumb_up: If you are starting a syndicate, you might find that editing a word document is easier than rewriting a pdf. PM me and I will send you a copy in MSWord, but you will need to provide me with your email address as you can’t attach documents to a PM for some reason. I plan to periodically update the document so, if you have some constructive criticism that will help improve the document, then please let me know. Happy syndicipation!! So you want to form a syndicate.pdf So you want to form a syndicate.pdf So you want to form a syndicate.pdf Link to comment Share on other sites More sharing options...
winsor68 Posted March 9, 2010 Share Posted March 9, 2010 Thanks Rocket... I hope one day this will come in handy. Link to comment Share on other sites More sharing options...
Guest basscheffers Posted March 9, 2010 Share Posted March 9, 2010 Great document, thanks! I have heard of other syndicates using a P/L company as entity. Does anyone know if there are any other structures worth considering, like a partnership or an incorporated club? Link to comment Share on other sites More sharing options...
Bidgee Posted March 9, 2010 Share Posted March 9, 2010 Excellent. Thanks for putting the time into it. Scott Link to comment Share on other sites More sharing options...
shags_j Posted March 9, 2010 Share Posted March 9, 2010 Other types have other problems associated with them. Partnerships have legal ramifications on asset protection. Also every time the syndicate changes you will have to change the names on all bills, owners papers etc. Incorporated clubs have audit requirements depending on income etc. (EDIT: I also think that the members of a club are liable for all damages etc. caused by club members, but don't quote me on this). P/L company I feel is the best way. But I am not a legal professional, just an accountant. Companies allow you to keep the same owner on all documents (ie. the company) and then when people come and go you can just change the shareholder information (all internal and with asic). Also asset protection as the company is a seperate entity for assets and debt and unless certain situations exist, the directors can't be attacked seperately. Great doc Rocketdriver. I hope to use it in the future. OUt of interest, RAAus allows an aircraft to be registered by a company doesn't it? Cheers, Shags Link to comment Share on other sites More sharing options...
Guest basscheffers Posted March 9, 2010 Share Posted March 9, 2010 OUt of interest, RAAus allows an aircraft to be registered by a company doesn't it? Yes it does, mine is! Link to comment Share on other sites More sharing options...
shags_j Posted March 9, 2010 Share Posted March 9, 2010 Also forgot to add the downpoints of company ownership: Expensive to setup. I haven't looked at prices elsewhere but you can pay upto $1,000. Given that this is a special use company I would also suggest that the company constitution has some very definite clauses depending on the rules of the syndicate. Also companies have a ongoing annual fee of about $220. Link to comment Share on other sites More sharing options...
dazza 38 Posted March 9, 2010 Share Posted March 9, 2010 That was a fantastic document.Thanks rocket. Link to comment Share on other sites More sharing options...
Guest rocketdriver Posted March 9, 2010 Share Posted March 9, 2010 Hhope it gets used! Link to comment Share on other sites More sharing options...
flie43 Posted March 9, 2010 Share Posted March 9, 2010 Bloody hell Rocket, That was a fantastic job-where were you 12 months ago. We went down the company track- is working really well. All set up on MYOB. Took in another syndicate member and it's all cool We don't have an official agreement though--we should do it. Terry Link to comment Share on other sites More sharing options...
shags_j Posted March 9, 2010 Share Posted March 9, 2010 No flie but you do have a constitution that should help out with any disagreements... Rocket, got nothing to worry about. I am positive this will be used. Link to comment Share on other sites More sharing options...
sfGnome Posted March 10, 2010 Share Posted March 10, 2010 Hhope it gets used! I'm not at a stage of using it (yet! ), but it is a really good read - clear and very useful. Well done. :thumb_up: Link to comment Share on other sites More sharing options...
Guest drizzt1978 Posted March 11, 2010 Share Posted March 11, 2010 Well I am in the process of HOPEFULLY!! joining a syndicate.... So it most definetly is helping me! Thanks Mr RocketDriver Link to comment Share on other sites More sharing options...
shags_j Posted March 11, 2010 Share Posted March 11, 2010 well I may look at making a syndicate next year. Am very grateful for this doc. Link to comment Share on other sites More sharing options...
Guest Andys@coffs Posted March 11, 2010 Share Posted March 11, 2010 Guys What is the story with maintenance? Does everything need to be done by a L2, or are all the part owners L1's. If all L1's, is that something RAA has specifically allowed, or just an assumed position? I pressume in most cases the aircraft are 24 registered. What about 19 registered Aircraft? Andy Link to comment Share on other sites More sharing options...
shags_j Posted March 12, 2010 Share Posted March 12, 2010 Awwwww, so 2 L1's don't make a L2? Damn. Link to comment Share on other sites More sharing options...
flie43 Posted March 16, 2010 Share Posted March 16, 2010 Ours is factory built and VH so all maintenance is done by our Lame with us helping where we can Terry Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now