Joint ownership is defined in 14 CFR 91.501(c)(1) of the Federal Aviation Regulations (FARs) as an "arrangement whereby one of the registered joint owners of an airplane employs and furnishes the flight crew for that airplane and each of the registered joint owners pays a share of the charge specified in the agreement."
Under this agreement, one registered owner may provide the flight crew and the other registered joint owner(s) may pay a share of the fixed ownership costs as specified in the agreement. Each joint owner is responsible for individually covering their own direct operating costs. All joint owners must be named on the registration certificate of the aircraft.
Only U.S. registered aircraft that are eligible to operate under FAR Part 91 Subpart F may utilize a joint-ownership agreement. To be eligible, the aircraft must fall into one of the following groups:
- The aircraft has a maximum takeoff weight of over 12,500 pounds, or;
- The aircraft is a multiengine turbojet aircraft (regardless of size), or;
- The aircraft is a fractional program aircraft (regardless of size).
Aircraft, including piston airplanes, small airplanes, and all helicopters operated under the NBAA Small Aircraft Exemption can also make use of the cost reimbursement options allowed under Part 91, Subpart F, such as a interchange agreement.