Fractional Aircraft ownership is an ambiguous term for fractional ownership, whereby multiple owners share all the costs involved in operating, renting and buying the aircraft. Commercial applications for large commercial aircraft include NetJet, Flexjet, AirSense, and PlaneSense. The term fractional aircraft can also apply to fractional ownership of training aircraft such as helicopters and biplanes. Some fractional jet companies are interested only in fractional aircraft, but many offer all or partial ownership.
There are several different types of Fractional Aircraft Ownership. The most popular is on-demand. This means that the company buys a certain amount of jet fuel at a preset rate and then sells the remaining jet fuel on an on-demand basis to customers. For example, if the plane has ten hours of fuel left it can be ordered by a customer and it will be used for that flight only. If another jet with ten hours of fuel is available, the first owner can order it and have it delivered the following day. A customer cannot demand more fuel than needed, so all the seats are filled and the plane returns to the shop.
On-demand fractional jet services vary slightly by company. Some companies may charge for the hour that the plane is available to fly, while others charge a flat fee per hour. Other companies may require the pilot to fly an additional hour after making a purchase. Most fractional jet companies operate on an on-time basis. They do not allow the planes to fly out of schedule.
Another form of fractional ownership is fractional jet leasing. The company that leases the jet agrees to pay for the cost of fuel and for the maintenance of the aircraft over the course of a certain number of years. The pilot flies the plane on a scheduled frequency and the company collects the fees from the individual who owns the aircraft. This is one of the easiest forms of fractional ownership because there are no recurring payments required. Many people like this form of flying because it requires very little maintenance and the aircraft does not need to be in storage during the winter months. The pilot simply parks it during the bad weather and makes the flight in the summer.
Part of the process of selecting fractional aircraft ownership involves the initial evaluation. The initial evaluation is also necessary because many of the top corporations in the world own jets. These large organizations require very specific maintenance procedures to keep the planes in tip top condition. A company that owns a private aircraft is required by law to conduct periodic maintenance inspections of the craft. This will ensure that the plane is safe to fly. If the company does not conduct the inspections, the Federal Aviation Administration can fine the company.
In order to be considered for fractional jet ownership, you need to meet a set of requirements. The company needs to have at least one million dollars of capital. The company must also have a safety record and a good market share. The last requirement is especially important because it helps to determine whether or not the company will stay in business. Private aircraft cannot normally be grounded due to safety issues unless there is an impending threat to the safety of the passengers or the plane itself. If the company has a good business plan, it is possible to make a profit through fractional jet ownership.