I share the cost/ownership on a lot of the equipment with my sons and my brother. Here is how we do it.
We split all the bills on a percentage basis. This percentage is arrived at based on the total acres/hours the equipment is used by each owner/partner.
Example: On a combine. If I ran 500 acres, my one son ran 250 and my brother ran 250. I would have 50%, my son 25% and my brother 25%.(these are made up percentages as ours are split up among more partners)
So we go and buy the machine:
$20000 Cost. I would pay $10000, my son $2500 and my brother $2500.
Any payments are split the same way.
Annual repairs are split the same way.
This works easiest if you do not have to finance the items externally. The last several times that we have done this we all just chipped in our percentages and bought the item straight out.
It works on the back end too. We just sold a combine we had. We just split the proceeds just like we did all the costs.
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