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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Today's Featured Article - Product Review: Lead Substitutes - by Mike Schordine. Lead was oriinally added to gasoline as an upper cylinder lubricant. It lubes the valves and seats. If you rebuild the motor, you could use hardened seats and valves, and unleaded fuel. But if your old tractor runs good, a simple lead substitute added to the gas is a perfectly reasonable solution. And, if you are like me, your tractor is under cover, but it sits outside. So with every temperature change, the humidity in the air collects in the fuel tank, in the form of water.
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