Final answer:
A fractional ownership plan allows individuals or entities to own a share of an aircraft, giving them access to a fleet for a set number of flight hours, sharing costs, and responsibilities of maintenance and operation.
Step-by-step explanation:
In a fractional ownership plan, individual investors or companies can buy a share of a high-value asset, such as an aircraft.
By owning a fraction, they gain the privilege of using any aircraft in the fleet managed by the fractional ownership company, proportional to their share.
This model is often used in aviation to offer the benefits of private jet ownership at a fraction of the cost.
The usage rights are typically defined by the number of flight hours an owner is entitled to based on their ownership percentage.
Sharing the costs of purchase, maintenance, and operation of the fleet allows owners to utilize an aircraft for personal or business travel without bearing the full financial burden of sole ownership.