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There are plenty of fractional jet ownership plans out there in which participants buy a certain amount of usage time, much like a real-estate time share. Through a new program from JetSuite, however, customers buy the whole plane and get paid for the time they aren’t using it. JetSuite’s ownership program is designed to let customers enjoy the luxury and convenience of owning a private jet without the prohibitive costs, liability, regulatory risks and operational hassles. With a down payment and an asset-secured note, each customer takes ownership of a brand-new USD 3.4 million Embraer Phenom 100—a very light jet with a range of up to 1,200 statute miles and a cruising altitude of 41,000 feet. With that price comes a set number of hours of use each year for free; additional hours can be purchased at a discount. JetSuite, meanwhile, takes care of all the regulatory requirements, aircraft maintenance, hangar facilities, and even hiring and training of pilots. The most interesting part, however, is that when the owner isn’t using their plane, JetSuite charters it to someone who does, and the revenue from that—JetSuite guarantees at least USD 25,000 per month—goes back to the owner. Las Vegas-based JetSuite was launched last week by Alex Wilcox, who was also a founding member of both JetBlue and Kingfisher Airlines. He explains: “We’re taking the hassle, expense and surprises out of private jet ownership. What’s more, with the Phenom, you get all the comfort with less than half the fuel burn of the most popular charter aircraft.” JetSuite expects to begin operations next April, focusing at first on the southwestern and western US and later rolling out nationwide. It is interested in partnership possibilities; one to work with in the skies near you? Or consider applying the concept to other categories. (Related: Fractional supercar ownership.) Spotted by: Peter Yu