What are major differences between Part 91 and Part 135 of the Federal Aviation Regulations (“FARs”) and how does that affect fractional ownership?

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Greatly oversimplified, Part 91 of the FARs applies to a aircraft operated by an individual or company which is under their "operational control" during recreational use, or some business other than aerial transportation. Part 91 operation can be called “private carriage.” By contrast, FAR Part 135 regulates “common carriage” operations – i.e., the business of “holding out” aerial transportation services to the general public as a business in its own right. more
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