Overview: On-demand air transportation is regulated by the Federal Aviation Administration (FAA) for purposes of aircraft operation and maintenance. The text identifies the essential regulations on page 170 but does not identify those regulations applicable to Fractional Ownership Operations. As the potential Flight Manager for Pet Paws, Inc. you have been charged with researching the topic and providing a summation of your findings.

1. Your first task is to research the background for the creation of the fractional aircraft ownership regulation and provide a one paragraph summation of its history.

2. You will them identify six (6) FAA regulations by title and number that are applicable to Fractional Ownership Operations and include them in the second paragraph of the summation.

3. Since your legal department asked you to expand on the meaning of "operational control" and this was one of the regulations you located, provide an explanation of the term and why you consider it extremely important in the final paragraph.