Changing aircraft registration for partnership

[sailvi767]

I recently sold half my aircraft and as partners we formed a Corporation to hold the aircraft. I need to register the aircraft in the new corporate name however the FAA website and instructions are not very clear. I believe I can't do this online and must have the FAA form. There are also extensive and hard to understand requirements to verify citizenship of each owner. Have any of you had a similar situation where you sold part of the aircraft and attempted reregistration. I called the FAA FSDO in my area and they wont even let me in the building to get the form without a appointment. They said they would have someone call me back with the information on how to do this however so far no luck on the call back.

George

[BobTurner]

If I understand this correctly, you did not sell half the plane, you sold the entire plane to a corporation (of which you happen to be a part owner).

You do need the official FAA Bill of Sale form, which I believe is the one which they will not accept copies or downloaded forms, you need an original. Call the FSDO again, they might just drop one in the mail to you. Sometimes airport managers and the like have extras laying around, too.

You sign as the seller; list the corporation as the buyer.

If it were co-owners (FAA speak for partners) then you just put down yourself as the seller (Smith) and put down the co-owners (Smith and Jones) as the buyers.

[Larco]

I can't answer your specific question but our local FSDO was happy to mail us the forms which saved us the trip. We ordered several and it only took a couple of days. Larry

[RV Wannabe]

I don't know about your State. But in Illinois this would trigger a new taxable event as well. Just a heads up on something to check into.

Mark

[bhassel]

Originally Posted by BobTurner

You do need the official FAA Bill of Sale form, which I believe is the one which they will not accept copies or downloaded forms, you need an original. Call the FSDO again, they might just drop one in the mail to you. Sometimes airport managers and the like have extras laying around, too.

You sign as the seller; list the corporation as the buyer.

If it were co-owners (FAA speak for partners) then you just put down yourself as the seller (Smith) and put down the co-owners (Smith and Jones) as the buyers.

You might be able to get the form straight from Oklahoma. The shipped me a couple of 8050-1's by snail mail (in case I made a mistake when I filled one out).

Bob

[walkman]

Originally Posted by sailvi767

I recently sold half my aircraft and as partners we formed a Corporation to hold the aircraft. I need to register the aircraft in the new corporate name however the FAA website and instructions are not very clear. I believe I can't do this online and must have the FAA form. There are also extensive and hard to understand requirements to verify citizenship of each owner. Have any of you had a similar situation where you sold part of the aircraft and attempted reregistration. I called the FAA FSDO in my area and they wont even let me in the building to get the form without a appointment. They said they would have someone call me back with the information on how to do this however so far no luck on the call back.

George

I don't know about the post 9/11 world, but I owned an N registered aircraft for years as a non-US citizen and no one cared. I got questioned once coming in through customs, but never had to show anything to anyone ever. I just don't think it's a bit deal.

[sailvi767]

Thanks for all the information. I am just going to have the FAA send the forms and mail it in filled out as best I can. If they turn it down I will start over again. I agree it has to be recorded as a sale and then registration. Just for amusement here is what the FAA says on just a portion of what is required.

""""AFS-750-LLC-1 (1/05)
Limited Liability Companies
To determine if a Limited Liability Company (L.L.C.) meets the requirements
of a " citizen of the
United States", its structure is measured against the definition of a United States corporation or
association contained in Title 49, U.S.C., 40102(a)(15), which provides as follows:
"'Citizen of the United States' means (a) an indivi
dual who is a citizen of the United States, or (b)
a partnership each of whose partners is an individua
l who is a citizen of the United States, or (c) a
corporation or association organized under the laws of the United States or a State, the District of
Columbia, or a territory or possession of the United States, of which the president and at least two-thirds
of the board of directors and other managing officers are citizens of the United States, and in which at
least 75 percent of the voting interest is owned or
controlled by persons that are citizens of the United
States."
When submitting documents to register in the name of an L.L.C
., one of the following must also be
submitted:
a. Copy of the document evidencing the organi
zation of the above L.L.C. (e.g., Certificate of
Formation, Articles of Organization, or Operating
Agreement). The submitted document must include the
name of each of the members and clearly state how management of the L.L.C. will be vested (i.e., by the
members, by a manager, by officers, etc.). Inform
ation as to citizenship of each entity should also be
provided, either in a cover letter or separate statement, OR,
b. A written representation, in letter form, that
the L.L.C. qualifies as a citizen of the United
States. This written representation must show signatu
re and title of a knowledgeable party. Satisfactory
evidence must include the following information and representations:
1.
The full name of the L.L.C.
2.
The State in which the L.L.C. is lawfully organized.
3.
The date the L.L.C. was legally formed or organized.
4.
The Name of each of the members of the L.L.C. and the type of entity of each member (i.e.,
individual, corporation, partnership, L.L.C.).
NOTE: If a partnership (either general or
limited) is involved in the L.L.C. as a member, manager, or officer, the statement should
represent whether the partnership is comprised
entirely of individuals (natural persons).
5.
Whether the L.L.C. is managed by its members or
by manager(s) or officer(s). NOTE: Show
the title that will be used to sign all documents.
6.
The name of the manager(s) or officer(s
), if applicable, and type of entity.
7.
Whether the members, manager(s), or officer(s) may act independently. NOTE: A non -
citizen member/manager cannot act independently in a management capacity.
8.
A description as to how each legal entity within
the L.L.C. structure supports a determination
that the L.L.C. is a citizen of the United States as required by 49 U.S.C. Section
40102(a)(15)(c). NOTE: If a partnership is
involved in the L.L.C., the statement should
represent the citizenship of each partner."""""""


I guess I have to make sure the corporation is a good citizen of the US under 49 USC 40102(a)(15)(c) whatever that might be!!

George

[BillFear]

I worked with OK city on the registration of 5RP. They were very helpful and I don,t recall that part being an issue. I was able to chat with them on the phone with questions.

Where has your plane been?

[Clarkie]

Originally Posted by BillFear

Where has your plane been?

Been in ATL for the last 8 weeks getting a new panel. Can't wait to get it back!