Corporate Aircraft Ownership

MNForrest · #1 01-13-2011, 07:26 AM

How do I set up "The Best" corporate aircraft ownership? Certified and EXP. aircraft. Primarily business use. I have an LLC now, but would like to Inc. Where? When? How - without spending a ton of money on legal help?

Thanks,

Forrest

dhall_polo · #2 01-13-2011, 11:24 AM

Just to own in a corp-s instead of llc? or because you want to make a profit in aviation?

mikegraycmg · #3 01-13-2011, 11:35 AM

Nobody here can answer that question with the info you have provided. Find a lawyer in your state, and pay for a couple of hours of his time to go over your situation and see if that's something you need or if it would be helpful at all. If you find the right guy, it will be worth it.

I'm a lawyer and I do that kind of work, but I wouldn't give anyone generic advice about the decisions you might want to make on the form of entity, and I wouldn't offer advice about that for a state with which I am unfamiliar. You might be able to find an RV builder in your state who's a lawyer and could help you. If not, ask around for reasonable general practitioners or transactions lawyers who are solo or in small firms.

MNForrest · #4 01-13-2011, 01:27 PM

Not planning to "make money" with the aircraft, but minimum 75% business use for travel. I will certainly consult an attorney, but I'm looking for some insight before I dive in. Not that I don't trust lawyers, but in my experience they don't always have a broad enough view, and I don't want to have to shop around for a lawyer that does.

I know some people use corporate ownership as a tax shelter, partial protection from personal liability, etc. I'm just looking to do it right. Being self-employed, I have an LLC already.

Don't need advice per-say, but maybe some successful examples?

Forrest

JonJay · #5 01-13-2011, 03:38 PM

A lot of past discussion. If I recall, you can not register an experimental home built as a corporation, only as an individual. There is no escape from personal liability.

flyinga · #6 01-13-2011, 04:11 PM

Also be sure to look into the tax consequences. Our county taxes corporate owned aircraft but not those privately owned.

randyintejas · #7 01-13-2011, 05:16 PM

yep been there and got HAMMERED !

dhall_polo · #8 01-14-2011, 07:44 AM

Quote:

Originally Posted by JonJay

A lot of past discussion. If I recall, you can not register an experimental home built as a corporation, only as an individual. There is no escape from personal liability.

My experimental is in a corp-s and registered as such with the FAA.

JonJay · #9 01-14-2011, 08:19 AM

Quote:

Originally Posted by dhall_polo

My experimental is in a corp-s and registered as such with the FAA.

Thanks for the correction.