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Purchase of experimental plane.

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hrs1(at)frontiernet.net
Guest

Posted: Thu May 03, 2007 8:02 am Post subject: Purchase of experimental plane.

I agree that the lawsuit situation in the US has become ridiculous.  I 

wish that there was some provision where is the frivilous lawsuit fails 

the person suing would have to pay the defendent's legal expenses.  That 

would stop a lot of this lawsuits.



As to the sale of a plane, I am considering the purchase of a built 

unltralite to fly while I'm building my 701.  I called my accountant 

who's a pretty sharp guy and asked if I should purchase it under my own 

name or in the LLC which I own and use for business.  He said neither 

and advised me to form a LLC (Limited Liabilty Corp) for the sole 

purpose of owning this plane.  In his opinion, if something dastardly 

happens like an incident, this should give a pretty good degree of 

protection. This doesn't help much with the sale of a plane, but it's an 

interesting twist.  I wonder what would happen if one would sell his 

plane to an LLC which in turn sells it to the buyer.   Remember this 

advice might not be worth more than you're paying for it.  Robert 

Schoenberger 701 55%. do not archive

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n4546v(at)mindspring.com
Guest

Posted: Thu May 03, 2007 8:41 am Post subject: Purchase of experimental plane.

The lawsuit situation in the US has become indeed, ridiculous.



The fear of lawsuit situation has become unrealistically MEGA-ULTRA-SUPER

ridiculous.



Randy L. Thwing, Las Vegas  do not archive





 	  Quote: 	
		   

<hrs1(at)frontiernet.net>
	


 	  Quote: 	
		  



 I agree that the lawsuit situation in the US has become ridiculous.  I

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Gig Giacona

Joined: 10 Jan 2006
Posts: 1416
Location: El Dorado Arkansas USA

Posted: Fri May 04, 2007 7:54 am Post subject: Re: Purchase of experimental plane.

This weeks EAA Hotline email had this. You do have to be an EAA member to get to the link posted.

  

Q & A: 

Question of the Week

Do you have a "release of liability" form for when you sell a homebuilt aircraft? 



Answer:

Great timing! We have just posted a "hold harmless agreement" for you to use for that very purpose. You must have it reviewed by an attorney before using it. You can find the release on the EAA  <http> members only website.

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_________________
W.R. "Gig" Giacona
601XL Under Construction
See my progress at www.peoamerica.net/N601WR

daveaustin2(at)primus.ca
Guest

Posted: Fri May 04, 2007 3:08 pm Post subject: Purchase of experimental plane.

Thanks Gig.

Dave Austin  601HDS - 912, Spitfire Mk VIII

Do not archive

---

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