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cooprv7(at)yahoo.com
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 Posted: Mon Sep 09, 2019 12:23 pm Post subject: RV-10 ownership under a LLC |
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I’ve had it recommended to me to place my airplane under a LLC for liability protection due to some other issues. Since I don’t have a traditional title being the builder, does anyone have any experience with transferring ownership to a LLC?
Thanks,
Marcus
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rleffler
Joined: 05 Nov 2006
Posts: 680
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| Posted: Mon Sep 09, 2019 3:54 pm Post subject: RV-10 ownership under a LLC |
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Bill of Sale. If you own both LLCs, then wait for the state to come for their sales tax. At least that's they way it is in Ohio.
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Bob Leffler
N410BL - Phase I
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johngoodman
Joined: 18 Sep 2006
Posts: 530
Location: GA
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| Posted: Tue Sep 10, 2019 4:22 am Post subject: Re: RV-10 ownership under a LLC |
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My son is a lawyer - he makes a living out of breaking Llc's, so it's only a modicum of protection. If you are the sole owner, I don't see much point in it, but if it's a partnership, then maybe. You only have to file a K-1 if the Llc owns a hangar, or a for-profit airplane (things you can make a profit on). If it's just an RV-10, I don't see a point in it. However, If it's also ownership in a hangar (which you can rent), you have to report.
As far as the State getting it's pound of flesh, they do that when they see a new tail number, at least in Georgia....
John
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