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LLC and Aircraft Loans

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lacloudchaser(at)yahoo.co
Guest

Posted: Tue Feb 05, 2008 9:12 am Post subject: LLC and Aircraft Loans

Delaware is certainly an option, low fees and taxes, protective of their clients and they (sect of states office) will answer the phone when you call them on issues.  Talk to your accountant (or find one who is experienced in this area) - on some of the issues to remain out of the IRS's hairy eyeball, such as years of profit and loss over time.

   

  Here is one delaware registry company that has displayed good customer service and answers the phones, this link takes you to the aircraft section:

   

  https://www.delreg.com/air.cfm

   

  Here is the government site:



http://www.delaware.gov/egov/portal.nsf/portal/Business

   

  Hope this helps, no info on loan rates. But talk to your accountant (not pilots  and if you are going to set up a  business that requires this asset, certainly do this before you purchase the asset your name.

   

  good luck

   

  Chunks

   

   

  Sky Blue Products Inc.



        Be a better friend, newshound, and   [quote][b]

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aerobaticgirl(at)yahoo.co
Guest

Posted: Tue Feb 05, 2008 2:59 pm Post subject: LLC and Aircraft Loans

I have DelReg, but there are actually many companies that are much cheaper.  But, Delreg is great because they have an aviation branch that understands airplanes.

   

  Smash



Drew <lacloudchaser(at)yahoo.com> wrote:

  [quote]  Delaware is certainly an option, low fees and taxes, protective of their clients and they (sect of states office) will answer the phone when you call them on issues.  Talk to your accountant (or find one who is experienced in this area) - on some of the issues to remain out of the IRS's hairy eyeball, such as years of profit and loss over time.

   

  Here is one delaware registry company that has displayed good customer service and answers the phones, this link takes you to the aircraft section:

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GreasySideUp

Joined: 24 Oct 2007
Posts: 44

Posted: Wed Feb 06, 2008 6:43 am Post subject: Re: LLC and Aircraft Loans

So by going this way there are no taxes on the purchase of the plane as well?



I don't have a tax lawyer, What other benefits are there for setting up the plane as a business?



Can anyone recommend a lawyer in Jersey?  Is this a must?



Thanks

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PeteAbbott(at)aol.com
Guest

Posted: Wed Feb 06, 2008 6:58 am Post subject: LLC and Aircraft Loans

If all this is true and legal, Delaware is going to have more Yaks  registered than all of Russia!

  

 Pete

  

 N852GC



Who's never won?  Biggest Grammy Award surprises of all time on AOL Music.

  [quote][b]

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aerobaticgirl(at)yahoo.co
Guest

Posted: Wed Feb 06, 2008 3:49 pm Post subject: LLC and Aircraft Loans

The biggest benefit of incorporating yourself/plane is that if you bail out and God forbid you plane lands on a school bus of children, you can't be sued for every dime you have.  The corporation gets sued and the only asset in the corporation is the airplane, which is totalled.



GreasySideUp <greasysideup(at)hotmail.com> wrote:  [quote]--> Yak-List message posted by: "GreasySideUp" 



So by going this way there are no taxes on the purchase of the plane as well?



I don't have a tax lawyer, What other benefits are there for setting up the plane as a business?



Can anyone recommend a lawyer in Jersey? Is this a must?



Thanks





Read this topic online [quote][b]

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rbwxx

Joined: 07 Feb 2008
Posts: 3
Location: Isle of Palms, SC

Posted: Thu Feb 07, 2008 5:01 am Post subject: Re: LLC and Aircraft Loans

The idea that putting the airplane into an LLC gives you liability protection if you bail out and the airplane crashes into a school is just wrong.    The LLC didn't crash the airplane into the school.  You did.  You will be the target of the suit, not the LLC.



If you want to protect your other assets -- your house, real estate, other investments, etc, put them into an LLC or better yet a Family Limited Partnership.  This may provide some protection, but as another poster pointed out, a good trial lawyer may be able to pierce that corporate veil.



I don't post much on this site because I don't own a Yak or CJ.  I have been a trial lawyer for 30 years and a pilot for over 40.

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