mclame101(at)yahoo.com
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 Posted: Wed Feb 06, 2008 5:04 pm Post subject: LLC |
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An LLC may give you some liability protection but any decient lawyer, will be able to pierce the corporate veil and sue you or whoever owns or flies the aircraft.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Tax Advantages From;
http://www.aviationtaxconsultants.com/
Q : Can I use a <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Delaware corporation to avoid sales tax?
A : The age-old myth is to use an out-of-state entity to avoid paying sales or use tax on the purchase of an aircraft. No, you can not legally avoid paying sales or use tax by using a Delaware, Nevada or Montana entity. The state that you domicile your aircraft has the legal authority to levy sales or use tax on your aircraft. In this era of revenue deficits, many states have dramatically stepped up their enforcement efforts to assess sales or use tax on aircraft purchases. Their tactics range from obtaining aircraft registration information directly from the FAA, auditing aircraft manufacturer’s or dealer’s sale records, to requiring airports / FBO’s to submit listings of tail numbers of aircraft that are hangared at their airport.
Since Delaware cooperation don’t work as a realistic way to avoid sales tax. You need to look for other workable strategies. One way is to form an LLC in your state, obtain a sales tax license, and then rent the aircraft to your self for use on an hourly basis. You then will only have to pay tax on the rental income.
http://www.aviationtaxconsultants.com/
They wants at least $7000 to set up a plan to avoid sales taxes, which is a bit expensive to try to avoid the $4000 to $8000 is sales tax your yak purchase will set you back.
So if anyone has used other strategies to avoid having to pay Sales Taxes please email me. Or share them with the rest of the list.
McLame,
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