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cpayne(at)joimail.com
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 Posted: Mon Oct 15, 2012 3:32 am Post subject: Liability Issues |
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Can any of you legalistas out there tell me whether or not placing my airplane under LLC ownership would protect my other assets from exposure to lawsuit liability and discovery?
Craig Payne
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rmhou(at)yahoo.com
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| Posted: Mon Oct 15, 2012 10:11 am Post subject: Liability Issues |
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Read this: http://www.avweb.com/news/avlaw/181898-1.html
"Forming corporations and LLCs often works fine to protect corporate stockholders from personal liability resulting from corporate business debts. Stockholder immunity may be more difficult with regard to air crash liability. Plaintiffs rarely "pierce the corporate veil" of large aviation corporations in air crash disasters. However, small, closely-held corporations may be more vulnerable to such attacks, particularly where the individual stockholders have used the corporation as a "alter-ego" to carry on their personal business through the facade of a corporate entity. While such protection may work for owners, it may be very difficult for the pilot-in-command "operator" who owns all the stock of his corporation, to avoid individual liability by simply operating through a corporate shell. There is much misinformation spread on this subject, often as a result of book-store guides encouraging formation of corporations for liability protection."
Bottom line, if you are co-owning with others, incorporate or form a LLC. If you are the sole owner/operator of your 2-seat Yak/CJ, I don't see the point of doing either; you are better off buying as much insurance as you can afford.
--- On Mon, 10/15/12, Cpayne <cpayne(at)joimail.com> wrote:
| Quote: |
From: Cpayne <cpayne(at)joimail.com>
Subject: Liability Issues
To: "yak-list" <yak-list(at)matronics.com>
Date: Monday, October 15, 2012, 4:28 AM
--> Yak-List message posted by: Cpayne <[url=/mc/compose?to=cpayne(at)joimail.com]cpayne(at)joimail.com[/url]>
Can any of you legalistas out there tell me whether or not placing my airplane under LLC ownership would protect my other assets from exposure to lawsuit liability and discovery?
Crai.com/Navigator?Yak-List" target="_blank">http://www.matronics.com/Navigat - MATRONICS WEB FORUM; -Matt Dralle, List Admin href="http://www.matronics.com/contribution" target="_blank">http://ww=======================
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