For those of you using your plane for business...

1. What is the tax deductable rate for hourly use of aircraft (e.g.
for cars it is $.36 a mile I believe)?

2. Is it better to own my aircraft personally (to prevent the
aircraft being owned by the company in the event of a lawsuit) and
then have the business (LLC) "rent" from me personally for a certain
amount? How much is this "rent" and is it based on actual costs or
future costs (overhaul, etc)? Taxwise I will have to declare the rent
as income if it is more than my operating costs, right? But the
business gets to claim it as an expense, right? But how to convince
the IRS of the actual and future costs of aircraft ownership?

3. Any good books, publications, or literature you can point me to
that address this specific subject?

4. I'm fairly new to owning my own business (LLC- I've had a very
small sole proprietorship in the past). Can any of you recommend good
info to read up on that is specific to LLCs particularily in the area
of sheltering personal property and how to get the most out of the LLC
tax wise?

5. What are your experiences with using the aircraft for business
(cost wise) and has it penciled out for you?

6. One last question since you've been so darn good to hang in there
this long ... top three tips for a new small business owner?

Thanks a bunch folks!

Bob