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#1
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![]() Andrew Gideon wrote: Most owners, I assume, have corporations which do the actual owning and which provide a liability firewall. Most owners do not as this provides no protection at all. |
#2
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![]() "Newps" wrote in message . .. Andrew Gideon wrote: Most owners, I assume, have corporations which do the actual owning and which provide a liability firewall. Most owners do not as this provides no protection at all. Depends on "who" the corporation consists of, and for what purpose. |
#3
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A corporation with the aircraft as the only asset and only one officer,
the owner of the plane. Matt Barrow wrote: "Newps" wrote in message . .. Andrew Gideon wrote: Most owners, I assume, have corporations which do the actual owning and which provide a liability firewall. Most owners do not as this provides no protection at all. Depends on "who" the corporation consists of, and for what purpose. |
#4
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![]() "Newps" wrote in message . .. A corporation with the aircraft as the only asset and only one officer, the owner of the plane. That's one scenario. Certainly not the only one. It sounds to me like Andrew's situation is one of an "Aircraft Management" corporation. That may or may not provide liability protection. In the case of an owned corporation owning the aircraft, it doesn't protect the corporation, but it does protect the pilot and his personal assets. If the prupose of corporate ownership is merely to avoid liability, that probably won't work. Most owners do not as this provides no protection at all. Depends on "who" the corporation consists of, and for what purpose. |
#5
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On Thu, 10 May 2007 18:33:24 -0600, Newps wrote:
A corporation with the aircraft as the only asset and only one officer, the owner of the plane. In my particular case, I'm speaking of a corporation owned by 45 members which owns four aircraft. But I'm guessing that the difference between this and other organizations is more of scale than anything else. Does single owner/single aircraft reduce the protection of the corporate veil? Is that very different from two owners, or twenty? - Andrew |
#6
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On Thu, 10 May 2007 21:50:58 -0400, Andrew Gideon
wrote: Does single owner/single aircraft reduce the protection of the corporate veil? Is that very different from two owners, or twenty? If you have a partner who is flying the plane when he does something stupid to crash it you are protected from personal liability unless it can be shown that you had reason to believe he would do something stupid. The corporation is toast as is the partner who was flying. If you are a single owner the corporation offers no protection. |
#7
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![]() Andrew Gideon wrote: Does single owner/single aircraft reduce the protection of the corporate veil? It eliminates it. You cannot get out of personal liability with a scam, which is basically what a one owner/single aircraft is. It would take an average lawyer no time at all to get pierce this. If it were really an effective protection device how come you don't have one for your house or your cars? |
#8
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Newps wrote:
Andrew Gideon wrote: Most owners, I assume, have corporations which do the actual owning and which provide a liability firewall. Most owners do not as this provides no protection at all. I seem to have been confused earlier. Is this for personal ownership or are you operating a business here? A corporation does little to help a single owner protect himself from liability. Further all the tax stuff is void if you're not operating it as a business (regardless of how the ownership is held). |
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