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LLC ownership of airplane -- another twist



 
 
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  #1  
Old June 11th 07, 02:59 PM posted to rec.aviation.owning
xyzzy
external usenet poster
 
Posts: 193
Default LLC ownership of airplane -- another twist

There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:

http://www.avweb.com/eletter/archive...ll.html#195375

  #2  
Old June 11th 07, 03:33 PM posted to rec.aviation.owning
Matt Barrow[_4_]
external usenet poster
 
Posts: 1,119
Default LLC ownership of airplane -- another twist


"xyzzy" wrote in message
ups.com...
There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:

http://www.avweb.com/eletter/archive...ll.html#195375


Only in Kalifornia (?), would a company that consumes things not be a
consumer.



  #3  
Old June 11th 07, 04:23 PM posted to rec.aviation.owning
xyzzy
external usenet poster
 
Posts: 193
Default LLC ownership of airplane -- another twist

On Jun 11, 10:33 am, "Matt Barrow"
wrote:
"xyzzy" wrote in message

ups.com...

There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:


http://www.avweb.com/eletter/archive...ll.html#195375


Only in Kalifornia (?), would a company that consumes things not be a
consumer.


Do you know for sure that it's only in California?

  #4  
Old June 11th 07, 04:37 PM posted to rec.aviation.owning
Matt Barrow[_4_]
external usenet poster
 
Posts: 1,119
Default LLC ownership of airplane -- another twist


"xyzzy" wrote in message
ups.com...
On Jun 11, 10:33 am, "Matt Barrow"
wrote:
"xyzzy" wrote in message

ups.com...

There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:


http://www.avweb.com/eletter/archive...ll.html#195375


Only in Kalifornia (?), would a company that consumes things not be a
consumer.


Do you know for sure that it's only in California?


The (?) indicates...what, to you?


  #5  
Old June 11th 07, 04:43 PM posted to rec.aviation.owning
xyzzy
external usenet poster
 
Posts: 193
Default LLC ownership of airplane -- another twist

On Jun 11, 11:37 am, "Matt Barrow"
wrote:
"xyzzy" wrote in message

ups.com...





On Jun 11, 10:33 am, "Matt Barrow"
wrote:
"xyzzy" wrote in message


roups.com...


There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:


http://www.avweb.com/eletter/archive...ll.html#195375


Only in Kalifornia (?), would a company that consumes things not be a
consumer.


Do you know for sure that it's only in California?


The (?) indicates...what, to you


Since you misspelled California, I took it to mean you were
questioning the spelling.

  #6  
Old June 11th 07, 04:49 PM posted to rec.aviation.owning
Matt Barrow[_4_]
external usenet poster
 
Posts: 1,119
Default LLC ownership of airplane -- another twist


"xyzzy" wrote in message
ups.com...
On Jun 11, 11:37 am, "Matt Barrow"
wrote:
http://www.avweb.com/eletter/archive...ll.html#195375


Only in Kalifornia (?), would a company that consumes things not be a
consumer.


Do you know for sure that it's only in California?


The (?) indicates...what, to you


Since you misspelled California, I took it to mean you were
questioning the spelling.


I didn't misspell anything.


  #7  
Old June 12th 07, 12:44 AM posted to rec.aviation.owning
Douglas Paterson
external usenet poster
 
Posts: 62
Default LLC ownership of airplane -- another twist

"xyzzy" wrote in message
ups.com...
There was some discussion of this concept in the newsgroup before,
with the consensus seeming to be that an individual owners get no real
protection putting his personal airplane under corporate or LLC
ownership. And now it turns out he might lose some protection, because
LLC owners are not covered by some states' consumer protection laws,
see:

http://www.avweb.com/eletter/archive...ll.html#195375


That discussion you reference led me to find this article on AOPA's site; I
haven't seen it cited here before, and since the topic has been
re-raised...:

http://www.aopa.org:80/members/files..._overview.html

Bottom line, I've decided NOT to hold ownership of my (as yet theoretical)
airplane in a corporation. If my circumstance change (take on one or more
partners, enter a lease-back, etc.), I'll re-evaluate that at the time. I'm
still taking contrary opinions, if anyone would care to explain to this rank
newbie why he needs to incorporate!!
--
Doug
"Where am I to go/Now that I've gone too far?" -- Golden Earring, "Twilight
Zone"
(my email is spam-proofed; read the address and make the appropriate change
to contact me)


  #8  
Old June 12th 07, 12:13 PM posted to rec.aviation.owning
Ron Natalie
external usenet poster
 
Posts: 1,175
Default LLC ownership of airplane -- another twist

Douglas Paterson wrote:


Bottom line, I've decided NOT to hold ownership of my (as yet theoretical)
airplane in a corporation.


If there is only a single owner/pilot then a corporation doesn't do
anything really for you other than add another layer of hassle.
Corps. help out with multiple people involved in the aircraft but
only to the point where they weren't involved in the actionable
incident.
  #9  
Old June 12th 07, 04:41 PM posted to rec.aviation.owning
Robert M. Gary
external usenet poster
 
Posts: 2,767
Default LLC ownership of airplane -- another twist

On Jun 12, 4:13 am, Ron Natalie wrote:
Douglas Paterson wrote:

Bottom line, I've decided NOT to hold ownership of my (as yet theoretical)
airplane in a corporation.


If there is only a single owner/pilot then a corporation doesn't do
anything really for you other than add another layer of hassle.
Corps. help out with multiple people involved in the aircraft but
only to the point where they weren't involved in the actionable
incident.


Yes, and depending on the state that can be a big hassle. In
California (and New York I believe) you have to file with the
secretary of state every year (and pay a fee). You have to pay state
franchise tax (in California its $800/yr for an LLC or corporation
regardless of the state you are incorported in), plus you have to
maintain meeting notes (otherwise the courts will invalidate your
coporation when you need it).

-Robert

  #10  
Old June 13th 07, 01:00 AM posted to rec.aviation.owning
Douglas Paterson
external usenet poster
 
Posts: 62
Default LLC ownership of airplane -- another twist

"Robert M. Gary" wrote in message
ups.com...
On Jun 12, 4:13 am, Ron Natalie wrote:
Douglas Paterson wrote:

Bottom line, I've decided NOT to hold ownership of my (as yet
theoretical)
airplane in a corporation.


If there is only a single owner/pilot then a corporation doesn't do
anything really for you other than add another layer of hassle.
Corps. help out with multiple people involved in the aircraft but
only to the point where they weren't involved in the actionable
incident.


Yes, and depending on the state that can be a big hassle. In
California (and New York I believe) you have to file with the
secretary of state every year (and pay a fee). You have to pay state
franchise tax (in California its $800/yr for an LLC or corporation
regardless of the state you are incorported in), plus you have to
maintain meeting notes (otherwise the courts will invalidate your
coporation when you need it).



.... And these are precisely the reasons I've decided to forego
incorporation. Agreed on all points--and, thanks again to the group for
giving me enough pointers to come to that conclusion!
--
Doug
"Where am I to go/Now that I've gone too far?" -- Golden Earring, "Twilight
Zone"
(my email is spam-proofed; read the address and make the appropriate change
to contact me)



 




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