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#11
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Cessna 210 Lease or Flight Club?
On Mar 16, 10:05*am, tatermunk
wrote: I have a question about some of the legalities of what I am in the process of doing. If anyone can point me in the right direction I welcome and appreciate all opinions and advice. I am in the process of purchasing a Cessna 210. I have 3 signed 1 year lease agreements with pilots in my area. I have a $1200 deposit from each pilot and when I reach 6 pilots I will purchase the aircraft. They agree to $600 per month for a year for 10hrs per month. Any hours flown over the 10hr allowance will be an additional $60 per hr. Insurance, Maintenance, Hanger, etc. are all included. For me, that covers the cost of the plane, hanger, insurance, and a hefty maintenance reserve. However, I will/can still make a profit depending on how I structure the maintenance reserve. Is there any problem with the way I am structuring this? And other than paying taxes and making sure my insurance is covered correctly... Is there any problems with making a profit from this? Thanks to anyone who can help. -- tatermunk I can see some legal problems. What are they buying with the $1200 deposit against? Are they buying part of the plane or part of the LLC? If they are buying the LLC then each member after the first would get a portion of the money paid by additional members. One member (yourself) cannot get a higher % of new member buy in money than existing members get (using member in the LLC context). -Robert |
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Cessna 210 Lease or Flight Club?
On Fri, 20 Mar 2009 13:37:52 -0700 (PDT), Robert M. Gary wrote:
I can see some legal problems. What are they buying with the $1200 deposit against? Are they buying part of the plane or part of the LLC? If they are buying the LLC then each member after the first would get a portion of the money paid by additional members. One member (yourself) cannot get a higher % of new member buy in money than existing members get (using member in the LLC context). -Robert WTF are you talking about? An LLC can be constructed anyway you want. -- In the days of really long hair, military people of the day would have been courts martialed for having buzz cuts and no facial hair had they been in Custer's 7th Cavalry. |
#13
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Cessna 210 Lease or Flight Club?
On Mar 21, 2:44*pm, Linton Yarbrough wrote:
WTF are you talking about? An LLC can be constructed anyway you want. Negative. -Robert |
#14
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Cessna 210 Lease or Flight Club?
Robert M. Gary wrote: I can see some legal problems. What are they buying with the $1200 deposit against? Are they buying part of the plane or part of the LLC? If they are buying the LLC then each member after the first would get a portion of the money paid by additional members. One member (yourself) cannot get a higher % of new member buy in money than existing members get (using member in the LLC context). -Robert Depends who they bought part of the LLC from? Also I am guessing the obvious, that the company owns all of the aircraft. |
#15
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Cessna 210 Lease or Flight Club?
On Mar 22, 9:19*pm, Clark wrote:
"Robert M. Gary" wrote in news:d9cd4f94-6f02-49aa-bba3- : On Mar 21, 2:44*pm, Linton Yarbrough wrote: WTF are you talking about? An LLC can be constructed anyway you want. Negative. -Robert Are you a lawyer offering legal advise? You are not my client. Members off the LLC cannot exercise unequal votinng power or be forced to receive unequal proceeds from the creation of additional memberships. -Robert |
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