This is true even if the aircraft is only providing flights for the owner of the LLC. Each month's issue of Aero Crew News also includes a variety of relevant articles, industry news, and a reference grid that compares more than 30 contractual aspects of three dozen airlines' pilot contracts. If you are a pilot or own a business that has use for a private aircraft, it may be worthwhile to consider owning a business aircraft. Monday, August 10, 2020 Leasing your aircraft for part 135 air charter is one answer. For one, all liabilities are shared jointly and severally among the owners. Owning an aircraft has many special considerations like financing, taxes, inspections, registration, and even partnerships. An LLC owner can still be held liable if he or she personally and directly guarantees a bank loan for example, or is involved in an incident that leads to property damage or personal injury, or intentionally does something fraudulent—to name just a few scenarios!Liability insurance can shield personal assets to close the gaps where limited liability protection falls short, so it’s essential to understand the specific implications of creating an LLC in your state and take necessary steps to ensure your personal assets are protected.When it comes to taxes, LLCs are not taxed as individual business entities. This Limited Liability Company Operating Agreement (this “Agreement”) of DTS Aviation Services LLC, made as of this day of February, 2005, is entered into by DYNCORP INTERNATIONAL LLC (the “Member”). As such, these payments may be subject to the 7.5% FET. The “sole purpose” of the LLC is to operate the aircraft.

LLC Formation Lawyers Unfortunately, many aircraft owners do not understand this requirement and operate their aircraft illegally, as if it qualified for part 91 use. Agreements can contain nearly 60 items that should be addressed, from arbitration to washing of the aircraft. There are ways to remedy the situation. I know for a fact there are tons of LLCs out there doing this, just by looking at the FAA registry database. C Corporation Formation Lawyers S Corporation Formation Lawyers This strategy improves your company's efficiency, convenience, and flexibility.However, the costs of owning an aircraft are high, especially if it's not always in use. You may want to post your operating rules online. If you are a pilot and are asked to fly an aircraft owned by an LLC or corporation but operated by another entity, be sure to look at the dry lease and read FAR 91.23. Most months, we feature a mainline carrier, a regional carrier or a charter company that includes valuable information about the company, plus an interview gouge provided by an interviewer. Federal regulation 14 CFR 91.169 is a key regulatory requirement pilots are mandated to follow during the... Aero Crew News is a pilot-hiring magazine designed for pilots by pilots. When writing the agreement, include members in the process to ensure that the guidelines are comprehensive and that everyone feels ownership and camaraderie as part of the club.In many cases, your members may be pilots who are in a recreational club setting for the first time.

Was this document helpful? If an aircraft is to be used for commercial transportation (i.e. An aircraft LLC operating agreement dictates the terms, conditions, and member guidelines for a flying club organized as a limited liability company. The LLC is a business entity specifically designed to limit liability. [WANTED] LLC operating agreement for aircraft partners? This is the entity’s only activity.) There are a few things to think about with co-ownership.

Better yet, run it by a competent aviation attorney. This LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Agreement”) of PATS AIRCRAFT, LLC, a limited liability company organized under the laws of Delaware (the “Company”), is made and entered into effective as of December 23, 2003 by DeCrane Aircraft Holdings, Inc., a Delaware corporation (the “Initial Member”). Otherwise the FAA could find that the LLC or corporation is actually acting as an illegal charter operator, and the results can be disastrous.

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