If you're going to register your new airplane in an entity like an LLC, most lenders prefer that you form a new entity rather than use an existing one.
Back in March, I wrote about the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) rule and promised to provide an update as we approached the New Year.
Many aircraft owners place their aircraft in a limited liability company (LLC). Most presumably choose this arrangement under the belief that the LLC affords liability protection in the event of an accident. Depending on how the aircraft is used, however, this may be a mistaken assumption.
There’s good news for aircraft owners. Aircraft registrations are now good for seven years instead of three, and the rule change will already be in effect by the time you read this.[1] The change is not just for new FAA aircraft registrations.
Establishing a flying club can be confusing, especially when trying to determine which business entity choice would work best for the club’s operations.
In aircraft purchase/sales transactions, there are considerable financial and legal risks for both the buyer and seller. This document is provided as a general guide to preparing an aircraft purchase/sales agreement.
