Page 14 - Volume 17 Number 5

But, if you decide you wish to share the aircraft occasionally, and/or its costs, there are professionals out there who can help you make sure your ownership and operational arrangements are legal and protect your personal assets to the maximum extent possible. It is not something to be done with non-professional or Internet advice and forms.Sound like a lot of details? Just ponder the fact that a recent crash at Teterboro, New Jersey, apparently involved a corporate jet aircraft owned by one company, leased to another, operating under the FAA Part 135 Certificate of yet another company. This was very disturbing to the FAA; so now they are extensively auditing and reviewing these types of arrangements, especially when an accident occurs.It turned out that the proper documentation concerning the leases from one company to another, and the certification or operation of the air taxi company, were not in accordance with the FARs. So, the companies and individuals faced civil and even criminal fines and penalties; there may be civil lawsuits in this or any other similar case for any injuries to third parties against all of the owners and operator(s) involved.Types of Aircraft OwnershipThe other issue is choice of the type of ownership of an aircraft. The choices are sole ownership, co-ownership by individuals, partnership, corporation, or limited liability company (LLC). I have found that many accountants tend to prefer to have an LLC own an aircraft, to take advantage of the tax treatment of a partnership, with the limited liability benefits of a corporation. Most states have adopted LLC-authorizing laws. It remains to be seen whether the individual “members” of LLCs will be granted the same protections from personal liability enjoyedCessna 400 Series OwnersIncreased Climb, Cruise, Range, PayloadIncreased cruise speed 6-13 KTAS, increased climb 100-300 FPM Save 5-10% On Fuel, $2000/KitCAD designed wheel covers creates laminar flow overthe bottom of wing increasing generated liftwww.premiere-aviation.net • (925) 788-901012 • TWIN & TURBINEMAY 2013