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Kellym



Joined: 10 Jan 2006
Posts: 1442
Location: Sun Lakes AZ

PostPosted: Wed Mar 08, 2017 5:52 am    Post subject: LLC Reply with quote

I'm no lawyer, and I opted to not do an LLC as it may not provide much
if any liability protection for an individual owner/pilot.
However, changing owners or name of LLC in most states is not a taxable
event as far as sales or property taxes. One can even do LLC within LLC
if there is a reason to further conceal ownership, or make attorneys
work harder to find who to sue.
You have to find out what fees and taxes are required to maintain LLC in
state the aircraft is based. I understand that Delaware or other
friendly state corporations may not offer protection against state
personal property and/or registration taxes. One does need to consult
with local aviation atty if you are inclined to go the LLC route. Advice
is worth the money. Paying them to do the mundane paperwork may not be
worth money. In AZ, I talked to AOPA referred atty after AOPA plan said
it would pay $200 towards LLC formation. Price to do it was $1200.
Talked to non-AOPA atty, price was $1000. Actual fees to file under $100
and can be done online if you are comfortable with making the choices.

On 3/8/2017 6:27 AM, johngoodman wrote:
Quote:


An LLC is a waste of time for an individual, but is handy for a partnership. As far as the tax man, they will find out when the LLC changes names, or owners. Everything is done by computers, now.

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#40572 Phase One complete in 2011


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http://forums.matronics.com/viewtopic.php?p=467007#467007



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Kelly McMullen
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PostPosted: Wed Mar 08, 2017 6:46 am    Post subject: LLC Reply with quote

Look into the state partnership laws. In AZ an aircraft can be owned by an LLC but LLC may have little value; the LLC is liened to a partnership for the amount spent building the aircraft. The lien is filed with the FAA in OKC. All entities can be sued but in AZ it is very disconcerting to the plaintiff that suing the partnership results in a charging order that accrues annually until the partnership terminates , then the partnership  is required to pay if any assets still exist.  Partnerships terminate after 98 years and  heirs have unlimited access to spend everything by that time. BTW the accrued money is taxable as both state and federal income in the year accrued. The law was primarily set up for doctors, etc. but can't preclude general use. 

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