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RV-10 ownership under a LLC

 
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cooprv7(at)yahoo.com
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PostPosted: Mon Sep 09, 2019 12:23 pm    Post subject: RV-10 ownership under a LLC Reply with quote

I’ve had it recommended to me to place my airplane under a LLC for liability protection due to some other issues. Since I don’t have a traditional title being the builder, does anyone have any experience with transferring ownership to a LLC?

Thanks,
Marcus


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rleffler



Joined: 05 Nov 2006
Posts: 653

PostPosted: Mon Sep 09, 2019 3:54 pm    Post subject: RV-10 ownership under a LLC Reply with quote

Bill of Sale. If you own both LLCs, then wait for the state to come for their sales tax. At least that's they way it is in Ohio.
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johngoodman



Joined: 18 Sep 2006
Posts: 529
Location: GA

PostPosted: Tue Sep 10, 2019 4:22 am    Post subject: Re: RV-10 ownership under a LLC Reply with quote

My son is a lawyer - he makes a living out of breaking Llc's, so it's only a modicum of protection. If you are the sole owner, I don't see much point in it, but if it's a partnership, then maybe. You only have to file a K-1 if the Llc owns a hangar, or a for-profit airplane (things you can make a profit on). If it's just an RV-10, I don't see a point in it. However, If it's also ownership in a hangar (which you can rent), you have to report.
As far as the State getting it's pound of flesh, they do that when they see a new tail number, at least in Georgia....

John


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