Max Clark Posted May 19 Report Posted May 19 For single ownership in an LLC, anything specific I should be aware of with an operating agreement?
1980Mooney Posted May 19 Report Posted May 19 40 minutes ago, Max Clark said: For single ownership in an LLC, anything specific I should be aware of with an operating agreement? Are you renting/leasing this plane only to yourself or to others?
Vance Harral Posted May 19 Report Posted May 19 The question is too vague to provide meaningful advice. What are you hoping to achieve by forming a single ownership LLC to operate the aircraft? 1
Rwsavory Posted May 19 Report Posted May 19 You should consult with whoever does your taxes and ,Ideally, a lawyer who is knowledgeable of the LLC law in the state of formation.
MikeOH Posted May 20 Report Posted May 20 The most important point is that the LLC will NOT protect you from liability should you crash as PIC.
Hank Posted May 20 Report Posted May 20 2 hours ago, MikeOH said: The most important point is that the LLC will NOT protect you from liability should you crash as PIC. But it could have tax benefits from business use. Then he only needs to agree on rental prices to himself.
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