REFLECTOR: LLC

[Velocity Aircraft Owners and Builders list]

I AM a lawyer and am versed in this area of law, but I am not YOUR lawyer. This topic is too complex to discuss fairly via an online forum. What you may want to know is that by placing your plane in a corporate type structure (baring potential FAA and IRS concerns) you MAY be able to segregate it from your other attachable assets. You are not really protecting your airplane and you cannot acquiesce your responsibility as PIC. You MAY be able to protect some of the other stuff you own. This can be a really good thing

The laws are pretty state specific as to what a creditor can get (Texas, the only state in which I am currently licensed, and Florida,IIRC, have unlimited protection for a homestead). Corporate formalities MUST be followed or an attorney suing you can likely easily pierce the corporate veil. 

Guys, this is likely not a good area to do it yourself. Yeah, you can.......but like a parachute , you may only need it once......but it had better work as intended. (With only online training do you want to use the parachute you packed.....maybe so). LegalZoom likely makes more money for lawyers fixing mistakes than the initial cost of setting things up would have made them. 

Chris Barber
Attorney at Law
Houston, Texas
Licensed exclusively in Texas
Not Certified by the Texas Board of a Legal Specialization. 
This is only general, friendly information and is not legal advice, yadda yadda yadda, legal disclaimer, blah blah blah, look both ways before you cross (am a cop). Floss daily (not a dentist). Pitch up to slow. Idle back to descend blah blah. Wear gloves when handling epoxy........


Sent from my iPhone 5

> On Jun 24, 2014, at 16:48, "Velocity Aircraft Owners and Builders list" <reflector at tvbf.org> wrote:
> 
> I'm not a lawyer but I slept in a Holiday Inn Express once.
> 
> Costs about 50$ in Illinois to incorporate, a bit more if online which is expedited. Whether or not that removes you the pilot from liability is a common sense question. I'll let u answer that.
> 
> That's why insurance is good, aside from the fact that you might not have the time or resources to build another Velocity or other replacement if you ball up your airplane. Muy Mas Macho folks will say I can just rebuild, common sense guys will get the insurance, fly a lot, reduce premiums as u go.
> 
> Good Luck !
> 
> Jeff Barnes
> 
> Sent from my iPad
> 
>> On Jun 24, 2014, at 11:26 AM, Velocity Aircraft Owners and Builders list <reflector at tvbf.org> wrote:
>> 
>> I know there are a couple of lawyers on the reflector so I thought I would ask.
>> Since getting insurance is nearly impossible I was told to put my plane in a LLC
>> to help to remove me from to much liability . There is a small expense in setting it up and maintaining
>> it but is it worth it.
>> 
>> Ron
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