Page 1 of 1
LLC as an ownership entity?
Posted: Wed Nov 17, 2010 1:17 pm
by scrapper
LLC- Is it a consideration to own a light copter via a LLC entity with the intend of reducing liability beyond what insurance provides? In case of a complex situation that might exceed normal limits or that invites some nut suit ?
TIA
Scrap
Re: LLC as an ownership entity?
Posted: Wed Nov 17, 2010 3:12 pm
by Ron Spiker
Yes, lots of people do this.
Re: LLC as an ownership entity?
Posted: Wed Nov 17, 2010 7:34 pm
by N2285U
It only protects you if you are not the one flying the helicopter. If you are flying the helicopter and cause monetary or phyiscal harm due to your actions you will be sued for negligence in you operation of the aircraft. It is a good practice to put all of your assets into a trust and the helicopter into an LLC. You should own nothing.