Aircraft Llc Operating Agreement For Llc
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FAQ
(We're going to refer to corporations to keep things simple, but the same principles apply to limited liability companies (LLCs)). Both shield you from liability, which must be a good thing when we're talking about aviation.
Through a Co-ownership structure, multiple companies are able to share in ownership of an aircraft. When operating the aircraft, each co-owner is responsible for providing flight crew and paying their direct operating expenses. The crew can be provided by the co-owner independently or through a management company.
So, if the LLC rents your plane to someone else, or your partner (aka, other member of the LLC) is flying, liability for those flights is generally limited to the assets of the LLC. For this reason, it's best to hold title to Part 91 aircraft in an LLC whenever others besides yourself might be operating the aircraft.
In order to complete your Operating Agreement, you will need some basic information. The formation date of your LLC. The name and address of the Registered Office and Registered Agent. The general business purpose of the LLC. Member(s) percentages of ownership. Names of the Members and their addresses.
Aircraft owners regularly use limited liability companies (an ?LLC?) to hold legal title to an aircraft. An LLC can help limit an owner's personal liability, and it may also assist an owner with his or her tax planning.