LLC as an ownership entity?

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LLC as an ownership entity?

Postby scrapper » Wed Nov 17, 2010 1:17 pm

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 ?

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Re: LLC as an ownership entity?

Postby Ron Spiker » Wed Nov 17, 2010 3:12 pm

Yes, lots of people do this.
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Re: LLC as an ownership entity?

Postby N2285U » Wed Nov 17, 2010 7:34 pm

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.
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