Buying or selling an aircraft can create a legal nightmare for business owners who don’t anticipate the kinds of problems that can arise. You don’t want to wait until a dispute arises about the condition or history of an aircraft, or damage to an aircraft occurs that may or may not be covered by insurance. That is why it’s important that you retain legal representation from an experienced aviation attorney.
Resources For Legal/Risk Advisors
Risk Management – Is your Aircraft Operation in Legal & Regulatory Compliance?
Facts Change Risk can be introduced into a flight department by any change, whether it is new personnel, new aircraft, or a business change to the entities that own or operate the aircraft. Best practice is…
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Is your Aircraft Sales Tax Plan Complete?
Long gone are the days when a buyer could purchase an aircraft in a sole purpose Delaware entity, close in Connecticut, and ignore sales tax and use tax in other states with little chance of being…
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Allocate the Costs of an Aircraft
When considering how to allocate the costs of an aircraft, owners must be aware of both tax and FAA requirements. Satisfying your tax and business goals, without addressing the FAA requirements, may result in compliance issues.…
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Aircraft Registration – Schedule an Annual Compliance Check
Were the annual reports timely filed with the Secretary of State for all entities in the chain of ownership of the aircraft? Were the annual reports timely filed with the Secretary of State for all entities…
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Personal Use of Business Aircraft – Know the Rules
Personal Use of Company Aircraft If an executive of a publicly traded company uses a company aircraft for personal use, there are many factors to consider and several governmental agencies to satisfy. Although there is one…
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Steps to Utilize an Owner Trust for Your Aircraft
You have determined that you need to utilize an owner trust. What do you do now? Contact Flight Department and Aviation Counsel First, involve your aviation counsel and the flight department. Transferring your aircraft to an…
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It is Time to Check Your Aircraft Insurance Policy
You bought your aircraft and contacted your insurance agent to obtain coverage. That was several years ago. You have been paying your premiums, but the facts have changed. Did you notify your insurance agent of the…
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Aircraft Owner Trusts – Registering an Aircraft and Satisfying FAA Requirements
Do you already use an owner trust to register your aircraft with the FAA? Do you need an owner trust? This article will help identify if you still need to utilize an owner trust or if…
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Corporate Restructuring – Before you Know It the Aircraft is Grounded
Many businesses, large and small, restructure their ownership, management and operations. This may occur for tax or economic reasons and the corporate jet is usually not a factor when making the restructuring decision. Industry Best Practices…
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