Resources For Legal/Risk Advisors

March 17, 2020 in Attorneys, CPAs, State Taxes

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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February 4, 2020 in Attorneys, CPAs, Regulatory Issues

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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January 14, 2020 in Aircraft Registration, Attorneys, CPAs, Pilots

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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November 13, 2019 in Aircraft Registration, Attorneys, CPAs, Pilots

Is Your Flight Operation in Legal and 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 to…
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August 6, 2019 in Attorneys, CPAs, Federal Taxes, Regulatory Issues, State Taxes

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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May 1, 2019 in Attorneys, Buying Aircraft, CPAs, Selling Aircraft

Beware of “Form” Agreements for Aircraft

Form Agreements - Definition & Use By their very nature “form agreements” do not contain the negotiated terms, or specific business needs, of the parties involved with the agreement. The language is often simple, and not…
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March 1, 2019 in Attorneys, CPAs, Operating Regulations

Do You Have A Sole Purpose Flight Department Company?

Facts Change. It is a best practice to revisit this question every year. Although the FAA's general position has remained the same for decades, the FAA issued another written interpretation in December 2017 repeating its prohibition on…
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July 24, 2018 in Attorneys, Buying Aircraft, Selling Aircraft

Red Flags to ID a Back to Back Aircraft Transaction

How to avoid a flip If you are buying a US registered aircraft, there are several hints that you are in a back to back aircraft transaction. What is a Flip First, know that a back…
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July 10, 2018 in Attorneys, CPAs, Fractional/Jetcards, Regulatory Issues

Don’t Share your Aircraft with a Jerk

(Playing Nice – Balancing Costs and Scheduling Priorities) Buy a plane and control costs by sharing the aircraft with another business owner.  Intriguing, but do you work and play well with others? You recently expanded and…
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May 8, 2018 in Attorneys, Operating Regulations

What to Include in Your Company Aircraft Use Policy

As part of the company’s risk management program, you may formalize your aircraft use policies.  A good aircraft use policy will provide a clear guide for all employees. Who Can Provide Useful Input To develop or…
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April 3, 2018 in Attorneys, How to Articles, Owner Trusts

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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March 27, 2018 in Attorneys, Regulatory Issues

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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March 20, 2018 in Aircraft Registration, Attorneys, Owner Trusts

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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March 6, 2018 in Aircraft Registration, Attorneys, CPAs

Considering Joint Ownership of an Aircraft?

If you are exploring ways to own an aircraft and limit expenses, one option to consider is joint ownership of the aircraft. FAR 91.501 - Joint Ownership Defined Under FAR 91.501(c)(3) “A joint ownership agreement means…
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February 20, 2018 in Aircraft Registration, Attorneys, CPAs

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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January 23, 2018 in Aircraft Registration, Attorneys, Buying Aircraft

Obtaining Good Title to Your Pre-Owned Aircraft

You are purchasing your first aircraft, a pre-owned aircraft.  You trust the seller, but know from prior business dealings that performing your own due diligence on an asset you are purchasing can save future headaches. Check…
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January 2, 2018 in Attorneys, CPAs, Operating Regulations, Pilots

Avoid Increasing Risk When Segregating Business Jet Liabilities

Be Aware of FAA Regulations to Reduce Risk of Non-Compliance Corporations which own or operate business jets want to minimize liability and protect the rest of the corporate assets from liability due to aircraft ownership and…
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Protect Your Investment with Jetstream

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.

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