As most of you know, anyone with a smart phone can see your registration number, type it in the FAA database, find out who you are and where you live, type that in Google and have a picture of your house, what it's worth, where you work, and more. If this was the case with car license plates, no one would stand for it.

I am about to register the Champ. Right now it is in the name of one of the 3 partners, who is 21 and used his work address (at an airport). I am thinking the easiest thing to do is form an LLC, and let the LLC own the aircraft. Then I can put my share of the LLC (I think I can do this) in the name of my trust.
Call me paranoid if you want, I just don't like the idea of my name being on a financial target such as an aircraft. It is a cheap aircraft, but most people see wings and think $$$$, which is not the case here.

Any input on this? Should I not worry about it? An LLC to own the plane may be necessary anyways because we are probably going to insure it, and inspect it for instruction and rental.

I have been thinkng about this today because I saw a Maule on Amphibs fly in, wondered where it was from, and in 5 minutes had pictures of all 8 aircraft the guys owns, where he works, and what his wifes name is. Scarry. I could stock him now, real easy. But thats not something I would do.

David

use a p.o. box #

I would suggest you don't put the LLC in a 'fat' trust......Use a 'lean' one. Then this maneuver (might) can function to some extent as a financial firewall.......well, if you are (personally) not flying it when the mishap/incident/accident happens. For instance if you have a teenager who is learning/building hours in it, it could make it more time /effort/energy for the plaintiff's hired guns (courtroom variety) to get to you and your personal assets after a 'problem'.

Another angle/thought,
Certainly NOT an expert.....
lc

Glidergeek wrote:use a p.o. box #

That's what I did. That's why I don't care too much who see's my N#. They can't find my house.

Littlecub wrote:I would suggest you don't put the LLC in a 'fat' trust......Use a 'lean' one. Then this maneuver (might) can function to some extent as a financial firewall.......well, if you are (personally) not flying it when the mishap/incident/accident happens. For instance if you have a teenager who is learning/building hours in it, it could make it more time /effort/energy for the plaintiff's hired guns (courtroom variety) to get to you and your personal assets after a 'problem'.

Another angle/thought,
Certainly NOT an expert.....
lc

It would be a very lean trust. This looks more and more like the way I want to do it. It is what I wish I would have done when I owned a motorcycle dealership, but I built the thing up from a little tiny hole in the wall and was proud that it was ine, I actually wanted my name on everything. Believe me, it is NOT a good thing to do. You can easily be left holding the bag for others peoples short comings or wrong doing.

All mail in this area is by PO Box, so thats a given for me. I can also recieve mail at the hangar. I just don't want my name on something other people are flying and if the next few years go as planned, the Champ will be the fist of several airplanes.

I've been told by a competent attorney that a single proprietership LLC is basically worthless as protection from liability. Any competent attorney should be able to blow through one of those in a heartbeat.

But, if you have partners in this airplane, then you should create an LLC to protect all the partners.

As to the privacy part, create an LLC and name it XYZ Corp. No sweat, whether it provides liability protection or not.

MTV

Mike,
If an essentially empty (other than the plane) trust owns the LLC, It might? be an extra layer for them to 'blow through'....
And around her a 'competent attorney' seems to almost be an oxymoron....

lc

mtv wrote:I've been told by a competent attorney that a single proprietership LLC is basically worthless as protection from liability. Any competent attorney should be able to blow through one of those in a heartbeat.

But, if you have partners in this airplane, then you should create an LLC to protect all the partners.

As to the privacy part, create an LLC and name it XYZ Corp. No sweat, whether it provides liability protection or not.

MTV

Funny thing about closely held corporations. Usually an S corp is pretty bullet proof, but it offered me almost no protestion when my motorcycle shop went bust. I have learned how to do things a little differently now, I hope.

If all want is privacy, use a PO box address preferably not in the same zip code where you live or work. To easy to look you up on the Internet.

If the plane will be used as a business then put plane in Delaware LLC and form a S Corp. in your home state to lease the plane from the LLC.
Its very difficult to find true owner of a Delaware LLC, no reporting to the state of owner or need for records.

Not familiar with WA. corp. law but use an aviation attorney to set up S Corp not an on line company.
Delaware LLC can be set up with any of the good on line formation companies.
You can use a Delaware S Corp. but you would have to registrar in WA> as DBA company any way, so might as well set up the
WA. S Corp.

Curious, how did the S Corp not help when your motorcycle shop went bust?

Steve

steve wrote:Curious, how did the S Corp not help when your motorcycle shop went bust?

Steve

The S corp is worthless when starting a business. Everyone want personal gaurantees. Once signed, it's on the signer if if signed as "president"
The state also decided enact additional fines for something we had been previously fined for, and paid, retroactively, as in after we were closed. No protection there either, and very little that can be done to get a hearing. Part of it is that Oregon is the worst state in the US to own a corporation in, the see the inc. as $$$.

58Skylane wrote:

Glidergeek wrote:use a p.o. box #

That's what I did. That's why I don't care too much who see's my N#. They can't find my house.

How about a po box in another state. Is that legal. What ever advice I get I will hold Zane acountable if I get nailed.

BCP forum said it was OK.

Tim

qmdv wrote:

58Skylane wrote:

Glidergeek wrote:use a p.o. box #

That's what I did. That's why I don't care too much who see's my N#. They can't find my house.

How about a po box in another state. Is that legal. What ever advice I get I will hold Zane acountable if I get nailed.

BCP forum said it was OK.

Tim

I'm reporting what you wrote, Tim

I've been using these guys for years.
https://www.delawareinc.com/namecheck/

DavidB. wrote:

steve wrote:Curious, how did the S Corp not help when your motorcycle shop went bust?

Steve

The S corp is worthless when starting a business. Everyone want personal gaurantees. Once signed, it's on the signer if if signed as "president"
The state also decided enact additional fines for something we had been previously fined for, and paid, retroactively, as in after we were closed. No protection there either, and very little that can be done to get a hearing. Part of it is that Oregon is the worst state in the US to own a corporation in, the see the inc. as $$$.

You guys are making this all to complicated all this guy want's to do is make it so it's hard to find out his address by doing a search either through the FAA web site or Landings
http://www.landings.com/evird.acgi$pass ... h_nnr.html

I really don't think incorporating is a good answer just to keep your name and address private. Just get a P.O. box or use Zane's or your mother in law's.