WTB: Seek Professional advice LLC Ownership and Setup

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WTB: Seek Professional advice LLC Ownership and Setup

Postby admin » Thu Apr 22, 2021 2:02 pm

I have a client in the US is seeking professional legal and accounting assistance to create an LLC and place a Lancair aircraft in it with a loan and security. That is something I would prefer to see from people with experience. I asked our title company and aircraft trust advisors but nobody seems to have a reference with aircraft experience. I think the LLC will be in Delaware. Any suggestions would be appreciated. You can post here or PM directly. Thanks.
Trouble with photos or login or passwords or avatars or anything, you can PM or email or simply call. you can use text and skype also.
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Re: WTB: Seek Professional advice LLC Ownership and Setup

Postby Matt Candelaria » Thu Apr 22, 2021 4:08 pm

My bird is in an LLC. I used Aerospacereports.com to put it in the LLC. My LLC was done by incparadise.net in Nevada. I am looking to change that to another LLC in Montana because the cost of the LLC in Nevada has crept up over the years. Montana is the new Nevada it seems for this stuff.

Aerospacereports.com also can do all the title transfer work during the purchase with an escrow account. I have purchased 4 planes through them and always had a perfect outcome. They even did the last one with a loan that I carried for 6 months while I sold another plane to pay it off. That added to the complexity. A loan with an LLC. Also it was an AOPA loan and it took an extra week because of the LLC. I think the whole process was done in 2 1/2 weeks. I had to push everyone though to get it done that quick.

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Re: WTB: Seek Professional advice LLC Ownership and Setup

Postby LancairTalk Sales » Thu Apr 22, 2021 9:10 pm

Very good Matt, we can compare notes for this client and others. I've worked with Aerotitle in OK City for a lot of transactions and very pleased. It is about $100 for a failed escrow and about $400 for a full transaction including wires in and out to all the parties. I've talked to them about escrow dollars for larger purchases here like props and avionics and they will do that too.

I've handled about 3 FAA trusts, one with a loan, all with full operating agreements. This is similar but an LLC will replace the trust and avoid the FAA general counsel's review. I just don't have the professional advice on the LLC and loan but I called aerolegalservices today before I saw your note so I'll see if they can assist the client directly. The loan is a simple s/h loan so hopefully this gets done quickly and another Lancair is in the books.

If anyone has good legal or tax professionals that you think might help people down the road feel free to add to the topic.
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