Corporation or LLC as Owner?

[robin]

I own a 1963 Piper Cherokee 180. To reduce costs I am considering
selling a share or leasing time in the aircraft to a very small number
of folks.

So that I sleep better at night I think it would make sense to transfer
the owenership of the airplane to a corporation or California LLC.
There appear to be two advantages of this approach ...

First, the obvious limited liability of a corpoarate entity. Second,
the ability to transfer part of the ownership without running into
California sales tax for the new partial owner. Any observations on
insurance implications would also be appreciated.

Does anyone have any observations or advice for this? I'd be
mostinterested in hearing from folks who have actually done this.

Thanks in advance ...

Robin Keller
N7324W

[Don Tuite]

On Thu, 25 Mar 2004 21:44:18 GMT, robin > wrote:

>I own a 1963 Piper Cherokee 180. To reduce costs I am considering
>selling a share or leasing time in the aircraft to a very small number
>of folks.
>
>So that I sleep better at night I think it would make sense to transfer
>the owenership of the airplane to a corporation or California LLC.
>There appear to be two advantages of this approach ...
>
>First, the obvious limited liability of a corpoarate entity. Second,
>the ability to transfer part of the ownership without running into
>California sales tax for the new partial owner. Any observations on
>insurance implications would also be appreciated.
>
>Does anyone have any observations or advice for this? I'd be
>mostinterested in hearing from folks who have actually done this.

Topic was beat to death here 2 or 3 weeks ago. Google back.

Don