Jim Macklin wrote:
If you have a partnership on an airplane with three
partners... and two partners are flying together and crash
and die, also killing some people on the ground...
The surviving partner is legally liable as the owner of the
airplane... His personal assets are on the line;home,
businesses, everything.

Incorporation and owning shares protects your assets.

*maybe*. A good friend of mine was actually in that situation and the
judge dismissed him from the case because he said his ownership in the
airplane didn't make him liable for the accident.

However, I did incorporate my airplane. I'm not sure I would do it
again. In California its a **LOT** of work. The tax on the corporation
minimum tax (regardless of what state you incorporate in) is $800/yr if
the corp has *ANY* visibility in the state of CA. Waving that requires
about 2" of paperwork (I've done it twice now). Plus you must file a
Secretary of State statement every year declaring officers and pay an
addition $25. Forgetting to do that will result in going to jail.

-Robert