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Cessna 210 Lease or Flight Club?



 
 
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  #11  
Old March 20th 09, 09:37 PM posted to rec.aviation.owning
Robert M. Gary
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Posts: 2,767
Default Cessna 210 Lease or Flight Club?

On Mar 16, 10:05*am, tatermunk
wrote:
I have a question about some of the legalities of what I am in the
process of doing. If anyone can point me in the right direction I
welcome and appreciate all opinions and advice.

I am in the process of purchasing a Cessna 210. I have 3 signed 1 year
lease agreements with pilots in my area. I have a $1200 deposit from
each pilot and when I reach 6 pilots I will purchase the aircraft. They
agree to $600 per month for a year for 10hrs per month. Any hours flown
over the 10hr allowance will be an additional $60 per hr. Insurance,
Maintenance, Hanger, etc. are all included.

For me, that covers the cost of the plane, hanger, insurance, and a
hefty maintenance reserve. However, I will/can still make a profit
depending on how I structure the maintenance reserve.

Is there any problem with the way I am structuring this? And other than
paying taxes and making sure my insurance is covered correctly... Is
there any problems with making a profit from this?

Thanks to anyone who can help.

--
tatermunk


I can see some legal problems. What are they buying with the $1200
deposit against? Are they buying part of the plane or part of the LLC?
If they are buying the LLC then each member after the first would get
a portion of the money paid by additional members. One member
(yourself) cannot get a higher % of new member buy in money than
existing members get (using member in the LLC context).

-Robert
  #12  
Old March 21st 09, 10:44 PM posted to rec.aviation.owning
Linton Yarbrough
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Posts: 18
Default Cessna 210 Lease or Flight Club?

On Fri, 20 Mar 2009 13:37:52 -0700 (PDT), Robert M. Gary wrote:

I can see some legal problems. What are they buying with the $1200
deposit against? Are they buying part of the plane or part of the LLC?
If they are buying the LLC then each member after the first would get
a portion of the money paid by additional members. One member
(yourself) cannot get a higher % of new member buy in money than
existing members get (using member in the LLC context).

-Robert


WTF are you talking about? An LLC can be constructed anyway you want.
--
In the days of really long hair, military people
of the day would have been courts martialed for
having buzz cuts and no facial hair had they been
in Custer's 7th Cavalry.
  #13  
Old March 23rd 09, 04:11 AM posted to rec.aviation.owning
Robert M. Gary
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Posts: 2,767
Default Cessna 210 Lease or Flight Club?

On Mar 21, 2:44*pm, Linton Yarbrough wrote:

WTF are you talking about? An LLC can be constructed anyway you want.


Negative.

-Robert
  #14  
Old March 23rd 09, 08:21 PM posted to rec.aviation.owning
The Visitor
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Posts: 231
Default Cessna 210 Lease or Flight Club?



Robert M. Gary wrote:

I can see some legal problems. What are they buying with the $1200
deposit against? Are they buying part of the plane or part of the LLC?
If they are buying the LLC then each member after the first would get
a portion of the money paid by additional members. One member
(yourself) cannot get a higher % of new member buy in money than
existing members get (using member in the LLC context).

-Robert



Depends who they bought part of the LLC from? Also I am guessing the
obvious, that the company owns all of the aircraft.

  #15  
Old March 24th 09, 06:33 PM posted to rec.aviation.owning
Robert M. Gary
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Posts: 2,767
Default Cessna 210 Lease or Flight Club?

On Mar 22, 9:19*pm, Clark wrote:
"Robert M. Gary" wrote in news:d9cd4f94-6f02-49aa-bba3-
:

On Mar 21, 2:44*pm, Linton Yarbrough wrote:


WTF are you talking about? An LLC can be constructed anyway you want.


Negative.


-Robert


Are you a lawyer offering legal advise?


You are not my client. Members off the LLC cannot exercise unequal
votinng power or be forced to receive unequal proceeds from the
creation of additional memberships.

-Robert
 




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