This paper will describe the basics of aircraft transactions, including aircraft sale, purchase and ownership issues and how current aviation practitioners can expand their practice area to include aircraft transactions, pull in additional work from existing clients and new work from referrals and new clients.
The transactional portion of the paper will cover the basic issues, including FAA registration and aircraft ownership options as well as the common mistake of Part 91 non-commercial operations by single purpose “Flight Department Companies” formed for liability protection. An overview of basic tax considerations, including state sales/use tax, local property tax and federal tax provisions, will be presented so that the practitioner can “issue spot” tax considerations.
The business development portion will explore how to identify resources available to the aviation practitioner, including specialists in and outside the law firm, various aviation organizations and their respective conferences, and outside written publications. An emphasis will be given to developing relationships with aircraft brokers and identifying the traits of the successful aircraft broker.
Please see full publication below for more information.
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Topics: Aircraft, Aircraft Sales, Aviation Industry, Brokers, Business Ownership, Business Taxes, Citizenship, Excise Tax, FAA, Jointly-Owned Property, Legal Entities, US Civil Aviation Registry
Published In: General Business Updates, Professional Practice Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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