Aircraft Ownership : A Legal and Tax Guide by Raymond Speciale

By Raymond Speciale

* deals ''how to'' info and strategies to the commonest felony and tax matters dealing with common aviation airplane owners--in layman's phrases

* movement charts, diagrams, and criminal case briefs supply actual global eventualities of every dialogue

* CD-ROM includes downloadable types, agreements, and checklists

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Additional info for Aircraft Ownership : A Legal and Tax Guide

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If you decide to form a separate entity to own your aircraft (see Chap. 2), your lender may require you and/or your fellow members/shareholders/partners to sign a guarantee making you personally responsible for the repayment of the promissory note. The lender will do this because in most cases, the entity you have formed may have no assets other than an airplane and most likely has no earnings or credit history. Therefore, the lender wants to be able to turn to you as a potential safety net for payment of the aircraftfinancing loan.

3). 26 Buying or Selling an Aircraft Prepurchase inspection Of course, if you are an aircraft buyer, it is always good practice to perform a thorough prepurchase inspection of the aircraft you are proposing to purchase. From your perspective, the entire agreement should be contingent on the findings of the prepurchase inspection. This is also a good time to think about the contract you may enter into with the company you are hiring to do your prepurchase inspection. Does the agreement spell out what you want done for the inspection?

This section will first discuss some of the key legal issues you will deal with in the application process. Next, you’ll get an overview of the typical legal documents that you will encounter in just about any aircraft financing deal. The application process If you want to get a loan to pay for an airplane, be prepared to collect the same kind of information that you would have to gather if you were purchasing real estate. Lenders want to ensure that you will be a good credit risk. If you don’t respond fully to the lender’s questions, you may not get the loan you need for your purchase.

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