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#16
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Good morning all.
On a similar note, I own my 337G but fly a lot on business. Is it kosher to recoup the operating costs (fuel, oil and prorated hourly maintenance) from my company. No compensation for the pilot, just the plane. Thanks, Jim 
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#17
08-23-05, 02:03 PM
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You can deduct direct operating costs. What you can't deduct is indirect operating costs.
What your company will let you charge them may be a different matter. Back when I was renting, I would rent a plane wet, and they paid the entire cost of the rental. It is legal, and proper, to charge them direct operating costs, including landing fees. I would think they would balk at indirect costs, including engine accural.
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#18
08-24-05, 09:38 AM
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As I am the CEO, I felt that it was fair and proper that the company pay the indirect costs, including deferred maintenance costs such as engine accryual.
As a major stockholder, I agreed. So far, no argument. Over 70% of the time on the aircraft is business related, so I figured that was a fair deal. Jim
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#19
08-20-06, 10:30 PM
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I am partnering with another person on a used aircraft that we just purchased. We are trying to decide how to register the aircraft. Personally as partners or forming an LLC. I have talked with a lawyer about forming an LLC. I know this is done out there and I have even seen some skymasters registered as owned by an LLC. The lawyer seems very knowlegable about this scenerio but is also talking about avoiding the sales tax. The leasees (myself and my partner) would pay sales tax only on the monthly or hourly payments that we deem acceptable for use of the aircraft. Sounds good but I don't think I want to hassle with the paperwork each month to make sure the payments are made and the tax is paid. If we just set up an LLC for the benefit of protection if something happened to the other partner would this make sense? To form the LLC that is. How much should it typically cost to set this up? Anyone been through this before?
__________________
Herb R Harney 1968 337C Flying the same Skymaster for 47 years
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#20
08-20-06, 11:58 PM
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LLC
Herb, Look into a Delaware corp. You will avoid Michigan taxes.
Jerry
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#21
08-21-06, 07:10 PM
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Jerry
Is this Delaware Corp stuff for REAL! Looks like scam to me. $299 and 24 hour turnaround? Have you done this? Who did you use? Lawyer?
__________________
Herb R Harney 1968 337C Flying the same Skymaster for 47 years
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