>Max, > Thanks so much for your discussion on transfering ownership to a >corporation. I had a bit of exposure to >the incorporation process having incorporated as an EAA >chapter in the state of Oregon. It was a non-profit, but >many of the forms were the same. Other than bylaws, and >annual filings, it's not too bad in terms of paperwork
Man, I said to myself I would never get into discussions like this again on the net but.................. I didn't respone to Max's learned post as I didn't believe anyone here wanted to be subjected to a discussion between two JDs.....much like two drunks arguing.........not much substance just a whole lot of talking:-) Any practitioneer worth his weight in salts knows what to look for to "Pierce the Corporate Veil (mask, cloak, shroad)" of a closely held corporation and hold his shareholders liable for at least their capital value in such. This capital account can be a very time consuming process to determine. Much like the earlier discussed Exculpatory Agreement, incorporation is not immune from litigation. Any attorney who is adversely swayed from processing because incorporation, would be a poor choice of representation. In the commonwealth where I reside, it is extremely easy to pierce. Courts have been swayed previously if the plantiff successfully argues that the only evidence of existance of said corporation is merely avoidance of liability, in determining such identity is against public well being and thus culpability is expanded to include shareholders. The paperwork is where one would look first for proof the corporation acted as a corporation. I know it sounds like I am talking out both side of my mouth, but the paperwork is the first place one would look to get a foothold. I don't believe Max intended the interpretation of his post to imply the mere existance of an airplance corporation would provide an umbrella of liability protection. Like I said, if potential representation would imply there was no reason to go on because of filed incorporation papers.........find another attorney. I do take a little differnece in Max's statement that negligence is hard to prove in aviation. It may be true related to commercially manufactured aircraft but to the layman, a homebuilt airplane could be construded as inherently more liable for a negligence judgement. Dana Overall Richmond, KY RV-7 slider/fuselage Finish kit ordered!! Buying Instruments http://rvflying.tripod.com do not archive _________________________________________________________________ Help STOP SPAM with the new MSN 8 and get 2 months FREE* http://join.msn.com/?page=features/junkmail
