I've registered my 150 as a asset in my corporation and will do the same with my KR2 [ sell it to the corporation]. Both will have a purpose relative to our business as stated in the by laws. Dana is write it in the paper work and purpose relative to the business as detailed in the by-laws.
KRRon ---------- Original Message ---------------------------------- From: "Ross Youngblood" <ross...@operamail.com> Reply-To: KR builders and pilots <kr...@mylist.net> List-Post: krnet@list.krnet.org Date: Wed, 13 Aug 2003 07:00:55 +0100 >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. > One question I need to figure out is how this impacts >the FAA and the registration process. But I can find >a local aviation lawyer I suppose to work out the details >for a small fee when/if I want to cross that bridge. > Thanks again. >----- Original Message ----- >From: "Max Hardberger" <capt...@maritimeatty.com> >Date: Tue, 12 Aug 2003 07:39:46 -0500 >To: <eng...@earthlink.net>, "KR builders and pilots" <kr...@mylist.net> >Subject: KR>Insurance & Liability > >> As a non-KR-owner, I can only contribute to this thread from a >> lawyer/pilot's general perspective: >> >> 1. Any airport, even public, has the right to set the conditions for >> planes based there, as long as the conditions are applied equally, including >> requiring reasonable liability insurance. >> 2. The states shouldn't be able to require insurance on airplanes, like >> they do on cars, since aviation has been held to be so "inherently Federal >> in nature" that states can't even interfere in it (for example, by requiring >> an additional state pilot's license). I don't know of any state that does >> so. >> 3. Many airports do require liability insurance, but this is usually >> enforced by merely having a statement on the rental form that the owner has >> it and will keep it. I have never been asked to produce a copy of the policy >> or binder. >> 4. A statement on the rental agreement that you have insurance doesn't >> affect your liability to whomever you injure or damage subsequently at that >> airport, but it does give the airport a contractual action against you in >> addition to the victim's lawsuit. I cannot imagine why an airport would sue >> under this clause. I would stress, however, that if there were an accident >> involving a mechanical malfunction in an experimental aircraft--something >> laymen would find quite foreseeable--and it were shown that the owner/pilot >> had lied on his application about having insurance, it wouldn't look so >> good. This would be especially true if an innocent victim were to sustain >> great pain and disfigurement and a million dollars in medical bills, and is >> now faced with a cash-strapped owner and no insurance company. >> 5. Although this is a little off-topic, I would recommend to any owner of >> an uninsured aircraft that he put the plane's record (FAA) ownership in the >> name of a corporation. Although there are some simple things--primarily >> regarding registering the company and keeping corporate accounts >> separate--that the corporation must do, this affords strong protection >> against personal lawsuits AS OWNER OF THE AIRCRAFT. This doesn't help a >> negligent pilot, who can always be sued for his own negligence, but it does >> help to protect an owner and non-negligent pilot. Negligence can be hard to >> prove in aviation cases, so corporate ownership is well worth the money. >> There is nothing improper about placing an airplane under corporate >> ownership, but of course the corporation has to be formed properly BEFORE a >> claim arises. The internet is full of advice on how to do it--some states >> charge as little as $60. >> >> Above is not legal advice--an aircraft owner should talk to a lawyer in his >> jurisdiction regarding whether he needs or should have insurance. >> >> Max Hardberger >> >> >> _______________________________________________ >> see KRnet list details at http://www.krnet.org/instructions.html > >-- >____________________________________________ >http://www.operamail.com >Get OperaMail Premium today - USD 29.99/year > > >Powered by Outblaze > >_______________________________________________ >see KRnet list details at http://www.krnet.org/instructions.html > -- Ronald R. Eason Sr. Pres. & CEO, KCMO Office J.R.L. Engineering Consortium Ltd. 816-468-4091, Kansas City, MO. Jim Eason V.P, 770-446-1291, Atlanta, Georgia Web Page: www.jrl-engineering.com --
