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Checklist

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Checklist

The Checklist for the Incorporation Process:

  1. Discussion of your personal, financial and corporate goals.
  2. Evaluation of entity formation needs and number of entities required.
  3. Review of current agreements between interested parties.
  4. Counsel regarding various Entity Options (e.g., Corporation, Partnership, or LLC).
  5. Check availability of your preferred company name.
  6. Articles of Incorporation documents prepared & filed with the Texas Secretary of State..
  7. Obtain tax identification number, if needed.
  8. Personalized bylaws and resolutions.
  9. Provide information & checklist of regulatory requirements.
  10. Ongoing compliance assistance to keep your entity on track and in good standing.

FAQ:

Why form a legal entity when purchasing a general aviation aircraft?

  • Using a legal entity, such as a corporation or a limited liability company, to own an aircraft can provide tax and legal benefits to the aircraft owner.
  • Aircraft buyers desiring to use a corporation or L.L.C. for purchase of an aircraft should work with a knowledgeable attorney:
  1. to ensure that the transaction is structured correctly to meet the regulatory requirements applicable to their particular situation;
  2. to confirm that the aircraft buyer will actually receive the benefits expected, and
    to confirm that the ownership arrangement will comply with the regulatory requirements for operations under FAR Part 91.

Why go through the legal entity formation process?

It is important to work with legal counsel to help you establish and maintain the optimum legal entity formation structure.  Failure to form the proper legal entity when purchasing a general aviation aircraft may:

  • Subject you to personal liability on your assets.
  • Have negative tax consequences.

What business entity should I form for the purchase and ownership of an aircraft?

  • This depends on your individual goals and situation, and determination of this is best made with the assistance of legal counsel.  For more detailed information for selecting the appropriate business structure, please see the page on this site, Entity Options.

What are the fees and costs involved, and how long does it take to complete the entity formation?

  • For more detailed information for the time, fees, and costs involved in forming the appropriate business structure, please see the following page on this site, Costs.

How do I get started with AeroEntity to form my legal entity for general aviation aircraft ownership in Texas?

AeroEntity: