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Tell me about incorporating advantages for my aircraft?
If you are forming a Delaware corporation, or LLC, to own your aircraft for business purposes, these two forms of corporate ownership, provide you, and all other shareholders of the corporation, or members of the LLC, the best protection against personal liability.
When operating your aircraft as a business, and when certain procedures are followed, the owner is entitled to write off maintenance, fuel, hangar expense and depreciation (aircraft can be depreciated over a five-year life), and offer certain tax saving advantages. While all but depreciation is an out-of-pocket expense, the tax reduction that can be obtained is a real cost savings from federal income tax. You should consult both your accountant and your lawyer to help you reach an informed decision on the choice of aircraft ownership.
When purchasing your aircraft, you should consult experienced aircraft financing and insurance professionals.
No. You do not have to register your aircraft in the State of Delaware.
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