Uncoordinated Structures and Operations n anticipation of the acquisition of an aircraft, a great deal of time is spent on establishing a tax efficient and FAA-compliant operating structure. After all of the tax, accounting, aviation and other professionals have weighed in on and agreed upon an appropriate aircraft operating structure,...
Read MoreIn connection with the sale of a pre-owned aircraft, an aircraft is typically subjected to a pre-purchase inspection following execution of the purchase agreement. The purchase agreement ordinarily includes an exhibit describing the scope of the inspection (that is, the tasks that will be accomplished) to be performed at the...
Read MoreI was talking with a friend of mine (“Bill”) who has been a business aircraft pilot for more than 50 years, rated on many types of corporate aircraft. We were discussing the Asiana accident at San Francisco International Airport a few years ago in which a commercial airliner crashed on...
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Buying an aircraft is usually expensive enough, but in our experience there are some key things that can push legal fees higher than expected. Most are behaviors that can be avoided with the proper gameplan at the inception of the transaction. 1. Advisors, representatives and others involved go outside their...
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Top officers at large companies and ultra high net worth individuals, like celebrities, are often surrounded by trusted managers, advisers and others. Although the aircraft is a business asset, it also is typically a purchase in which the principal has personal and intimate involvement. This can result in direct...
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It is not uncommon for an aircraft buyer to want to change the registration number on an aircraft, and it is similarly common for a seller to want to “retain” the registration number of the aircraft that he or she is selling if it has personal meaning or for other...
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The Federal Aviation Administration (FAA) recently issued proposed civil penalties ranging from $63,000 to $91,000 against three companies for alleged violations of Hazardous Materials Regulations (HMR). One such violation was for failing to properly mark a box containing two 12-ounce cans of spray paint. http://www.faa.gov/news/press_releases/news_story.cfm?newsId=16794&omniRss=press_releasesAoc&cid=102_P_R Applicable Hazardous Materials Regulations are complex...
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In our continuing effort to educate aircraft buyers and sellers, an article that we wrote was published in Business Aviation Advisor. The article can be accessed here. SHL.
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On June 10, 2016, Lapayowker Jet Counsel, P.A. will be relocating from Fort Lauderdale to newer, larger office space, at Lakeside Office Center, 600 N. Pine Island Road, Plantation, Florida. Family and community involvement continue to be important ingredients to our culture and our move will provide attorneys and staff...
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I am often asked by a client buying or selling an aircraft “how quickly will this deal be done?” or ” how much will this cost?” My answer is always the same: If you can tell me how everyone in the deal will behave, I can tell you generally how...
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