The George Costanza Rule: Rethinking the LLC for Aircraft Ownership

A limited liability company may seem like the best way to structure private aircraft ownership, organizing finances while shielding other assets from liability, but think again, says Gary Horowitz of Wiley Rein. Using an LLC can lead to a huge tax liability, potential fines by the Federal Aviation Administration and increased personal liability. The author offers alternative structuring that can be less costly and provide better liability coverage.