LLCs, Private Jets Don’t Always Fly Smoothly


David DeYoe said that placing private jet ownership into an LLC without regard to FAA rules is “the single most common problem” among his jet-owning clients. For example, he warned, if the plane crashed, an insurance company could deny covering the damages because flying under the wrong FAA license is technically considered illegal activity by an LLC – which means the FAA “can pierce the corporate veil. And with no insurance, they start looking at your house, car and other assets to recoup damages.” Read the full article.