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<< Lancair Builders' Mail List >>
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I started this discussion, so let me add some additional points:
My attorney researched this with EAA, and they pointed out that there
has never been a successful suit brought with respect to post-sale
liability (the subject of my original note).
The general comments about the lack of protection of corporations are
all true. In our case, we DO use our airplane for business, so the
corporation does have a valid purpose. How hard is it to find a "valid"
purpose?
The comments on becoming "personally assetless" are good advice. Trusts
and family LLC's are the vehicles to do this, and it is not that
expensive. Nothing but upside there.
Of course, another "protection" discussed in the voluminous literature
on this subject is to dismantle some part of the plane at sale and to
require the new owner to reassemble it and thus, theoretically, you have
only sold parts and it up to the new owner to make the parts an
airplane.
Generally, there are a number of ways you can protect yourself after the
sale of an experimental. In our case, we can sell a corporation that
owns "airplane parts" and assist the new owner of the corporation in
building his airplane. That, coupled with the fact that there has never
been a successful suit, is good enough for me. I plan to be assetless by
that time as well.
I would hate to see anyone destroy an airplane or not start one because
they felt they could never comfortably sell it. Such fears also prevent
people from going on to build another airplane if they can't get rid of
the one they've got.
Brian Barbata
4P Turbine 40%
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