Page 18 - October 23

“There are a handful of reputable brokers who specialize in King Air aircraft and using them provides a higher level of professionalism to the entire transaction.”
Seriously? What if the broker was the one who caused the problem? While I respect any business that seeks to limit its exposure to liability, these clauses should never be agreed to. If the broker won’t take it out, find another one.
LLCs and the Disappearing Act
It is common for aircraft owners to hold title in a Limited Liability Company, especially for liability protection, when someone else is operating the aircraft.
However, when the aircraft is sold, most single-purpose LLCs are dissolved as they no longer hold any assets. Likewise, many Buyer LLCs are newly formed with no assets of any kind. So, a purchase agreement between these entities could very well leave one side with no real remedy in the event of a dispute. For this reason, it is strongly recommended that all purchase agreements be personally guaranteed by the entities’ principals with language such as:
“Notwithstanding the status of any Buyer or Seller as a legal entity or trust, the signatures below are binding on the named parties as well as in the signatories in their individual capacities. These guarantees are limited to the parties to this Agreement; nothing herein shall be construed as an expansion of liabilities to any third parties.”
Buying and selling a used aircraft is never simple, and buyers and sellers alike should watch for certain legal landmines in their contracts. KA
Scott Williams, Esq. is the principal attorney of The General Aviation Law Firm, P.C. His firm represents buyers and sellers in aircraft transactions, aircraft owners in disputes with their insurance carriers and pilots in FAA enforcement matters.
Pilots
SIMPLE AS 1-2-3
No bothersome paperwork required!
If you love to fly, and you love animals, please join us now! It’s easy, it’s fun, and it’s extremely rewarding. Joining is easy and takes just a minute of your time.
1. Go to www.pilotsnpaws.org
and register
2. Post your information and read
other posts
3. Wait for contacts / make contact
with others
WHY JOIN THE PILOTS N PAWS NETWORK?
• Enjoy flying while helping a worthwhile
non-profit organization
• Flights are tax-deductible 501c3
• Expand your network of pilot/aviation
contacts and other professionals
• Gain flight experience and log more hours • Explore new geographical areas
• An extremely rewarding experience
every time
N Paws
®
is an online meeting place for pilots and other volunteers
who help to transport rescue animals by air. The mission of the site is to provide a user-friendly communication venue between those that rescue, shelter, and foster animals; and pilots and plane owners willing to assist with the transportation of these animals.
A general aviation transport requires just one pilot volunteer and is far more efficient and dependable than time-consuming ground trans- portation for these animals who are often in danger of euthanization. Volunteer pilots retain complete authority of their planning and flights, and can give as much or as little time as they like.
Pilots N Paws
www.pilotsnpaws.org
®
®
16 • KING AIR MAGAZINE
OCTOBER 2023