Re: ADD Meds & SP
Posted: Thu Jan 08, 2015 10:20 am
The case never made it to court.drseti wrote:I haven't heard if the lawsuit has even gone to court yet. Does anybody out there know?
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The case never made it to court.drseti wrote:I haven't heard if the lawsuit has even gone to court yet. Does anybody out there know?
It did make it to some kind of court, and it was quickly thrown out with prejudice.dstclair wrote:The case never made it to court.drseti wrote:I haven't heard if the lawsuit has even gone to court yet. Does anybody out there know?
Just curious - what happened?drseti wrote:I cite,for example, a fuel exhaustion accident involving a pilot known to many on this board.
An LLC does not protect anyone from negligence, fraud or liability or lower exposure when lending assets to others. Placing a plane in a single person LLC means nothing unless you are using it in trust and estate management.rezaf_2000 wrote:Paul, I just happened to come across your excellent annual report documents in a different thread, and the description of the incident as you wrote in the 2013 report (resulting into the LLC reorganization). Very interesting story, and your conclusion in forming an LLC.
Just note that LLCs, especially if single-membered, are at the risk of veil piercing. This is as a result of a 2012 court ruling. I'm pretty sure you've seen the case before though. Also, this is an interesting idea on the topic.
I believe when he took back off he estimated 2-2.5 gallons total remaining in *both* tanks.drseti wrote:There's a whole thread around here somewhere about this. Short answer: headwinds stronger than forecast. The guy did a precautionary landing on a private strip, checkled his tanks, was quoted as saying he "thought" he had enough fuel to reach his destination , took off again, ran out of fuel and crashed on final approach.
I think an LLC could provide some liability shield in the case of a business for business management claims, but you can always be named individually as pilot for events related to actual operations of the aircraft...so in that regard the LLC is not helpful. There are almost certainly good tax reasons for an LLC in the case of a business operation like yours.drseti wrote:I wouldn't expect (or even want) protection against my own fraud or negligence. What I am hoping is that the LLC will provide a modicum of insulaton from the most frivolous of legal attacks.