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flight school business aspect (Read 1136 times)

May 3^rd, 2008 at 11:10am

RitterKreuz Offline
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Texas

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Any business saavy out there want to help me out with something?

a couple of flight schools i used to work for were set up as "LLC" or "Limited Liability Company".

i was wondering if setting up a flight school as an LLC was generally the best way to go about it?

thanks

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Reply #1 - May 3^rd, 2008 at 11:38am

Brett_Henderson Offline
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If you plan on keeping it small, an LLC is fine. It's normally what an airplane owner sets up, when he plans on leasing his plane to a club, or FBO.

It's mainly like the name implies... I keeps you, as an individual, apart from the LLC (limits your liability, if you get sued).

If you get to the point of actually making a living; then full incorporation is in order.

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Reply #2 - May 3^rd, 2008 at 3:51pm

machineman9 Offline
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Nantwich, England

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Brett_Henderson wrote on May 3^rd, 2008 at 11:38am:

It's mainly like the name implies... I keeps you, as an individual, apart from the LLC (limits your liability, if you get sued).

Isnt an LLC where you wont get all your belongings taken to repay debts?

Shall have to take that one up with my business teacher.

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Reply #3 - May 3^rd, 2008 at 4:20pm

Brett_Henderson Offline
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machineman9 wrote on May 3^rd, 2008 at 3:51pm:

Brett_Henderson wrote on May 3^rd, 2008 at 11:38am:

It's mainly like the name implies... I keeps you, as an individual, apart from the LLC (limits your liability, if you get sued).

Isnt an LLC where you wont get all your belongings taken to repay debts?

Shall have to take that one up with my business teacher.

Quote:

It keeps you, as an individual, apart from the LLC (limits your liability, if you get sued).

(had to edit "I" to "It" ) Tongue

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Reply #4 - Jan 23^rd, 2009 at 1:10am

rox Offline
Major
Fly FS

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If you're asking for any reason other than curiosity, you should really be asking an accountant. There's a number of different ways to set up a company and limit your liability (S-corps for example), but beyond that, you'll probably be needing a hand with many of the other parts of running a business.

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Reply #5 - Jan 25^th, 2009 at 9:07pm

DaveSims Offline
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Clear Lake, Iowa

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LLCs and incorporating limit your liability personnally and financially. While you could lose your business, at least you won't lose your home.

Dave

www.flymcw.com

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