It is not uncommon for large corporations to invest in private aircraft. These private planes are subject to the same aviation laws as their commercial counterparts, so it's critical that any business aviation transaction is overseen by an experienced aviation attorney.
Finding the right legal representative can help you avoid costly problems related to your company's private plane in the future.
1. Check for Buying Experience
Purchasing an aircraft can be a complex undertaking. Only the most experienced aviation attorneys should be trusted to help you complete your transaction.
You want to partner with an attorney who can structure the ownership of a private plane to help your company minimize liability, ensure compliance with FAA and DOT regulations, and minimize any tax burden.
Combining these elements into a single transaction requires a lot of skill and finesse. Only work with an aviation attorney who has a proven track record of completing lucrative and successful aviation transactions.
2. Ensure Tax Law Experience
Tax laws can play a central role in any aviation transaction. The way that your purchase contract is structured can determine how much money your company will pay in taxes over the life of your private plane.
Tax laws vary from one state to the next. It's important that your aviation attorney has adequate experience working with your state's tax laws.
This experience will help ensure that you can take advantage of tax write-offs to keep the cost of owning and operating a private aircraft as low as possible.
3. Look for Multi-Area Expertise
Aviation law can be broken down into a few different categories. These categories include regulatory compliance, taxes, registration, and aviation transactions. The best attorneys will have expertise in multiple areas.
Having an attorney with multi-area expertise in your corner can help you streamline the maintenance and operation of your private aircraft.
If you are unable to source an attorney with the right level of expertise in multiple aviation practice areas, opt for a firm that specializes in aviation law. These firms will employ multiple lawyers to offer comprehensive coverage for each client who retains the firm.
Having the resources of an entire law firm available to you can reduce the number of problems you may experience with your private plane in the future.
Aviation attorneys are invaluable partners for any company looking to add a private plane to its list of assets. Contact an aviation attorney for more information.