First off thank you for all the replies. I spoke with my agent this morning concerning the insurance, no probelm there. I also touched base with a friend of a friend, an aviation attorney out in California. Things out there legally are night and day from here, but at least it gives me something to go off of.
I'll give you the quick rundown and see if this makes legal sense to you all.
Originally Posted by rickair7777
However...if you want it to actually protect you, you may need do some other things to ensure that it looks like a legit business: Business documents, business plan, annual shareholders (owners meeting), separate bank account (and credit card if you use one), loan documents, etc.
We own a house in Colorado. Free and clear, no loan on it. When we/family aren't using it, we lease it to one of those Colorado vacation house rental places which sublets it weekly to whoever. We do make some money off of it.
We're going to incorporate that under the LLC since it brings in money. That's our "business". The only assets therefore attached to the LLC will be the house and the airplane.
Skyhigh, I currently have $5 million liability on it and $200k hull. I don't plan on hitting anything worth more than $5 million (or rather, nothing at all :p ), but better safe than sorry.