Originally Posted by Twin Wasp

And the days of “buying a certificate” to start their own airline are long gone.

B. Transfer. A certificate issued under § 119.39 is not transferable and, unless sooner surrendered, suspended, or revoked, shall remain in effect indefinitely in accordance with § 119.61. However, when a person (as defined by 14 CFR part 1, § 1.1, which includes an individual and many types of organizations) holds a certificate, the person who owns or controls the organization may sell or transfer the organization to another person. Incident to such sale or transfer of the organization, the certificate becomes the property of the new owner.