Go Back  Airline Pilot Central Forums > Pilot Lounge > Money Talk
Contract Pilots and LLC >

Contract Pilots and LLC


Notices
Money Talk Your hard-earned money

Contract Pilots and LLC

Old 02-20-2008 | 01:26 PM
  #1  
Thread Starter
Line Holder
 
Joined: Dec 2005
Posts: 38
Likes: 0
Default Contract Pilots and LLC

I'm doing contract pilot services for two different companys. I am the named pilot on both their insurance policies, but should I form an LLC and do buisness as the LLC to provide additional protection? If anyone has experience with this I would love to pick your brain!
Reply
Old 02-20-2008 | 02:48 PM
  #2  
On Reserve
 
Joined: Dec 2006
Posts: 21
Likes: 0
Post

I understand if you protect yourself under the llc, then the state you choose to form your corporation will dictate your liabilities under that law. Look into that for what you are doing. It's fairly easy and cheap to form your corporation.

On the other end the companies that have hired you may have you listed on their end as an " employee " so it could mean they are receiving better tax benefits, considering that you may choose to research this a bit more. If you do this by that incorporate and protect under the llc then you are a private contractor.

Insurance, you should really check into that b/c now you may have to provide self-insurance....this part I'm unsure about. I wouldn't know how this would apply into the airline industry.

cheers,
Reply
Old 02-22-2008 | 04:20 PM
  #3  
328dude's Avatar
Gets Weekends Off
 
Joined: Aug 2006
Posts: 309
Likes: 0
From: SWA/FO
Default

Plus you get business expenses and tax credits. The 1099's don't hurt so much with a LCC and deductions.
Reply
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
BIGBROWNDC8
Cargo
7
10-22-2007 03:33 PM
HSLD
Major
0
09-18-2007 08:29 AM
Sir James
Major
13
05-24-2006 06:16 AM
Gordon C
Major
5
03-22-2006 03:28 PM
RockBottom
Major
0
04-29-2005 07:26 AM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Thread Tools
Search this Thread
Your Privacy Choices