Transcript:
If you’re going to operate an aircraft for a business, most commonly the favored structures for most businesses is that it be owned in a business or in a partnership or an LLC or a subsidiary of a larger existing business. There are some situations in which deductions may be available if it’s owned in what we call Schedule C or complete ownership business that would flow onto a 1040 return. But, generally some form of business structure is a good idea for liability purposes and is also a good idea for maximizing availability of various state and local tax rebates and federal tax deductions.
