Limited Company vs Trusteeship for shared aircraft

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Limited Company vs Trusteeship for shared aircraft

Postby BolkowJunior » Thu May 17, 2018 10:47 am

Hi we currently have a group aircraft run as a limited company , but because of the costs of accountancy, we were thinking of closing the limited company and running the aircraft with a trustee. Any ideas of advantages/disadvantages/pitfalls?
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Re: Limited Company vs Trusteeship for shared aircraft

Postby Ian Melville » Tue May 22, 2018 10:47 pm

We don't even have a trustee. Each group member signs an agreement.
Sample from LAA website
http://lightaircraftassociation.co.uk/p ... up%20Rules

I'm now worried that we have over simplifed it.
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Re: Limited Company vs Trusteeship for shared aircraft

Postby Mark A » Wed May 23, 2018 9:14 pm

Ian, There will be a Trustee who will be named on the certificate of registration and the other part owners are notified to the CAA on form CA04. I looked up the entry for G-ENAA and Paul is nominated as trustee.

It is a very good idea to have a set of rules agreed by all irrespective of whether you use a limited company or an unincorporated group. Difficult to enforce either way, but it at least sets out the responsibilities, assets and liabilities in advance of any events
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Re: Limited Company vs Trusteeship for shared aircraft

Postby Ian Melville » Fri May 25, 2018 11:44 am

Ah! I understand now. Yes we do have a trustee, who is the chairman of our group. And we have a signed agreement.

Thanks Mark
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Re: Limited Company vs Trusteeship for shared aircraft

Postby mike newall » Sat May 26, 2018 11:31 am

We have a Benign Dictator...... Me :mrgreen:

The aeroplane is registered in my name, we have a simple agreement drafted up that sets out the financial arrangements, the agreed deductible and that an individual has to offer back to the group prior to sale and any new member must be vetted and checked prior to joining.

1 monthly fee, no hourly, shared work input, 1 guy does the finances and we organise a curry evening now and again to discuss things.

Keep things simple and they work - ours is only a 4 man group, larger ones wouldn't work as easily on this basis.
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