Alltrikes

Hi all,

I just bought an SLSA trike and my long term goal is to become a CFI to introduce people to this beautiful hobby.

I have a few questions from trike owners and CFIs who have registered their trike under a business (LLC or INC).

1) How easy is it? other than form 8050-01 and 8050-2, is there any other paperwork that would be required? On the FAA website it says you have to send document evidencing the organization (such as certificate of organization) and also a written representation that qualifies the company as a US citizen.

2) What documents did you have to provide when you registered your SLSA under an LLC or INC, was the FAA easy to deal with?

3) As I understand in most cases the LLCs are formed to protect your personal assets against liability but is there trully a benefit of registering the aircraft under a LLC? I read somewhere that God forbid if you got into a very bad flyig accident, your personal assets might still be exposed to liability (despite the fact that the aircraft was registered under an SLSA).

4) Since I bought a used LLC, what would be the tax benefits of the SLSA registered under a LLC?

5) Do you have your business registered as LLC, INC or Partnership and why prefer the one category over the other?

I appreciate any help in this regard.

Regards,

Rizzy