Many years ago when I bought an airplane with another pilot, we consulted with two lawyers about forming an LLC to own the airplane. The idea was to minimize liability. Both lawyers told us we were better off simply buying more liability insurance. Both said that most of our personal assets, home, retirement plans, etc., were already immune from judgement and that the “corporate veil” could be pierced in a number of ways in regard to liability. They said it was simpler and typically better to just buy an umbrella liability policy.
Wow your a great teacher
Many years ago when I bought an airplane with another pilot, we consulted with two lawyers about forming an LLC to own the airplane. The idea was to minimize liability. Both lawyers told us we were better off simply buying more liability insurance. Both said that most of our personal assets, home, retirement plans, etc., were already immune from judgement and that the “corporate veil” could be pierced in a number of ways in regard to liability. They said it was simpler and typically better to just buy an umbrella liability policy.
@@babakbabak5329 Sadly, that is a myth in some circumstances. Read about “piercing the corporate veil.” It happens more often than many realize.