Aircraft Trust & Financing Corporation

PARTNERSHIP

Considering a partnership?

If your partnership does not qualify as a citizen of the United States of America, consider establishing an Owner Trust to hold legal title of the aircraft for the benefit of partnership.

qualifications

QUALIFICATIONS

As you may be aware, 49 U.S.C. 44102 and 14 C.F.R. 47.2 restrict which individuals and entities may legally register an aircraft with the Federal Aviation Administration (FAA).

The following people and entities qualify as a registrant:

  1. An individual who is a citizen of the United States of America (a "Citizen");
  2. A resident alien (lawfully admitted for permanent residence in the United States of America), in his or her individual name;
  3. A partnership, each of whose partners is an individual who is a Citizen;
  4. A corporation or association (including a limited liability company) which qualifies as a Citizen, in that:
    • The corporation or limited liability company is organized under the laws of the United States of America or any state, the District of Columbia, or a territory or possession of United States of America;
    • At least 75 percent of the voting interest must be owned or controlled by Citizens;
    • The president must be a Citizen;
    • At least 2/3 of the other managing officers must be Citizens; and
    • At least 2/3 of the managing directors must be Citizens.
  5. A non-citizen corporation (organized under the laws of the United States of America or any state, the District of Columbia, or a territory or possession of United States of America). In this instance, the aircraft must be based and primarily used within the United States of America. In order to meet this qualification, 60 percent of the aircraft use must occur between 2 points within United States of America (with the exception of emergency and fuel stops). The registrant is required to report, to the FAA each 6 months, that the aircraft flight hours support registration.

If you are considering the acquisition of an aircraft registered with the FAA, but do not qualify to act as the registrant, you should consider whether an Owner Trust or a Voting Trust is right for you. Please contact us if we can assist you in any way.

info@aircrafttrust.com | 954-565-7013 | 954-563-2752

Aircraft Trust and Financing Corporation offers its services as Voting Trustee.

As a Voting Trustee, Aircraft Trust and Financing Corporation holds at least 75 percent of the shares of the domestic (U.S.) aircraft-owning corporation or limited liability company that does not otherwise qualify as a citizen of the United States of America. In this instance, you will place at least 75 percent of the shares of the aircraft-owning corporation in the custody of Aircraft Trust and Financing Corporation.

Moreover, you must provide one or more citizens of the United States as may be required to ensure that:

  1. The president of the aircraft-owning corporation is a citizen pf the United States of America;
  2. At least 2/3 of the other managing officers are citizens of the United States of America; and
  3. At least 2/3 of the managing directors are citizens of the United States of America.

The Voting Trust Agreement must be filed with the FAA Registry; thus, it will be available to the public.

Aircraft Trust and Financing Corporation offers an Owner Trust arrangement.

The Trustor must transfer legal title to Aircraft Trust and Financing Corporation, which qualifies as a citizen of the United States of America. Aircraft Trust and Financing Corporation will hold legal title for the benefit of the Trustor.

The trustor can be an individual, corporation, partnership, or limited liability company, whether domestic (United States of America) or non-domestic.

The Owner Trust Agreement will limit the rights of Trustor to control the trustee, although Aircraft Trust and Financing Corporation can be removed for cause. The Owner Trust Agreement will be filed with the FAA Registry; thus, it will be a public document.

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QUICK CONTACT

Aircraft Trust & Financing Corporation
1105 North Market Street, Suite 1300
Wilmington, DE 19801

info@aircrafttrust.com
954-565-7013
954-563-2752

 

Jessica Schwieterman, President

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