LLC advice

[Timbeck2]

Asking for a friend because if you guys found out it was really me, you'd call me names and such. Anyway, my airplane is registered in my name. At least two friends of mine have registered their under an LLC. How, specifically, does one go about doing this when its already registered as such?

What steps do I, um...my friend need to take and how and what can one write off when the tax man cometh?

 

[PeterNSteinmetz]

Another two things which may be minor advantages of the LLC. If you take out a credit card in the LLC name and charge all airplane related expenses on it, that makes it easy to track the hourly cost of operation and this can be useful if you are doing charity flights. I believe the owner of the plane will be listed in FAA databases as being the LLC, rather than you, which provides a minor form of first level privacy (which can also be achieved by requesting the information be not publicly published).