David Mayer, a Partner with the law firm of Shackelford, Bowen, McKinley & Norton, LLP, discusses some of the business and legal issues one should consider when acquiring a new or pre-owned aircraft. Topics covered include:

• The kinds of business professionals a buyer should engage for an aircraft purchase.
• The terms a Letter of Intent (LOI) should include when it comes to the acquisition process.
• Why use an LOI rather than enter into an Aircraft Purchase Agreement immediately?
• Should the LOI state the purchase be contingent on securing financing?
• Drafting the Aircraft Purchase Agreement.
• Issues that are important to address in the Aircraft Purchase Agreement.
• How Federal Air Regulations can affect aircraft purchases and structuring.
• The benefit of establishing a Limited Liability Company (LLC) or Trust to own an aircraft.
• Tax planning and bonus depreciation.
• The "fly-away" sales tax exemption.
• How aviation insurance protects an owner or lessee.
• The importance of Uniform Commercial Code (UCC), FAA and International Registry filings.