Serving The United States & The World
Fornaro Law represents clients in the commercial and general aviation industry throughout the United States and world. We represent clients in the United States, Asia and Europe in aviation-related business transactions, including aircraft sales and purchases, airborne shipping & cargo contracts, and all manner of commercial contracts and leases involving pilots, mechanics, aircraft, airlines, & air charter operations.
Fornaro Law is very knowledgeable in Federal Aviation Administration regulatory matters pertaining to aviation professionals and the flying public, and represents pilots, mechanics & private individuals before the FAA and National Transportation Safety Board for violations of federal aviation regulations, including regulations regarding airborne shipment of hazardous materials.
Aircraft Transactions -- Purchase & Sale
Fornaro Law transactional lawyers negotiate and complete the sale, purchase, financing, lease, and lease return of aircraft. The types of transactions listed below represent those most commonly addressed by our aviation lawyers. At Fornaro Law, we have the expertise to secure you as favorable a purchase contract as possible.
When Purchasing An Aircraft, Fornaro Law Will:
● Negotiate a purchase/sale agreement & loan documents
● Select a venue for maximum cost savings on delivery
● Decide where to register the aircraft
● Determine the form and place of the entity which will own the aircraft
● Negotiate with insurance underwriters for protection
● Review engine maintenance programs
● Draft aircraft leases
● Obtain appropriate international documentation with regard to international transactions
● Handle any warranty claims on the aircraft
Fractional Purchase & Sale -- Aviation Lawyers
Most fractional share programs contemplate the purchase of an agreed percentage of ownership equity in an aircraft for a predetermined period of time. However, some programs provide for a lease or sublease between the aircraft owner and the "fractional share" customer. Our aviation attorneys can assist you in choosing and negotiating the program that best suits your needs.
Like-Kind Exchange (IRC - 1031)
If you need to exchange or reverse-exchange your aircraft in order to transfer your existing tax basis or otherwise to avoid capital gains tax, contact Fornaro Law to discuss your options.
Aviation Leasing Lawyers
Return provisions can be expensive provisions contained in a lease. At Fornaro Law, we can ensure that your return provisions and other components of your aircraft lease are drafted to suit your interests and minimize your sales and/or use tax exposure.
Aircraft Block Time
When purchasing "block time," an aircraft usually does not purchase an ownership interest in the subject aircraft. Rather, the aircraft owner guarantees a certain hourly usage within a given period of time. The sale and purchase of block time use of an aircraft can benefit both the aircraft owner and the aircraft user, when properly structured. However, an improperly structured transaction can result in a poor "commercial operation" of the subject aircraft, risking insurance coverage and potentially harming the owner to FAA enforcement action, including revocation, pilot certificate and/or civil penalties.
Aircraft Joint Use
Improperly structured or documented joint use of an aircraft can be deemed "commercial" use by the FAA, jeopardizing your insurance coverage and subjecting the flight crew and aircraft owner/operator to sanctions imposed by the FAA. At Fornaro Law, we will ensure that your joint use arrangement is properly documented & structured.