Need legal/title advice for putting coach in name of LLC
Hello!
My wifes father wants to put his class A pusher into sort of a partnership or trust, Im not familiar with how this would work but I know what he wants.
He wants it taken out of his name and free from liability and responsibility (it is paid off), he would like it registered under my business name (LLC), he wants certain members of the family to have access to use the coach but they must pay their part in maintenance/storage/insurance ect. to maintain their privileges.
To me this sounds similar to doing a partnership on an aircraft. But I dont know how the titling would work, and I assume it must be left to my wife and I to ensure that his wishes that it be available to contributing family members are maintained (trust?). He is wanting actual ownership to remain neutral, I assume to avoid any jealousy.
This is in Texas if that helps.
If someone has some advice for me on what type of paperwork needs to be done I would appreciate it!
My wifes father wants to put his class A pusher into sort of a partnership or trust, Im not familiar with how this would work but I know what he wants.
He wants it taken out of his name and free from liability and responsibility (it is paid off), he would like it registered under my business name (LLC), he wants certain members of the family to have access to use the coach but they must pay their part in maintenance/storage/insurance ect. to maintain their privileges.
To me this sounds similar to doing a partnership on an aircraft. But I dont know how the titling would work, and I assume it must be left to my wife and I to ensure that his wishes that it be available to contributing family members are maintained (trust?). He is wanting actual ownership to remain neutral, I assume to avoid any jealousy.
This is in Texas if that helps.
If someone has some advice for me on what type of paperwork needs to be done I would appreciate it!
