If you are using your jet much less often now compared with when you first bought it, you may be looking at different ways to reduce your ownership expenses. If you have an effective management set up, either with the Chief Pilot/Director of Operations of your flight department or using a highly regarded management company, you likely have your expenses already reduced to the lowest costs attainable without impacting the essential safety of the operation. So what else could you do? A smart solution is to use your aircraft to generate income while it sits idle.

You will find several ways it is possible to produce income with your aircraft. Many aircraft owners will first look at letting their associates operate the plane in return for payment. At first glance this is a fast and easy way to bring in income to counterbalance fixed costs - but be cautious. Federal Aviation Administration (FAA) and IRS codes and regulations bar providing an aircraft with pilots to a third party for compensation except in cases where you possess your own personal air carrier certificate. A good number of non-aviation tax and law experts don't appreciate the nuances of aviation regulations, so it's a good idea for you to seek advice from a tax and legal expert who makes a specialty of aviation to keep from unintentionally violating regulations.

One way you can lawfully bring in income with your jet is through offering your plane to a third party, without fuel or crew, as a dry lease arrangement. Due to FAA commercial rules, you are able to only receive payment for the usage of the aircraft, and cannot offer a flight crew or fuel together with the aircraft. You'll need a written dry lease agreement set up and there could possibly be unfavorable tax implications, so it is best to consult with aviation-specific tax and legal professionals before you proceed.

Be sure your aircraft manager sends in the lease agreement to the Federal Aviation Administration for approval and updates your insurance company. Dry leasing your aircraft now puts "operational control" into the hands of the lessor while your plane is being controlled by the third party, who will need to additionally take into consideration the liability issues involved.

Many aircraft owners have a preference for the simplest method of generating income with their aircraft - putting their plane onto a charter firm's Part 135 air carrier certificate. In contrast to what you might have been told, operating your aircraft on a charter certificate is actually quite uncomplicated and affordable. Though there are several "super-sized" management companies with higher monthly and conformity charges, the majority of charter operators are concerned with creating a fair structure that produces value for the aircraft owner as well as a common business benefit.

Making it possible for a charter business to make use of your jet enables you to legally earn charter income and lower your own personal liability in the operation of the aircraft. Most significantly, the charter revenue gained may offset a significant portion, if not all, of your operating costs.

Chartering often is the most practical way for you as an aircraft owner to legitimately produce revenue since you can set the terms on how much charter revenue you would like, and when you would like your aircraft accessible for charter operations. Many dry lessors will expect to have the aircraft readily available at their convenience, while charter operators are more concerned about meeting the aircraft owner's desires first. Chartering will permit you to maintain use of the aircraft even while capitalizing on the utilization of revenue-earning flights with your aircraft.

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