Before I add my 2p worth I need to add a disclaimer that I have never done anything like this before but with my financial hat on here are some thoughts for you to consider:-
- I like the idea of two companies or even a company and an overriding trust owning a company. Trusts are inherently difficult for people like the IR and creditors to break down and get infomration on as they have limited disclosure rules whereas companies are pretty much transparent. Anything that keeps the ownership of the aircraft separate from the main trading entity will give you a measure of protection but not necessarily be cast iron.
- there have been many bankrupt flying schools over the years that have miraculously risen from the ashes as an illustration of how effective the use of company in aircraft ownership can be
- you need to consider how you will offset any risks in order to ensure they aren't deal breakers. Landing fees not being paid (as noted above), aircraft being banged into other aircraft, students injured, some old ladys roof crashed into etc etc. With respect to the landing fees one thought is you would need to draft a rock solid legally binding agreement that is signed between the airfield and the school that rents the aircraft off you. It it likely that the airfield might want you as a signatory. Resist this at all costs, however, if you are pushed then you can try and get away with having the trading company (ie: the one that doesn't own the aircraft) as signatory. Can the aircraft still be impounded? Don't know is the answer so you would need to find this out.
- if you plan on utilising the flying schools maintenance providers I don't necessarily see this as such a downside. Again a proper maintenace schedule could surely be put together and signed. But this needs to be detailed down to how many quarts of oil, who is responsible for what etc. An engineer would need to have input into this agreement if you head down this path.
- be careful with the CAA bits and pieces and that you don't inadvertently infringe on their rules about flying for reward. Remember a PPL is meant to be about cost sharing and not making a buck whereas that is reserved for the CPL'ers, albeit those with an AOC presumably as well. The company/trust structure might get you around these rules. I think there is plenty of information in the private flying forum on the use of companys for aircraft ownership if you do a search. If you go ahead then it might be worthwhile confirming with the CAA (in writing) that the scheme of arrangement complies with the ANO etc.
Thats all I can think of for now. Good luck in whatever you decide.