Part 91
Peekay4 - thanks again for the detailed reply. Makes sense when I think about it
I missed the Part 91 status which is very significant. From personal experience I can say that Part 91 operations have essentially zero oversight. It is a little hard to get around the fact that a GIV with a professional crew and an owner operated C150 are treated the same. You don't have to fly it, as long as there is no hire involved its all treated the same.