Assignment task:
Imagine that you and two friends want to start a charter helicopter company similar to that of Island Express Helicopters and you want to be prepared in the unfortunate, but ever possible, event that a fatal crash happens within your company. Assume for this discussion that you will take all reasonable steps to ensure that the company has the best pilot training, preventative maintenance programs, and internal safety management systems. (1) What type of business entity will you choose and why? In a couple sentences explain what efforts you will take to make sure you preserve that business structure (not commingle, etc) in your daily operations. (2) If someone is injured or killed while a passenger in one of your company's aircraft, what are two types of causes of action from the Bryant Complaint that you can anticipate being filed against you? Briefly explain the cause of action and what basis the Plaintiff might have to bring it. 3) Lastly, your company will need insurance. Choose at least one type of insurance coverage you think the company will need to protect it during a potential crash like this. Briefly define the types of insurance you choose and explain the ways that you can demonstrate to the insurance company that your company is not high-risk and should therefore have a lower premium.