Raffling off Airplane...

[1600vw]

Can someone shed some light on this subject for me. What does one need to do to raffle something off.

Thanks.......

 

[Brad Z]

Be a non-profit. Why, thinking about selling a plane that way?

 

[flyingron]

Be a non-profit AND be in a state that doesn't prohibit it.

 

[denverpilot]

And in some States have a "gambling" or "raffle" license. Usually just paperwork and a fee. Depends completely on the State and Municipality.

 

[JOhnH]

I would think that a good attorney to verify the legality and to draw up the terms and conditions should be your first stop. An assurity bond, an escrow account, a 3rd party to assure security among other things may be required.

 

[1600vw]

Be a non-profit. Why, thinking about selling a plane that way?

I thought it would be interesting to do this. A couple years ago I gave a plane away, this might be just as rewarding, that feel good feeling that is.

The guy I gave the bird too parked a vette in my driveway with the title in the front seat.

I gave the corvette to another man on the east coast.

What goes around comes around.....

 

[N747JB]

A lot depends on your state, in Georgia it has to be a non-profit and have permission from the local sheriff. I've been involved in a dozen or so car raffles, $100.00 per ticket, usually 350 tickets max, for a car with a net cost of $18-20K. An attorney friend of mine won a new BMW convertible last week! $80K+ his tax bill is going to be stout on that!