Extendible operating lease: Although an EOL resembles a finance lease, the lessee generally has the option to terminate the lease at specified points (e.g. every three years); thus, the lease can also be conceptualized as an operating lease. Whether EOLs qualify as operating leases depends on the timing of the termination right and the accounting rules applicable to the companies.
Perhaps most important for many business professionals, however, are the freedom and security that only private jets can offer. A private jet is a productivity multiplier, allowing you and your company to be more competitive, nimbler, and more successful, by optimizing your time, flexibility, and efficiency. In today's ever-competitive global marketplace, a private jet enables direct, face-to-face contact with clients, customers, and personnel, to a degree not otherwise possible.
Flight departments are corporate-owned operators who manage the aircraft of a specific company. Ford Motor Company, Chrysler, and Altria are examples of companies that own, maintain and operate their own fleet of private aircraft for their employees. Flight departments handle all aspects of aircraft operation and maintenance. In the United States, flight-department aircraft operate under FAR 91 operating rules.
Charter operators own or manage private jets for multiple clients. Like traditional flight departments, charter companies handle all aspects of aircraft operation and maintenance. However, they are not aligned with just one corporation. They manage aircraft for a private owner or corporation and also handle the sales of available flight time on the aircraft they own or manage. Maintenance services can also be provided which typically include on-site or mobile repair, major and minor routine inspections, troubleshooting assistance away from base, avionics installation and repair, jet engine and battery service, interior modifications and refurbishment, Inspection Authority (IA) qualified inspectors, aircraft planning and budgetary projections, compliance with service bulletins, aircraft storage management, record keeping and management, technical appraisal of private jet purchases, leases and lease terminations, and Part 91 or Part 135 conformity inspections.
No matter what company you're flying with, be sure to ask if there two pilots or one. (Though two pilots are standard on commercial flights, regulations vary for private planes of all sizes.) It also helps to ask if the operator owns the plane—typically, companies that own their planes offer better service. Never forget to ask about daily minimums and taxi fees. "If the hourly rate is $9,000 and you have a single 40-minute flight, you might assume you are going to pay $6,000," says Doug Gollan, creator of PrivateJetCardComparisons.com. "But if your provider has a daily minimum of 1.5 hours, you are going to actually be charged $13,500, plus taxi time, which in my comparisons I have found varies between being included and up to 12 minutes per segment."
All flights are operated by U.S. 14 CFR Part 135 air carriers ("operators"), the names of which are disclosed to our customers prior to booking travel. Operators providing service for Air Taxi Service and Support LLC d/b/a Linear Air (ATSS) bookings must meet standards set forth by the U.S. Federal Aviation Administration (FAA) and by ATSS. ATSS does not manage or operate aircraft on behalf of our customers, and is not itself an operator, and is a subsidiary of AirDialog LLC, a Direct Air Carrier operating under FAA certificate number L41A034L. Video footage used with permission from Cirrus Aircraft.
A public charter is one in which a tour operator rents the aircraft and advertises and sells seats to members of the public, either directly or through a travel agent. In the case of public charters, the flight must be filed with the U.S. Department of Transportation, and the tour operator must supply a charter prospectus. The tour operator also must assume a legal responsibility to provide the transportation service, and must abide by DOT requirements for the protection of the clients' money. Public charters often operate only seasonally, and are often sold as part of a vacation package deal, although spare seats may be offered at bargain prices.
Because a charter flight is not part of a scheduled service, the flight will depart when you want it to. You are also able to choose which cities you fly to and from. Charter Flights are particularly convenient when you need to travel to a city where scheduled airline service may require multiple connections or layovers before you reach your destination.