A tilt-rotor aircraft capable of vertical/short take-off and landing. The aircraft utilizes a co-axial counter rotating rotor system to provide vertical and horizontal thrust. The fuselage is positioned over the forward half of the rotor in the vertical take-off configuration and the rotors rotate ninety degrees to provide horizontal thrust in the forward flight mode. The aircraft uses conventional flight control surfaces during forward flight and uses cyclic rotor pitch control or a series of control surfaces located in the rotor wash to control the aircraft during vertical flight. One or more engines powering the rotor system provide thrust for the aircraft. The engine(s) can be located in the fuselage or in the wings. The aircraft uses lifting airfoils during forward flight which can include a wing/tail or a canard/wing configuration and uses a conventional tail for directional stability and control. The rotor transmission allows one rotor to be braked thus increasing the rotation speed of the other rotor during forward flight.