The U.S. Treasury Department has finalized a rule eliminating beneficial-ownership reporting requirements for U.S. companies, including many LLCs and other entities used to own aircraft. The Financial Crimes Enforcement Network rule took effect Aug. 14 under the Corporate Transparency Act.
The law had required covered companies to provide FinCEN information on their beneficial owners, including names, dates of birth and addresses. The requirements applied to many aircraft-owning LLCs, a structure commonly used for aircraft ownership, leasing and other business purposes. FinCEN initially narrowed the program through an interim rule in March 2025 before making the exemptions permanent this month.
Domestic companies and U.S. persons are now exempt from the reporting requirement, and FinCEN says it will delete previously submitted information that it reasonably believes belongs to U.S. persons. Certain foreign companies registered to do business in the U.S. remain subject to reporting requirements for foreign beneficial owners.
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