NAFA member, National Business Aviation Association (NBAA) shares the latest aviation industry news.
Operators of business aircraft owned in limited liability companies (LLCs) and similar entities will soon be required to comply with the Corporate Transparency Act (CTA), which mandates additional reporting to government agencies in an effort to combat domestic and international financial crimes.
For many business aircraft owners, LLCs are utilized to establish leases under which companies may share aircraft for FAA compliance and a host of other business reasons. However, in passing the CTA, Congress noted that LLCs and other ownership structures may also be used to shield illicit financial transactions.
This article was originally appeared in Business Aviation Insider July/August 2021 Issue.
