How to Update Your BOI Report After Changing Beneficial Owners Changes in a company’s beneficial ownership structure are important events events that require careful consideration, particularly in the context of the Corporate Transparency Act and the Beneficial Ownership Information (BOI) reporting requirements. In this article we guide you through the complexities of updating your BOI […]

Do I Need to File an Updated BOI Report if There Are Changes in Beneficial Owners’ Contact Information? Yes, you need to file an Updated BOI Report if there are any changes to a beneficial owner’s information, including name, residential address, and unique ID number and image. Keeping this beneficial ownership information (BOI) up-to-date is

Clarifying BOI Reporting Requirements: Company Applicant Information Changes Navigating the intricacies of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) often raises questions about the necessity and frequency of updates, particularly concerning company applicant information. A reporting company is not required to file an updated report for any changes to

When is the deadline for filing the initial BOI report? The deadline for your initial BOI report depends on when your company was formed or registered. If your company was established before January 1, 2024, you must file the BOI report by January 1, 2025. For companies formed or registered on or after January 1,

What are the exemptions to filing a BOI Report? The CTA provides a list of 23 exempt entities. These include but are not limited to, publicly traded companies, regulated financial institutions like banks and insurance companies, and companies that meet specific thresholds in terms of employee count and revenue. An entity that qualifies for any

What information is required in a BOI Report? When preparing a BOI report, critical information about each beneficial owner must be included. This encompasses the beneficial owner’s full name, date of birth, residential address, and a unique identifying number from an acceptable document such as a passport, driver’s license or state/local/tribe issued ID. An image

Do I Need to File a Corrected BOI Report if I Discover Inaccuracies in Previous Reporting? Yes, you need to file a Corrected BOI Report if you discover inacurracies in the BOI report you previously filed. If any information you provided a BOI report is incorrect, you must correct it within 30 days after the

Here, we discuss who is a company applicant for the purpose of filing a BOI report? The Financial Crimes Enforcement Network (FinCEN) requires reporting companies to identify and report their company applicants when submitting a BOI report.  Your company is only required to report its company applicants if it is created or registered on or

Here we discuss when do you need to file an updated or corrected BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies not only to file initial BOI reports to identify the beneficials owners and the individuals who created the company, but also to maintain these reports accurate and complete. FinCEN requires companies

Here we discuss when do you need to file an initial BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies to file reports with FinCEN that identify the beneficial owners of the legal entity and company applicants. The deadline for filing initial BOI report depends on when the company was created or registered