The BOI only needs to be submitted once; however, if any information provided in the BOI form changes—such as a beneficial owner receiving a new driver’s license or another form of identification that reflects a new name, address, or identifying number—the reporting company is required to file an updated beneficial ownership information report with FinCEN. This updated report must include an image of the new identifying document.
If there is any change to the required information about your company or its beneficial owners in a beneficial ownership information report that your company filed, your company must file an updated report no later than 30 days after the date of the change.
In the same way, if a reporting company files an initial beneficial ownership report and then ceases to exist, it does not need to file an additional report with FinCEN.
Can a company applicant be removed from a BOI report if the company applicant no longer has a relationship with the reporting company?
No. A company applicant may not be removed from a BOI report even if the company applicant no longer has a relationship with the reporting company. A reporting company created on or after January 1, 2024, is required to report company applicant information in its initial BOI report, but is not required to file an updated BOI report if information about a company applicant changes.
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