When Do I Need to Update My BOI Filing?

The 30-Day Rule

After your initial BOI filing, you have 30 days to report any changes to:

• Company information
• Beneficial owner details
• Company applicant information

Common Events That Require Updates

Ownership Changes

• Selling ownership stakes
• Adding new owners
• Owner leaving the business
• Ownership percentage changes
• Inheritance of ownership

Personal Information Changes

• Name changes
• Address updates
• ID document renewals
• Contact information updates

Business Structure Changes

• Converting entity type
• Merger or acquisition
• Adding subsidiaries
• Changing states
• Restructuring ownership

Management Changes

• New substantial control person
• Changes in management rights
• New CEO or key officers
• Control person departure

When Updates Aren't Required

You don't need to file updates for:

• Temporary address changes
• Minor title changes
• Non-substantial control changes
• Ownership changes under 25%
• Expired documents (until renewed)

Timeline for Common Scenarios

Business Sale

• Day of sale: Clock starts
• Within 30 days: File update
• Document new ownership structure

Address Change

• When change becomes permanent
• Within 30 days of move
• Include effective date

Name Change

• After legal change complete
• Within 30 days of official change
• Include supporting documents

Document Updates

• When new document issued
• Within 30 days of issuance
• Include new expiration dates

How to Stay Compliant

Best Practices

• Monitor changes continuously
• Keep owner contact info current
• Document effective dates
• Save update confirmations
• Maintain change log

Common Mistakes to Avoid

• Waiting too long to file
• Missing minor changes
• Forgetting to document
• Incomplete updates
• Missing deadlines

Update Process Options

DIY Updates

• Monitor changes yourself
• Track deadlines
• Prepare documentation
• Submit updates
• Maintain records

BOISimply Service ($129)

• Change monitoring
• Update reminders
• Professional filing
• Document verification
• Compliance tracking

Penalties for Late Updates

• Civil penalties: Up to $500/day
• Criminal penalties: Up to $10,000
• Business compliance issues
• Potential legal complications

Update Checklist

Before Filing Updates:

1. Verify change details
2. Gather documentation
3. Check effective dates
4. Prepare new information
5. Review accuracy

Special Situations

Multiple Changes

• Can file together if within 30 days
• Document each change separately
• Track individual deadlines

Complex Updates

• Ownership chain changes
• International owner updates
• Trust modifications
• Corporate restructuring

Setting Up an Update System

Key Components

• Change monitoring process
• Documentation system
• Deadline tracking
• Verification steps
• Filing procedures

BOISimply Helps By:

• Automating monitoring
• Sending reminders
• Handling updates
• Maintaining records
• Ensuring compliance

Next Steps

1. Review your current information
2. Set up monitoring system
3. Document any pending changes
4. Choose update method
5. Implement tracking

Need help managing your BOI updates? Let BOISimply handle them for you.

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