Various situations necessitate updating a beneficial ownership information report. Examples include:
- Changes in Company Information: Any modifications to previously reported information for the reporting company, such as a new business name or a change of business address.
- Changes in Beneficial Ownership: Changes in beneficial owners, such as the appointment of a new CEO, ownership percentages affecting the 25 percent ownership interest threshold, or a new address for a beneficial owner.
- Updates to Beneficial Owner Details: Any changes to a beneficial owner’s name, address, or unique identifying number previously submitted to FinCEN. For instance, if a beneficial owner obtains a new driver’s license or another identification document reflecting changes in name, address, or identifying number, the reporting company must file an updated beneficial ownership information report with FinCEN. This submission should include an image of the new identifying document. A new report must be filed if a minor child (that was omitted from a BOI report and a parent or legal guardian added instead, under the special reporting rules) turns 18 and is considered to be a legal adult.
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