The Corporate Transparency Act (CTA) places the responsibility to update changed information or correct inaccurate information on the reporting company itself.
If any of the previously submitted information changes, reporting companies will have 30 days to update the report. However, the reporting company is not required to update any changes in information for company applicants.
With respect to inaccurate information reported to FinCEN, the reporting company is required to correct inaccuracies within 30 days of the date on which the reporting company becomes aware of the mistake, this includes inaccuracies relating to company applicants.
There is no need to report the dissolution or termination of a reporting company.