Corporate Transparency Act

Types of Beneficial Ownership Information Reports

There are two main types of Beneficial Ownership Information Reports for the Corporate Transparency Act: an "Initial BOI Report" and an "Updated BOI Report".

What's the difference?

The Initial BOI Report is filed initially, one time, as the name implies. You will only ever file one "Initial report" for a Reporting Company.

Updated BOI Reports are due within 30 days of any information on your last BOI Report changing. That means every BOI Report you file after your Initial BOI Report, is an Updated BOI Report, except in special circumstances.

An an example, if you file an Initial Report directly with FinCEN, and then file a report on Discern, you'll file an Updated BOI Report.

Other types of BOI Reports

Less commonly, you may need to file a "Corrected Report" or a "Newly Exempt Entity Report".

A Corrected Report should be filed when you detect an inaccuracy in your most recent BOI Report. Corrected Reports are due within 30 days after the Reporting Company discovers the inaccuracy.

A Newly Exempt Report should be filed when a Reporting Company becomes exempt from the Corporate Transparency Act. This technically isn't its own report, but rather an Updated BOI Report requiring only that the entity identify itself and check a box noting its newly exempt status.

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