The simple answer is no, BOI (Beneficial Ownership Information) filing is not always a one-time filing. While many businesses may only need to file once, updates are required when specific changes occur.
Under the Corporate Transparency Act (CTA), BOI filing is submitted to the Financial Crimes Enforcement Network (FinCEN) to identify the individuals who own or control companies operating in the U.S.
When Is BOI Filing Required More Than Once?
Although your initial BOI report is typically filed one time, you must file again if:
- A beneficial owner is added or removed
- There is a change in ownership percentages
- Any previously submitted personal information changes (e.g., new address, new ID)
- You need to correct an error in your original filing
Examples of BOI Filing Scenarios
| Scenario | New BOI Filing Required? |
|---|---|
| You just formed your LLC | ✅ Yes, Initial BOI Filing |
| You change a beneficial owner’s address | ✅ Yes, Update Filing |
| No changes for 10 years | ❌ No filing needed |
| You sold 30% of your business to someone | ✅ Yes, Update Filing |
| You made a typo in the original filing | ✅ Yes, Correct Filing |
How Soon Do I Need to Update BOI?
You must file updates or corrections within 30 calendar days of the change.
Is There a Fee for BOI Updates?
No. All BOI filings, including initial, corrected, or updated reports, are free when filed through the FinCEN portal.
Summary
Is BOI a one time filing?
No. While the initial filing may be one-time, you are required to file again if any changes or corrections arise. Failing to do so can result in penalties or fines.
Stay compliant with BOI rules by monitoring changes in ownership and reporting them promptly. Need help? Visit FormLLC.us for fast and secure filing assistance.
