Key Takeaways: BOI Compliance for Businesses Switching Industries * Changing industry alone usually does NOT trigger a Beneficial Ownership Information (BOI) update unless it causes a change to company-level or beneficial-owner fields already reported (e.g., legal name, jurisdiction of formation, ownership, owners’ identifying data). * Updated BOI reports are required within 30 days of any change to previously reported information. * As of March 26, 2025, due to an Interim Final Rule (IFR), domestic U.S. companies are exempt from BOI reporting. Foreign entities registered to do business in the U.S. remain subject to BOI reporting under updated deadlines. * Keep thorough documentation and notify any third-party filers early. For complex situations like conversions, re-domestications, or reorganizations, consult legal counsel.
