You have formation playbooks.
You need to add BOI.
You need updated processes.
You need integration.
Formation playbooks. BOI integration. Updated checklists. Your process.
This guide shows you how.
Playbook updates. Checklist integration. Process improvement. Your compliance.
Read this. Update your playbooks. Integrate BOI.
Key Takeaways
- Add BOI to initial formation checklist—include BOI filing as a required step in your entity formation process
- Update ownership documentation procedures—ensure your playbooks include identifying and documenting beneficial owners
- Create BOI update workflows—establish procedures for filing updates when ownership or information changes
- Integrate BOI into compliance calendars—add BOI deadlines and review dates to your existing compliance tracking
- Train team members—ensure everyone involved in formation knows about BOI requirements and procedures
Table of Contents
Why Updates Matter
Updates ensure compliance.
What happens without updates:
- BOI is forgotten
- Compliance fails
- Penalties accumulate
- Processes break down
What happens with updates:
- BOI is included
- Compliance is maintained
- Penalties are avoided
- Processes work smoothly
The reality: Updates enable compliance.
Initial Formation Checklist
Add BOI to your formation checklist:
Pre-Formation Steps
What to add:
- Identify beneficial owners
- Gather beneficial owner information
- Prepare BOI filing information
- Set BOI filing deadline reminder
Why it matters: Preparation ensures timely filing.
Formation Steps
What to add:
- File entity formation documents
- Complete BOI filing within deadline
- Verify BOI filing confirmation
- Document BOI filing date
Why it matters: Formation includes BOI filing.
Post-Formation Steps
What to add:
- Confirm BOI filing received
- Store BOI filing confirmation
- Set up update tracking
- Schedule compliance reviews
Why it matters: Post-formation ensures completion.
Pro tip: Update checklist. Pre-formation, formation, post-formation. See our BOI guide for filing requirements.
Ownership Documentation
Update ownership documentation procedures:
Beneficial Owner Identification
What to document:
- Who are beneficial owners
- Ownership percentages
- Control arrangements
- Supporting documentation
Why it matters: Identification enables filing.
Information Gathering
What to gather:
- Full legal names
- Dates of birth
- Residential addresses
- Unique identifying numbers
Why it matters: Complete information ensures accuracy.
Documentation Storage
What to store:
- Ownership records
- Beneficial owner information
- Supporting documents
- Filing confirmations
Why it matters: Storage supports compliance.
Pro tip: Update documentation. Beneficial owner identification, information gathering, documentation storage. See our BOI documentation guide for record-keeping.
Update Workflows
Create BOI update workflows:
Change Detection
What to detect:
- Ownership changes
- Control changes
- Information changes
- Address changes
Why it matters: Detection triggers updates.
Update Process
What to process:
- Identify change date
- Gather updated information
- File BOI update within 30 days
- Confirm update filing
Why it matters: Process ensures timely updates.
Update Tracking
What to track:
- Change events
- Update filing dates
- Update confirmations
- Compliance status
Why it matters: Tracking maintains compliance.
Pro tip: Create workflows. Change detection, update process, update tracking. See our BOI timeline guide for update deadlines.
Compliance Calendar
Integrate BOI into compliance calendar:
Initial Filing Deadlines
What to add:
- New entity 90-day deadline
- Existing entity January 1, 2025 deadline
- Reminder dates
- Follow-up dates
Why it matters: Deadlines ensure timely filing.
Update Deadlines
What to add:
- 30-day update windows
- Change tracking dates
- Update reminder dates
- Compliance check dates
Why it matters: Update deadlines ensure compliance.
Review Dates
What to add:
- Quarterly compliance reviews
- Annual assessments
- Change audits
- Status checks
Why it matters: Reviews maintain compliance.
Pro tip: Integrate calendar. Initial filing deadlines, update deadlines, review dates. See our BOI routine guide for compliance habits.
Team Training
Train team members on BOI:
BOI Requirements Training
What to train:
- What BOI is
- Who must file
- When to file
- How to file
Why it matters: Training ensures understanding.
Process Training
What to train:
- Formation checklist updates
- Ownership documentation procedures
- Update workflows
- Compliance calendar usage
Why it matters: Process training ensures execution.
Responsibility Assignment
What to assign:
- Who handles BOI filing
- Who tracks deadlines
- Who manages updates
- Who reviews compliance
Why it matters: Assignment ensures accountability.
Pro tip: Train team. BOI requirements, process training, responsibility assignment. See our BOI governance guide for responsibility management.
Your Next Steps
Update playbooks. Integrate BOI. Train your team.
This Week:
- Review this guide
- Assess current playbooks
- Identify update needs
- Create update plan
This Month:
- Update formation checklists
- Integrate BOI workflows
- Update compliance calendars
- Train team members
Going Forward:
- Maintain updated playbooks
- Review and improve processes
- Train new team members
- Stay current with requirements
Need help? Check out our BOI filing guide for filing requirements, our 2024 BOI rule guide for rule changes, our BOI routine guide for compliance habits, and our registered agent guide for business address setup.
Stay informed about business strategies and tools by following us on X (Twitter) and signing up for The Initiative Newsletter.
Sources & Additional Information
This guide provides general information about updating formation playbooks for BOI requirements. Your specific situation may require different considerations.
For BOI filing, see our BOI Filing Guide.
For 2024 BOI rule, see our 2024 BOI Rule Guide.
For BOI routine, see our BOI Routine Guide.
For registered agent services, see our Registered Agent Guide.
Consult with professionals for advice specific to your situation.
