TaxBandits Knowledge Base

What if the beneficial owner is a minor child?

If the beneficial owner is a minor child, the reporting company should provide information about the parent or legal guardian of the minor child. However, when the minor child reaches the age of majority, as defined by the law of the State or Indian tribe where the reporting company was created or first registered, this exception no longer applies. At that point, if the individual is still a beneficial owner, the reporting company must file an updated BOI report, providing the individual’s own information.