Do you need to submit an updated BOI report if the type of ownership interest of the beneficial owner changes?

No, you don't. If there's a change in the type of ownership interest a beneficial owner has in a reporting company, like converting preferred shares to common stock, you're not required to file an updated BOI report. This is because FinCEN doesn't ask for details about the type of interest. Updated BOI reports are only necessary when there are changes to the information reported about the