To appoint someone as a principal to a company, navigate to the Principals tab in the entity record and click + New to open the workflow. You can then select if you want the principal to be an entity or a person. This allows you to add entities as general partners to limited partnerships, add corporations as managers of LLCs or other entity principal scenarios.
Click Select Person or Select Entity to select a record to add as the principal. If you do not have the person or entity record that you need, you can add one inside of this workflow by clicking the New button. This will add a new person or entity record to the system.
Once you have selected the person or entity, move to the Title tab to select the positions that the principal will occupy. Click on the + Title button to add as many positions as you want to a principal.
Once you have configured the Principal's titles, move to the Address tab where you can record the principal's addresses.
⚡️ Pro tip: You can add more than one address per principal. Just clic on the + Address button to select more addresses.
Navigate to the Review tab to confirm your information and then click Create to add this principal.
Note that if you add someone to multiple kinds of offices, they will be listed in their respective tables. For example, if you add someone as a Director, Chief Executive Officer and Secretary, that will create three unique records (one under the Directors tab and two under the Officers tab).
When adding a principal, you can select the status of the record. The status will default to Confirmed, but you can change it at any time. Statuses can be used to keep track of pending (incoming or outgoing) or inactive principals. Statuses are also used in document assembly coding to control which principals to include in language appointing and resigning.
Once you have created your principal record, you will see it listed in the table. YOu can access edit or delete functions by hovering over a principal record. You can also generate registers or ledgers from the Principals Register button.
All of a person's principal relationships are listed in the person profile under Interests. You can even appoint a person to an entity as a principal from that person's profile by clicking the + New button in the Interests tab.
You can also edit or resign someone from one or more principal appointments in bulk from the Interests tab as well. Simply click on one or more of the principal records to show the edit menu.