Appointing principals is as easy as following the steps listed below:
- Navigate to the entity for which you would like to appoint a principal;
- Go to the Principals section of that entity and select +New;
- In the 1. Profile tab, choose whether you would like 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;
- Select the profile of the person you would like to appoint;
- If the person record has not yet been created, select New and create the new profile of the person to be appointed;
- Fill in the fields as necessary and move on to the 2. Title tab;
- In the 2. Title tab, add an election date and fill in the other fields where applicable;
- Click on the + Title button to add as many positions as you would like to a principal;
- Once you have configured the Principal's titles, move to the 3. Address tab to record the principal's addresses - you can even add more than one address per principal by simply clicking in the + Address button;
- In 4. Review, set the status of the principal to Incoming, review the information and select Create to add this principal to the entity.
Generating Supporting Documents
Generating the supporting documents for the principal appointment is as simple as following these steps:
- Once you will have created the new principal record and set the principal's status to Incoming, navigate to the Tasks section of that entity to generate the supporting documents;
- Click + New - a new window will pop up prompting you to enter the task information;
- In the 1. Details tab, add a Memo Description to label your task;
- Select the Change of Principals task type from the Task field dropdown list;
- Navigate to the 2. Change of Principals tab and enter the applicable Resolution Date, Effective Date, and/or Reference Date;
- Select + Principals to add principal information - a window will pop up with three different tabs: Directors, Officers and Managers;
- Select the incoming principal(s) from the list of principals and then select Add - note: if the templates you're planning to prepare reference the current directors of the entity, you will also have to add the Confirmed directors to the task;
- In the 3. Supporting Documents tab, select + Supporting Documents to add the applicable supporting documents to the task;
- Check off the desired templates and select Add;
- Select Create to create the task, and then select Generate Documents;
- Click View Documents Now to view/edit the newly generated documents in the Documents section of the entity;
- Once the documents are completed, navigate back to the task, click into the task record, and change the status of the task from New to Completed by clicking on the status in the top right hand corner and selecting Completed from the dropdown list;
- Once you make this selection, a new window will pop up prompting you to make the necessary changes to the principals' appointment dates and statuses;
- Make the necessary changes and click Confirm;
- Save and close the task.
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.