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Change Entity Type

Nonto Mthembu
Nonto Mthembu
  • Updated

Learn how easy it is to change an entity type in Athennian!

Entity Types in Athennian

Before you make Entity Type changes, it’s important to note that changing an Entity Type within Athennian will change a number of other things within the entity.

  • Change Corporation to Limited Liability Company (LLC)/Partnership
    1. In the entity profile, navigate to General > Details
    2. In the Entity Type field, select Limited Liability Company/Partnership from the dropdown options
    3. A green banner will appear on the left stating Entity Updated
    4. In the Overview tab, the Ownership Capital Type was previously referenced as Shares. If you change the Entity Type to an LLC/ Partnership, the concept of Shares will change to Units. The same will be reflected in Securities > Classes and Ownership.
  • Change Corporation/Limited Liability Company (LLC) to Not-for-profit Organization (NPO)
    1. In the entity profile, navigate to General > Details
    2. In the Entity Type field, select Not-for-profit Organization from the dropdown options
    3. A green banner will appear on the left stating Entity Updated
    4. In the Overview tab, the Ownership Capital Type was previously referenced as Shares/Units. If you change the Entity Type to an NPO, the concept of Shares/Units will change to Memberships. The same will be reflected in Securities > Classes and Ownership.

It is important to note that the Principals shown in the Overview vary by entity type:

  • For a Partnership, the Overview will display the Directors, Officers, and Partners
  • In the case of an LLC, the Overview will show the Officers and Managers
  • For a Corporation or NPO, the Overview will include the Directors and Officers

Note: If the entity is already formed, you can generate any documents required to convert the company into another entity type using the Organizational Documents

Change Entity Type

  1.  Navigate to the Entities section and select the Entity that requires a type change
  2. Click on General > Details 
  3. Scroll down to the Entity Type dropdown and select the new entity type
  4. Once this change has been made, you’ll notice that the Entity Type will automatically update and save

Change Entity Name

  1. If applicable, follow the steps listed in Change Entity Name (without a task)

Video Instructions: