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.
For example, if your current Entity Type is set to Corporation, within the Constitution tab you’ll find references to Share Classes. If you change the Entity Type to an LLC the concept of shares will change to units.
Likewise, if you were to change the Entity Type from a Corporation or LLC to a non-profit organization and refresh the page, you’ll notice that the Share Capital / Transaction tabs are gone. The Constitution tab will also now been simplified, and the Share Classes or Unit Classes have been removed.
If the entity is already formed, you can generate any documents required to convert the company into another entity type using the Organizational task.
Change Entity Type
To change an Entity Type, you’ll need to navigate to the main Entities window and select the Entity that requires a type change.
Once you’re inside the Entity Record you’ll want to navigate to the left-hand side menu to the General tab. Once inside the General tab, choose Entity Details.
Once you’re inside the Entity Details you can navigate to TYPE and select the new entity type. Once this change has been made, you can refresh the page and you’ll notice that the Entity Type will refresh as the new entity type.
Changing an Entity Name
You may also want to change the entity name which you can do in the right-hand column by clicking on the Name box, entering the new dates and filling in the appropriate dates and checklist items. During this process, you’ll also be able to generate any documentation required using templates.
Would you like to see this in action? Watch the tutorial video: