Entity Types in Unity Entity Management

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

For example, if your current Entity Type is set to Corporation, within the Details tab you’ll find references to Share Classes. If you change the Entity Type the concept of shares will change to units. 

Likewise, if you were to change the Entity Type from a Corporation to a non-profit organization and refresh the page, you’ll notice that the Share Capital / Transactions are gone. The Details tab will also now be 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

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 Details. 

Once you’re inside the 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.