Overview
Sometimes, an entity might be created with an incorrect entity type. For example, a trust might be mistakenly classified as a corporation. Unfortunately, it's not possible to directly change the entity type once it's been created, as there are numerous rules and logic checks behind every asset classification.
The Challenge
In this specific case, an entity was created as a "Company" when it should have been a "Trust."
What to Do Next
Since you can't directly change an entity from one type to another (e.g., from a Company to a Trust), here are the steps to effectively "switch" the asset class:
- Create a new Trust with the correct asset class.
- Navigate to the "Events" section and filter for the incorrectly created Company-Trust.
- Update the ownership lines by transferring all assets from the Company-Trust to the newly created Trust. This allows you to update the information without recreating everything from scratch.
- Once all relevant events have been modified, you can delete the incorrectly created Company-Trust.
By following these steps, you can effectively transition the entity to the correct type without losing any important information or having to start completely from scratch.
Additional Resources
