Legal Entities are specific legal titles, usually with a unique Tax Identification Number, used to denote ownership and control claims. Differences in ownership or control rights of Legal Entities enable the efficient management of resources, risk distribution, and economic growth. Legal Entity types can be separated by their specific uses in certain scenarios. Elements enables you to track the important attributes related to each Legal Entity structure including ownership, agents, and beneficiaries without the need to stop and find a paper form.
To access Legal Entities, you will go to Menu > Legal Entities. By clicking on Legal Entities in the Menu, you will see a list view of Legal Entities associated with your firm. To choose a specific Legal Entity to view the details, click on the Legal Title to open the Legal Entity record.
Creating New Legal Entities
The main way to create Legal Entities is to go to Menu > Legal Entities> New. You will need to select the appropriate Legal Entity type. Then Click Next to continue to enter the required and requested information.
Elements comes with seven types of Legal Entities: Charitable, Corporate, Custodial, Estate, Individual/Joint, Partnership & Retirement.
Depending on which type you choose, you will see slight differences in the record creation including the objects available in the Related List and the sub-type selection.
- Charitable record type will include the Agent in the Related List and the sub-types are Charitable Lead Trust, Charitable Remainder Trust, Donor Advised Fund, Foundation, and Nonprofit.
- Corporate record type will include the Agent and Ownership in the Related List and the sub-types are Corporation, Donor Advised Fund, Employee Stock Ownership Plan, Foundation, General Partnership, Limited Liability Company, Limited Liability Partnership, Nonprofit, Profit Sharing Plan, Superannuation Fund.
- Custodial record type will include the Agent and Beneficiary in the Related List and sub-types are 529 Plan, Australian Trust, Community Property, Community Property (WROS), Generation Skipping Trust, Individual, IRA, Irrevocable Trust, Revocable Trust, Roth IRA.
- Estate record type will include the Agent and Beneficiary in the Related List and sub-types are Australian Trust, Charitable Lead Trust, Charitable Remainder Trust, Community Property, Community Property (WROS), Generation Skipping Trust, Grantor Retained Annuity Trust, Irrevocable Life Insurance Trust, Irrevocable Trust.
- Individual/Joint record type will include the Agent in the Related List and sub-types are 401K, 529 Plan, Community Property, Community Property (WROS), Individual, IRA, Joint Tenant, Joint Tenant (WROS), Limited Liability Company, Nonprofit.
- Partnership record type will include the Agent and Ownership in the Related List and the sub-types are General Partnership, Limited Liability Company, Limited Liability Partnership, Limited Partnership, Nonprofit.
- Retirement record type will include the Agent and Beneficiary in the Related List and sub-types are 401K, Charitable Lead Trust, Charitable Remainder Trust, Community Property, Community Property (WROS), Employee Stock Ownership Plan, Grantor Retained Annuity Trust, IRA, Profit Sharing Plan, Roth 401K, Roth IRA, SEP IRA, SIMPLE IRA, Superannuation Fund.
What's In a Legal Entity?
Details
- Legal Title
- Nickname
- Formation Date
- Vesting/Termination Date
- Entity Type
- Relationship
- Portfolio
- EIN/Tax ID
- Summary Compliance Approved?
- Description
Liquidity
- Required Distribution?
- Distribution Notes
- Distribution Frequency
- Income?
- Principal?
Related
Note: Related objects available change based on the Legal Entity Record Type selected.
- Financial Assets (Asset Registration)
- Financial Liabilities
- Financial Assets (Legal Entity)
Notes & Files
Activity
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