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Updating Entity and Registered Agent Information

Effective management of entities is crucial for maintaining accurate records, ensuring compliance with legal requirements, and facilitating efficient operations. This article provides a comprehensive step-by-step guide for adding an entity, location and registering agent information on the Traact platform.

Adding an Existing Entity

To add an existing entity on Traact, such as a subsidiary or a foreign qualification, please refer to the step-by-step instructions below.

Step 1: In the entity module, click on "Add New" and select "Add Single Entity";

 

Step 2: If the entity is already registered with the state, choose "Yes, it is already formed or registered";

Step 3: Complete all mandatory and optional fields related to the entity, including registered agent information (if desired). Note that you have the option to designate whether this entity is a foreign qualification or not and to indicate if it has a parent company.
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Step 4: Click "Save Info and Continue" to finalize the process and changes will reflect automatically, including the organizational chart.

Adding and Creating a Non-Registered Entity

To form and register a new entity with the state using Traact, please refer to the below steps:

Step 1: In the entity module, click "Add New" and select "Add Single Entity.";

 

Step 2: If the entity is not yet registered with the state, choose "No, I need to create one.";

Step 3: Complete all mandatory and optional fields related to the new entity formation, then click "Next.";

 

Step 4: If a questionnaire is not required for the chosen jurisdiction, you are able to select a template to track the process. Templates are ideal if you are forming an entity internally and not hiring Traact. Within the template, you can create subtasks, assign responsibilities, and tag collaborators, who will receive an automatic notification for the new formation matter;

 

Step 5: A matter will be automatically created titled "Create a New Country / StateEntity". Traact will automatically be notified to finalize the process for the new entity formation.

 

 

Note: By creating this matter and leaving Traact as the assignee, you are hiring Traact’s entity formation service. If you prefer to handle the new entity formation internally, please change the assignee of the newly created matter to the appropriate internal contact within your organization.


Editing Entity Information


To update and edit entity information, click the "Edit" icon located in the "Actions" column on the main entity page. If the "Actions" column is not visible, please click the eye icon to ensure it is selected for display on the main entity table.

 

In addition, by selecting an entity, an overview of its information will be displayed. To update and edit the entity details, choose one of the sections and make the necessary changes.

 

Adding a Tax Classification

You can set a Tax Classification that differs from the Entity Type within the Basic Info section of that Entity.

If you use our Tax Module, this automatically updates the correct icon in your Tax Chart.

 


Editing Registered Agent Information

Ensuring that registered agent information is accurate and up-to-date is crucial for operational efficiency. There are two ways for editing an entity’s registered agent information.

 

A) From the Main Entity Table

Step 1: On the main entity table page, find the entity you would like to edit the registered agent information and click "Edit";

 

Step 2: Select the "Registered Agent" tab at the top of the page and complete the fields to update the registered agent information, or choose from the pre-selected registered agent options to automatically fill in all fields.

 

Step 3: Click "Submit" to save your changes.


B) From Inside an Entity

Step 1: Search and select the entity you wish to update the registered agent information.

 

Step 2: On the entity’s overview page, go to the "Registered Agent" tab and then click "Edit."

 

Step 3: Update the registered agent information by either choosing from a pre-selected list or entering custom details as needed.

Step 4: Finally, save the new updated information.

Need Help?
If you have any questions or need assistance with a request, please contact your Customer Success Manager or reach out to the Traact Support team.