Create legal entities with minimum required information using the Create Legal Entity page.

If you create a legal entity from an existing organization, the country, organization name, and organization number are defaulted from the organization. In this case, the organization number is not updatable even if the HZ: Generate Party Number profile option is set to No.

When you create a legal entity, the main establishment is created automatically. The legal entity territory, name, address, effective date, and other information are defaulted to the main establishment. The establishment inherits the registration number of the legal entity only if the establishment does not have it own number.

Some of the key fields are:

• Territory: The territory where the legal entity is registered. This list displays territories at the country level and shows only territories for which the identifying jurisdiction has been defined. Therefore, the territory determines the identifying jurisdiction to which the legal entity needs to register. The territory also determines the context for the information that needs to be displayed in the General Information region.

• Organization Number: The organization number is a number used to identify organizations. This field is displayed only when the HZ: Generate Party Number profile option is set to No. In this case, the main establishment organization number is built as a concatenation of the legal entity organization number and ETB (establishment). Otherwise it is not displayed and is generated automatically. For example, if the legal entity organization number entered is 12536, the establishment's organization number will be 12536ETB.

  Additional Information: Oracle Trading Community Architecture User Guide

• Legal Entity Identifier:The identification number used to uniquely identify the legal entity. It is displayed only when the LE: Generate Legal Entity Identifier profile option set to No and you must enter it manually. If this option is set to Yes, the legal entity identifier is generated automatically based on the International Organization for Standardization (ISO) code of the country of registration, plus the registration number of the identifying jurisdiction, which qualifies an entity to be a legal entity in that particular territory.

  For example:

  Example

  Territory: Singapore

  ISO Country Code: SG

  Registration number of the identifying jurisdiction (RCN number) = 23231 (this is a user enterable field)

  If the profile option is set to Yes, the legal entity identifier will be SG23231, otherwise you are required to enter the legal entity identifier manually. If you enter an identifier that is not unique, an error message will be displayed.

  Additional Information: Generating the Legal Entity Identifier

• Registration Number: The identifying jurisdiction determines the prompt for the registration number (in the U.S., the EIN/TIN). The Establishment registration prompt is displayed if it is defined for the identifying jurisdiction. In this case the main establishment is created with this registration number. The registration number must be unique within a jurisdiction.

• Legal Address:

  The address a legal entity uses to register with a legal authority. A legal entity may use different addresses for different authorities and hence, may have more than one registered address. This legal address must be located within the territory entered.

• General Information region.: This region displays the following information:

  • Place Of Registration: Optionally enter the place of the legal entity registration.

  • Inception Date: Optionally enter the date of legal entity registration (creation). It can be on or before the system date and on or after legal entity's inception date but must not be a future date.

  • Additional fields that becomes available in the context of the country: Type of Company, Business Activity,(for example, NACE for Ireland, NAICS for the U.S. (previously was SIC Code), and APE for France), Share Capital, Currency, Fiscal Year End. These attributes are optional and implemented as the Legal Entity Context Information developer flexfield, which is not updatable. The Type of Company and Business Activity fields and seeded LOVs may be named differently in the context of particular territories of the legal entity.

  • Context Value: Users are allowed to define additional attributes using the Additional Legal Entity Information customer flexfield. The Context Value field is a drop down list that contains context field value names defined for this flexfield. Select an appropriate context to enter additional legal entity information.