Creating an Entity
Entities serve as the bridge between owners and properties. When onboarding a new property, the entity should be created first if one does not already exist for the property owner’s legal structure.
To create a new entity, navigate to Portfolios/Properties > Entities and click to add a New Customer Entity.
The entity creation form is organized into several sections:
- The Portfolio dropdown is a required field that determines which portfolio this entity and its properties will be grouped under. Portfolios are a high-level organizational tool in Revela, often used to segment properties by region, property manager assignment, or management agreement.
- The Entity Information section captures the legal details of the business.
- The Name field should reflect the legal name exactly as it appears on the entity’s income tax return.
- The DBA field can be used if the entity operates under a different trade name.
- The Entity Type dropdown includes options such as LLC, S-Corp, C-Corp, Partnership, Sole Proprietorship, Trust, and others.
- The State of Incorporation and Taxpayer Identification fields round out the legal profile, and are crucial to include for 1099 tax filing purposes.
- The Preferred Disbursement field allows you to specify how the entity prefers to receive owner disbursement payments; available options include ACH or Check.
- Tags can also be added to the entity for organizational purposes, and a notes field is available for any internal documentation.
- The Legal Address is required. A separate Mailing Address can be provided if it differs from the legal address; otherwise, checking “Same as Legal Address” will skip that section.
- The Ownership section is where you associate one or more owners with this entity.
- For each owner, you can select the owner from the profile dropdown, enter their Ownership Percentage, and designate one owner as the Primary contact. Typically, the primary contact is the owner who will be used as the default point of contact for communications and signature workflows. Additional owners can be added as needed, and each owner’s percentage should reflect their actual ownership stake.
- The Management Contract section is embedded directly in the entity creation form, which allows the PMC to configure the terms of the management agreement at the same time the entity is created.
- Please consult our Management Contracts article for more information on the Management Contract Process.
After filling out all required fields and clicking Create Entity, the entity will be available for use. NOTE: If any required information is missing at the time of creation, the entity may appear with a “Requires Setup” indicator on the Entities page. You can complete setup at any time by clicking into the entity and finishing the configuration.