Party

A party defines a legal entity that has legal rights and obligations. It exists within the context of an FSP. Parties can be linked to dossiers in many ways: as client of the dossier, as related party, as a responsible, etc.

There are 4 types of parties defined: individual, indivision, company and partnership. Depending on the party type, specific data can be provided. Company number and UBO, for example, are data points specific to parties of type company. Likewise, marital status is only captured on parties of type individual. A party can only be one of these 4 types.

Party types:

• Individual: a single person
  • eg. John Doe
• Indivision: a party that consists of multiple persons
  • eg. the family Doe, with members John Doe and Jane Doe.
• Company: a legal entity formed by a group of parties to operate and engage in a business - commercial or industrial - enterprise.
  • eg. Coca Cola
• Partnership: a company of common law
  • eg. two lawyers working together. It’s not a company, since they work independently (e.g. financially), but they do work together.