Changing or Updating a Legal Entity

The legal entity on record for your fiscally sponsored project can be changed at anytime. To update the legal entity associated with your project's fiscal sponsorship, the original legal entity and the new legal entity will need to opt into our Assignment and Assumption agreement. 

To opt into the Assignment and Assumption Agreement:    

1. Email [e-mail] to alert us to the change.
2. A Fractured Atlas staff member will then lead you through the process of updating the legal entity associated with your project's fiscal sponsorship and having both legal entities opt into the Assignment and Assumption Agreement. This entails returning to your project's original fiscal sponsorship agreement and making any necessary changes.
3. See Changing the Legal Entity Associated with Your Project for more information.

Things to be Aware of:      

• All entities must be updated by the second week of December in order for the 1099 issued for that current calendar year to reflect the new entity's information.    
• Please note that all funds released throughout a calendar year will be reported for the legal entity we have on file on December 31 of the tax year. We are not able to issue multiple 1099s for one project, even if a legal entity changes part-way through the year. Please plan accordingly.