A very important concept in Verne™ is the Entity Type Model. A client application can contain one or more registers, a register can contain one or more entity types, and for every entity type, there is a set of business services to manage its birth and life as well as cease and restore operations.
Registry
A register or system relating to the regulation (including self-regulation) of a particular business, Entity, legal right (e.g. securities or IP rights), or occupational subject area (which often requires a licence or certification to conduct that occupation).
Entity Type
Within registries, an Entity Type typically is the legal description of the type of thing we are registering. An Entity Type will typically have the following Entity Type Characteristics (ETC):
- Different fees.
- Different registration flow (often have their own legal form).
- Different status that its lifecycle can go through.
- Different Workflow approval process.
- Different certificates.
- Different compliance regime.
- Different data.
- Different security.
- Searchable by a type definition.
- Different business meaning.
From a Verne™ perspective, each different Entity Type on a Register will require its own template, because each Entity Type:
- Is different from another Entity (i.e. has its own attributes).
- As a result, requires its own workflows, compliance, business rules, and fees relating to the establishment and on-going management of the Entity within the relevant Register.
- Often:
- is governed by different legislation and regulations.
- requires its own certificates and licences.
- is managed by different agencies.
- Has its own lifecycle with different statuses.
Entity
An entity is an instance of an Entity Type and is any legal person (including an individual, a body corporate, or other entity that has rights and duties recognised at law), and includes:
- an association of persons (whether corporate or not), e.g. a partnership or incorporated society.
- a trust.
- a government department, agency, or authority.
- a person or body established by statute.
In the next section read about all the products that comprise the Product Model of Verne™.
