Effective Start Date for a Legal Entity

Summary

Is there any way of making a Legal Entity being managed by Effective Date field?

Content

Hi all,

We were wondering if there is any option of making legal entity been managed by Effective Start Date and Effective End Date fields. In example, how can we manage a change on the name of the legal entity? The only option we see right now is to create a new company, but the impact on employees is so high as we would need to terminate all of them on the former name and rehire all of them on the latter.

Thanks in advance for your feedback.