Supplier Legal name change after few months in production and with existing open transactions

Summary

Supplier Legal name change after few months in production and with existing open transactions

Content

What is the best practice to handle the situation in Cloud if the supplier change their legal name but keeping the Tax id same after few months or years after production? Should we simply overwrite the supplier master record with new name or create a new supplier but how to then store the same tax id as supplier has not changed the tax id? 

if we update what will happen on the existing transaction like Purchase Orders and open invoices 

what is the real life example for this? appreciate any ideas