Selecting Rename will change the name of the company and all its contacts will still be linked to it.
Any existing Project, Purchase Orders, Invoices, Medias, Media Orders, etc. linked to a Company that changed name will have to be manually relinked to the new company, if necessary.
ADD NEW COMPANY:
If you instead select to Add New Company, a new window opens to create a new company based on the initial one (Client Details, Rate Cards, etc. are kept).
If there were more than one contact under the initial company, only the contact from which you started the action will move to the new company. But if there was only one contact, the original company will disappear - in this case the action is similar to renaming.
Also here, if there are any Projects, Invoices, etc. linked to a contact that is now part of a new company, you will need to manually relink on existing Projects etc., whenever necessary.
MOVING CONTACTS TO AN EXISTING COMPANY:
If you need to move a contact from one company to another existing company, place the cursor on the Company field and as you start typing the name of the existing company a drop-down list will display the name of companies in your database. Click to select the one you wish to move this contact to.
As a result, only this one contact will move. The rest will remain on on the initial company.
Important note: If this was the ONLY contact, the original company will disappear.
A recommendation is that instead of moving a contact to another company, you instead set this contact to inactive (switch off the Active button), and you can even use the Note to write a history why this person does not belong to this company anymore. And as a next step, create a new contact under the corresponding company.