It is possible to change the Legal Entity description without causing disruptions, as long as the code is not changed (this would break existing links and cause multiple errors in the system).
 
Something to note; if the description is changed, this is what would display on any documents, bank accounts within iplicit (not the banking institution itself) and other associated records moving forward.

Doing this will not update everything throughout the environment as some functions look at the domain name. If you intended to update the domain name, please contact the iplicit support team for assistance.