deactivating clients - order form choices

We have several clients that are no longer need active accounts. If we delete the client company, do we risk deleting historical information, such as projects and segments within TMs?

If we cannot delete the client company, is there any other way to prevent them from showing up in the list of order forms? The order forms themselves have already been deleted and disconnected from the client, but the clients still show up in the order form drop-down menu on the new order form.

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