I have administrator account named syspan and my product main service is configured by this account. Here my question: can I disable this account and define a new administrator account with the same privileges and GROUP participation as the default ADMINISTATOR account, without adversely affecting the product??

To do this I will follow these steps which I believe generic to all type of OS.

Control panel -> Administrative tools -> Computer Management -> Local Users Groups -> 
Users -> Select syspan -> Rightclick properties and disable it. 

And then create new account like this way :

Control panel -> Administrative tools -> Computer Management -> Local Users Groups -> 
Users -> New user and add it in to Administrators group in Groups also.

And I will change services to this account, password, confirm password also.

Is this the right way to achieve it?

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Why not just keep your old account active? – soandos Jun 28 '11 at 19:12
i didnot get you completely. Here i wanted to do test by disabling first account and creating new account,,Do we need to keep old account active all time – peter Jun 28 '11 at 19:15
ah, got it. Are there services that are running as syspan? – soandos Jun 28 '11 at 19:16
yes soandos ,main service is running with syspan account – peter Jun 28 '11 at 19:18
So it will also need to be added to the new user. – soandos Jun 28 '11 at 19:19
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