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Using process builder and I try to set the value of a picklist field on a related object that is using global picklist functionality I get the error below.
INVALID_OR_NULL_FOR_RESTRICTED_PICKLIST: bad value for restricted picklist field: Individual/sole proprietor or single-member
It doesn't matter how I try to set the value of the field whether through reference field, formula, or even selecting the picklist value option it fails.
I just ran into this issue and @sfdc rowdy's comment and link above helped me fix it.
If you adjust/add a Global Picklist value, check each Record Type's picklist settings and make sure the adjusted/new values are selected.
When creating these global picklists you have to go into the recordtype and edit the picklist and assign the picklist values to that record type.
[salesforce-crm]tag. If you hover over it, the tag even says This tag will be removed, do not use it.