6 Crucial Legal Documents Your Business Should Have

Opening a business is a worthwhile venture, but there are some legal hurdles you have to overcome before you can launch. Having the correct documents is crucial to avoid lawsuits and fines later on.

We have come up with a list of some essential documents you should get to aid in the smooth running of your business.

Business Plan

A business plan might not be a legal document but is one crucial document required at the start and growing your business. A good business plan contains details of the business, employee, and director information. It also details targets and how to reach them.

A business plan is a good road map for success plus having this document ready is essential if you ever intend to sell the business. It details objectives laid out and helps in the valuation of the business with an assessment of goals reached and future objectives.

An owner’s agreement should also be included in this case to clarify day-to-day operations and delegated duties. This agreement gives a clear picture of ownership, intellectual property, and equity allocation.

Recommended: Stay Creative, Stay On Top With Transparent Business Cards

You are starting a new business or want to expand your existing business. In the highly competitive world, how do you ensure that you stay on top at all times? How can you provide the best promotion for your business with your limited budget? Cheap transparent business cards are a...

Read Article »

Meeting Minutes

Documenting all happenings in crucial business meetings is a requirement in several states. Minutes keep an official account of what happened in a particular meeting. The document can be crucial to settling future disputes and clarifying decisions made.

Having detailed minutes is essential as this is a corporation’s documented history. The minutes should include the type of meeting, time and location, what was discussed, any votes made, and who made them.

You Might Also Like: Writing good meeting minutes revisited

I'm not sure why people are writing a lot of minutes at the moment (or at least looking for information about it), perhaps it's to do with the fact that our roles are becoming more diverse and we're being asked to do tasks that

Read More »

Company Bylaws For A Corporation

Most states have this down as a requirement for every business. However, it’s still a good idea to have them even if they are not a legal requirement. The bylaws dictate how the company should govern itself, settlement of disputes, leadership, and shareholder rights and powers.

Employment Agreement

This document details the obligations and expectations of the company and the employees to curb future disputes. An employment agreement is not required for all hires but is essential to protect from employees leaving early or leaking information to rivals.

According to a top Edmonton commercial lawyer, you need proper employee contracts to avoid common issues between businesses and their employees. They are good at keeping your business safe from future employee legal issues.

A well-structured employment contract acts as a guide for the employee. It outlines the job description, as well as specific duties and expectations.

The employment contract also plays an important role in dispute resolution and avoidance, including explicit sections that specify how disputes should be resolved, providing a clear path ahead in the event of difficulties.

Among such mechanisms, there can be mediation or arbitration clauses, or grievance procedures that offer employees a clear process of voicing and resolving complaints of different sorts.

Image Source: Christina Morillo on Pexels.com

Non-Disclosure Agreements

Businesses need to protect their models which means holding proprietary information with high regard. A confidentiality agreement can therefore protect you from this eventuality.

The agreement should clearly state what information is confidential, how it should be handled, and who owns it. They should also indicate how long the information should remain confidential if it should be made public eventually. If you are not sure how to compose non-disclosure agreements or any other contracts, there are plenty of free templates online to download and use.

Business Licenses And Permits

As a business venture, you are required to obtain specific licenses from local authorities to commence operations. You can obtain the license from local or county government officials.

Professionals such as doctors, teachers, and the like have to obtain speciality licenses to ensure they can conduct the business.

Recommended: 5 Things to Do When Your Ecommerce Becomes Stagnant

Every business goes through a season when it experiences lowered activities, or the profits decline. If your e-commerce has hit a plateau and seems like you are not making progress, look for the problems and fix them. If not addressed, the stagnation can lead to a business decline, causing you...

Read Article »

Permits may also be required for parking, fire, and other business-required services. Most of these documents can be obtained from area government offices.

Wrapping Up

Whether you are starting a partnership, limited company, or a sole proprietorship, having the required legal documents will make operations more straightforward and less legally tricky.

The above pointers should have you on your way to a legally sound business. Remember to always seek legal rights from the onset.