Business Documents Every Company Needs
Owning a company comes with managing a great deal of paperwork. Leases, contracts, agreements, and other legal documents play a key role in a company’s proceedings.
If you recently started a company, this article will explain everything there is to know about the business documents you might need.
What Are Business Documents, and Why Do You Need Them?
Business documents refer to all the documentation that a company needs. They provide an insight into the company’s internal and external matters.
A business document comes in digital or tangible form—written or printed on paper.
Different companies may need different business documents, but they are a necessity for owning and managing any kind of business.
Every company needs a document management system that specifies the following:
- What documents to keep
- How long to keep the documents
- How to dispose of the documents
Types of Business Documents
You don’t have to know about every single business document out there. The most commonly used documents can be organized into four groups:
- Founding documents
- Employment records
- Financial records
- Contracts, licenses, and other legal documents
Documents that go on your company’s permanent record include:
- Partnership agreements
- Board of director information
- Fictitious name registration
- Proof of publication
- Another state’s certificates of authority
- Articles of formation
- Articles of incorporation
Federal and state laws define how long you should keep employee documents. Here’s a brief overview of minimum time periods for keeping employment records:
|Type of Document||Description||How Long To Keep It|
||The Equal Employment Opportunity Commission (EEOC) requires all businesses to keep their recruiting records for one year after the hiring or termination date|
|The company should store these records for at least one year|
Medical and benefits documents
||All health and benefits records should be stored for one year|
||The company should keep personnel records for at least two years|
||The Fair Labor Standards Act and the Equal Pay Act require companies to keep payroll records for two to three years|
||The Occupational Safety and Health Administration (OSHA) requires companies to keep the records for five years|
Workers’ compensation records
||The OSHA requires all businesses that involve hazards to keep the records for 30 years|
Tax Returns and Financial Records
The Internal Revenue Service (IRS) requires you to keep the following documents:
- Tax returns
- Sales tax registrations
- Financial records
- Payroll tax records
- Business asset documents
- Other financial documents
While you are not required to keep all of these records that long, it’s safe to keep them for six years since the IRS can investigate that far back.
Other Legal Documents
You should keep your legal documents for as long as the statute of limitations for each document requires. Having legal documents in one place will help you in case of a dispute.
Here’s what type of legal documents you might need:
- Insurance policies
- Indemnification agreements
- Real estate records
- Business agreements with vendors
- Independent contractor agreements
- Permits, licenses, and certificates
- Patents, trademarks, and copyrights
Drawing Up Legal Documents Is a Breeze With DoNotPay
If dealing with paperwork tires you, but you don’t have money for legal assistance, DoNotPay can help!
We created the Standardized Legal Documents feature, an easy-to-use service for drafting contracts and other legal documents. Our comprehensive database of federal and state laws and regulations enables us to create personalized documents that are valid and enforceable in court.
Drawing up legal documents doesn’t have to be tedious and expensive. Here’s what you should do:
- Access DoNotPay from a preferred web browser
- Type in the name of the contract or another legal document you need
- Answer several questions from our chatbot
We will create a document for you in no time! Once you get your contract, you can use our app to e-sign and fax it to other parties.
What Legal Documents Can DoNotPay Help Me With?
Starting your business is financially demanding as it is. Having to pay lawyers to create business documents can set you back even further, and relying on contract templates might be too risky.
- Quitclaim Deed
- General Business Agreement
- Estoppel Certificate
- Intent To Purchase Real Estate
- Prenuptial Agreement
- Non-Disclosure Agreement
- Lease Contract
- Operating Agreement
- General Affidavit
- Independent Contractor Agreement
- Custody Agreement
- Bill of Sale
- Non-Compete Agreement
You can browse through our learning center to explore other legal documents, such as:
- Subordination Agreement
- Construction Documents
- Hold Harmless Agreement
- Forbearance Agreement
- IRS Instalment Agreement
- Confidentiality agreement
- Buyer Agency Agreement
- Joint Venture Agreement
- Settlement Agreement
- Purchase Agreement
- Booth Rental Agreement
- Business Requirements Document
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