Learn How To Create Business Documents With DoNotPay

Standardized Legal Documents Learn How To Create Business Documents With DoNotPay

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:

  1. Founding documents
  2. Employment records
  3. Financial records
  4. Contracts, licenses, and other legal documents

Founding Documents

Documents that go on your company’s permanent record include:

  • Bylaws
  • Partnership agreements
  • Board of director information
  • Fictitious name registration
  • Proof of publication
  • Another state’s certificates of authority
  • Articles of formation
  • Articles of incorporation

Employment Records

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

Recruiting records

  • Resumes
  • Application forms
  • Interview records
  • Screening documents
  • Position description
The Equal Employment Opportunity Commission (EEOC) requires all businesses to keep their recruiting records for one year after the hiring or termination date

Employee contracts

The company should store these records for at least one year

Medical and benefits documents

  • Health and medical records
  • Benefits plans
  • Benefits enrollment documents
  • Disability records
All health and benefits records should be stored for one year

Personnel records

  • Promotion records
  • Performance evaluations
  • Disciplinary records
  • Termination documents
  • References
The company should keep personnel records for at least two years

Payroll records

  • Pay rates
  • Pay deductions
  • Time cards
  • Number of working hours
The Fair Labor Standards Act and the Equal Pay Act require companies to keep payroll records for two to three years

Accident records

  • Records of accidents
  • Records of injuries
The Occupational Safety and Health Administration (OSHA) requires companies to keep the records for five years

Workers’ compensation records

  • Records of employee hazard exposure
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:

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:

  1. Access DoNotPay from a preferred web browser
  2. Type in the name of the contract or another legal document you need
  3. 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.

With DoNotPay, you don’t have to worry about your finances because writing contracts is easy on the budget. Here is a list of business and other legal documents we can draw up for you:

You can browse through our learning center to explore other legal documents, such as:

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