Manage Your Complicated Business Documentation with Legal Documentation Services

October 01, 2016

Manage Your Complicated Business Documentation with Legal Documentation Services

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Keeping documentation clean and available at all times can be especially difficult if you are the owner of a large firm or company. No one likes paperwork because there’s always a lot of it and you need to be very focused in organising it properly. Even smaller businesses have issues with documentation so it’s no surprise that everyone is looking for ways to take care of it. There are certain ways of how to do it but most people don’t know them. Something you should never do, however, is to try to reduce the amount of documentation you have.

Even if a piece of documentation seems useless and unnecessary, you shouldn’t get rid of it because you never know when you’ll need it – and trust us, you will need it eventually. Besides, withholding information and hiding it is against the law – all companies are required by law to provide full details to the governing body. If you don’t want to sort everything yourself, there are specific legal documentation services and document management services all over the world. There are a few legal documentation services in India as well.

Here are the key documents that you will need at all times:

Bylaws

Bylaws are important because they show how a company conducts business and how it governs itself. Even if it isn’t required by law in some states to have these bylaws, it’s a good idea to have them to define your company properly.

Non-Disclosure agreements

This piece of legal paper is highly important to all enterprises. An NDA prevents any employee or contractor to disclose certain information which isn’t for sharing or spreading. It is a legal document which binds the company to the person that is signing the NDA. If the NDA is broken, the company may take legal action. This is because some information needs to be kept private (mostly company records, financial records, etc.).

Agreement about employment

These documents aren’t necessary but are a good idea to keep certain aspects of signing new employees confidential and controlled. For example, if you don’t want an employee leaving for a rival company, or disclosing private information, you make them sign an employment agreement. Before giving it to the employee to sign, you’ll need a seasoned and experienced law attorney to review it. If you need any help, it’s best to ask for some legal document assistance.

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Business plan

While this document isn’t required and necessary, it’s mainly used to keep track of how your business has been doing. There aren’t any definitions on how exactly a business plan should be designed and you free to design and prepare it any way you like.

Terms of use (online)

These terms of use exist to show visitors on your website what is allowed and what isn’t. The terms also exist to help protect you from any liability which may be caused by errors in your content or any information that is existent in various hyperlinks from your website. Even if they aren’t necessary, it’s a good idea to present them to the world.

 

There are a few other documents which you should have, but they are generally in the same category as the ‘Terms of Use and Business Plan’ documents.

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Why are legal documents so important?

If you’re an entrepreneur and you’ve put everything in your business, achieved glory from nothing, and are now wondering why you would need such documents – you’re probably stuck in a loophole. The truth is, it’s not that difficult to understand why these papers are so important. When it comes to legal documents preparation, it might be best to hire a professional who will help organise everything. So let’s talk about why some of these documents are so important:

successors

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Successors

You probably won’t be alive to see your company grow even bigger than you ever imagined. There’s a high chance that your business will expand even more after your lifetime has ended, so it’s smart to appoint a successor. Most people would give this title to their oldest child, but it’s not always recommended to do this. When your company is involved, it’s best if you give the title to someone who has the qualifications to be the next ‘chief-in-command’!

 

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Master File

Simply put, master file is a collection of every piece of documentation your company has. When it’s time for a new successor to come forth, this file will help them understand everything in the quickest and easiest way possible. In other words, you’ll help them transition smoother into their new place!

master-file

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A will

After you’ve passed, your loved ones will receive anything that you mentioned in the will. So, creating a will should take time, and it should be done correctly. You’ll also need to find a notary service so your will can become a legally binding document. In your will, you can mention anyone you want and say that they can receive anything of yours, but it might be best to secure the future of your company as well as transfer some of your assets to your loved ones. We won’t go into much detail here because it’s a personal matter, but if you’re thinking about securing a future for your company, you’ll need to create your will in a smart way.

As you see, these documents are crucial to a company. Having all of them unorganised and ‘all over the place’ is not a good strategy and your business will suffer from it. Hire someone with the skills to help you organise your paperwork and keep your company records clean and available. Through this article we have learned that even the simplest of documents have a significant impact on the life of a company, so make sure that everything you do is legal!

 

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