Part of running a successful corporation is making sure you are operating within legal standards. This ensures a smooth, uninterrupted, long-termflow of operations. However, keeping up with the paperwork can prove to be challenging, especially if it’s not your particular forte. This is why many turn to American Corporate Services law offices to help them handle the legal matters of their business.
However, as a business owner, it’s your responsibility to at least be aware of the legal documents and permits you need to keep your company running. To get you started, we’ve listed the top five:
It doesn’t matter whether your company sells products or services. As a legal business, American Corporate Services law offices will tell you todraw up a Vendor/Supplier Agreement. This document basically stipulates that you will provide the product or service that the consumer has paid for. It covers all the provisions, stipulations, and conditions you lay out for your suppliers to deliver the necessary materials to your company and for your vendors to then distribute the finished item.
Memorandum of Understanding
A Memorandum of Understanding is basically your failsafe when dealing with third-party companies, contractors, and other external sources. It documents any and all important conversations you may have had with them. Suppliers, shareholders, potential partners, potential new hires … any person that you’ve had a conversation with must be privy to an MOU between the two of you. It’s simply a formal document that outlines everything you discussed, such as project terms and conditions. Think of it as an official handshake in document form.
Every person that joins your company, through whatever means or method, must sign an NDA. Your business will have sensitive information that should remain as secure as possible. Whoever you hire—be it a new employee, a contractor, or general personnel—will have access to a bulk of this sensitive information. It doesn’t matter what their intentions are; if they leak information about your company to third-party sources, the repercussions could negatively affect your company’s stability or image.
Ergo, your corporate lawyer must draw up a Non-Disclosure Agreement for every new hire to sign, regardless of position. This is your first line of defense against potentially damaging information leaks.
Independent Contractor Agreement
Every startup, regardless of its niche or industry, can benefit from independent contractors. These are highly-skilled individuals that can offer their services for your company on a per-project basis. They’re very cost-effective, especially when compared to the expense of hiring long-term employees.
Of course you’ll need to hire full-time staff eventually. However, while your business is still growing, project-based individuals are more than enough to handle side tasks and minor assignments for a very reasonable price.Ergo, youneed an Independent Contract Agreement.
This document clearly outlines what is expected from both parties, and it also emphasizes the relationship and nature of your partnership. Without it, you may end up having to pay payroll taxes or compensation for the contractor—on top of their project fee. Click here to know more details https://rubic.us/catalog/business/american-corporate-services-law-offices-inc/.
Company Bylaws for Corporations
You will most definitely need the aid of corporate lawyers or legal advisors from reputable AmericanCorporate Services law offices for this document. Almost every state requires businesses—regardless of size or industry—to keep a written record of their own bylaws. This is basically an outline of the laws the company will abide by to govern itself. There is no set template for writing this document, which is why it’s best to legally consult a licensed professional to superviseits creation.
To give you an idea, most company’s bylaws will cover topics such as the length of a director’s term, how to settle inter-department disputes, or the rights—and limits—of shareholders