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Legal Documents, When You Need Them in Your Business?

By Charles Hopkins Published 01/22/2009 | Legal
There are many situations in which you require legal documents to run your business legally and transparently. The legal documents include contracts, underwriting documents and deeds, business agreements and other similar kinds of papers which have legal validity and authenticity. If you do not have correct legal documents with you, you can get into many troubles and prosecutions. You may have to pay hefty amounts as fine and also you may have to spend your thick wallet to come out from the complexities created by the non possession of legal documents.

You may be an entrepreneur, small or big. To run your business in a hassle free manner, you require varieties of legal documents. This article describes some situations in which you should be vigilant about the possession of the legal documents.

  • As a business fraternity, there will be many situations in which you have to deal with an outside company. While dealing with the outside people or a group or a company, make sure that you have a very clearly explained contract. The well written contract can serve as a legal document. Make sure that the contract follows all legal procedures stipulated by the country and state. You have to include details of the business, services and products, the payment details and the schedules of delivery and the completion of the work. It is advisable if you can highlight the milestones in the dealing as well in the contract. Contract need to contain the agreed up on compensations and penalties in case of not meeting the quality of the products and services and also not meeting the deadlines. You have to take the help of a legal attorney to prepare an exhaustive contract with the outside agency.
  • When you are shifting or opening a new office, you require many legal documents. You have to have all documents related to the possession of the building, the documents showing the taxes and other fees paid, and many such legal documents related to the property. Also you have to comply with safety and health regulations. You require legal documents for fire and safety risk assessment.
  • While hiring employees, you have to make sure that all kinds of legal documents are vividly made and kept. Make sure that all employee benefits are provided and filed all legal documents regarding these. While signing the contract with the hired employee, you have to document the terms and conditions of the hiring in crystal clear words. Also make sure that the person understands all of his duties, benefits like pay and other emoluments and the responsibilities before signing the joining report.

Many such legal documents are essential for running a business in a perfect and legal way.