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.
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.
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.