Starting a Business? Make Sure You Have These 5 Documents to Avoid Legal Trouble
Commercial business law can be extremely complicated for even the savviest businessperson. Commercial law, legal contracts, and business litigation… it can all feel quite overwhelming.
Luckily, there are quality business attorneys who are available to help you maneuver through the various commercial business laws. Whether you’re involved in a legal conflict or not, it’s important that your company is equipped with the necessary documentation and legally enforceable contracts. Without having your contracts in order, your business could be at risk for serious financial penalties or lawsuits.
Here are a few essential documents you should have to avoid commercial business law disputes.
A list of your company’s bylaws
Although you don’t need to keep your company’s bylaws filed with your state or federal government, it’s best to keep a written record of them at your main office and at your attorney’s office. Without well written and understood bylaws, simple ambiguous situations could lead to legal issues or major disputes between the owners of the company. With a thorough review of your company’s Bylaws, however, your company attorney can guide you through its governing rules in order to avoid disputes due to misunderstandings.
Workers’ compensation contracts
While it’s not enforced across the country, the majority of states require companies to have some form of workers’ compensation available. Roughly 74% of states currently require all businesses to provide workers’ comp. You should make sure that you are offering legitimate workers’ comp and have the correct documentation. Otherwise, your company can be subject to liability towards both the state and your employees.
Employee agreements/company policies
This business contract outlines the expectations of the company as a whole and each individual employee to prevent future issues. You don’t have to provide an employee agreement to every single member of your team you bring on, but having each employee sign that they have reviewed and agree to the terms can help to de-escalate various legal situations that could cause harm to the company. Generally speaking, the better written the employee agreements/company policies, the more likely your employees will be able to use them and keep the Company from being sued by former employees.
No matter what industry you’re in, your company has information that should remain private. Big ideas, pricing and financial documents, employee records, and much more should always remain with the company and non-disclosure agreements can prevent this information from getting out. This document, if done properly, can create a legally binding confidential relationship between every individual and the company he/she works at.
If you’re ready to take your business to the next level, make sure you have all of these documents in place. Not sure where to begin? If you want to speak with an experienced business attorney, contact Tony M. May P.C. today.