3 Important Business Documents and Legal Contracts for a Business
Read on to acquaint yourself with the following business documents and legal contracts for making your business’ life-span impediment free.
A business plan can assist you to attract investment and finance. It covers everything that an investor would want you to tell him, such as the following.
Your offerings (products and services)
Who manages the business?
Your marketing and sales strategy
How you plan to reach out to the target audiences
Risks in the market
How do you want to deliver the products and services to your target client?
Minutes of Meeting
A business needs to maintain a record of all that occurs at the important meetings, in the form of minutes, that are an account of the discussions and the decisions made at the meetings. Owing to all the information disclosed, it is possible to avoid disputes that might take place later. Make sure that the details mentioned are accurate and elaborate so that these business documents and legal contracts serve as the memory of your organisation. The main inclusions are attendance, type of meeting, place and time of meeting, actions taken and more.
LLC Operating Agreement
If you own an LLC with multiple members, it is suggested that you opt for an LLC operating agreement. Through this document, you can delineate the functional, as well as, the financial decisions made in your company. The operating agreement highlights the below-mentioned aspects and once all the members sign, it becomes a formal instrument.
The distribution of profit and loss
The manner in which key business decisions will be made
What happens in case someone wishes to leave the business?
Obligations and rights of the members
Large or small, the right business documents and legal contracts can take you a long way in making your business a success and complying with state regulations.