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One size doesn’t always fit all: 4 essential documents every business needs
There are four key documents that every businesses should get right from the outset in order to prevent costly repercussions. 4 essential documents that every business needs:
1. Terms and Conditions (T&Cs):
T&Cs documents are what every new business needs and should be applied from day one. In order to avoid costly disputes arising in the future with customers or suppliers, businesses should ensure their T&Cs are legally binding and enforceable in order to provide them with sufficient protection. The law of contract is different when dealing with consumers and businesses, as well as contracts over the internet, which means it is important to tailor your T&Cs specifically to the business at hand, and more importantly not to just copy the documents of other businesses.
2. Registering your logo:
Intellectual property (IP) is something you or your business uses that is unique in comparison to the wider market, and covers copyright, patents and trademarks. IP rights consequently can prove to be a valuable asset for businesses, they give protection from unauthorised usage and ensure that brand awareness and exclusive characteristics are not confused with that of other traders.
Having a comprehensive recruitment process and the right employment documentation to go with it is another key aspect to have in place in order to protect your business and staff. From documents within the recruitment process, to training and employment contracts, your documents must contain all the legally required information, and where appropriate, clauses to restrict your employees from poaching fellow employees, customers and supplies.
4. Shareholder and Limited Liability Partnership (LLP) Agreements:
Shareholder and LLP Agreements are confidential agreements between the shareholders of a company or members of an LLP. All businesses should have such an agreement in place to set out their pre-agreed framework for decision-making, shareholder/member deaths and exit strategies to name but a few. From the basics, to more complex matters, agreements should be tailored specifically to the demands of the business.
These are 4 essential documents that every business needs to prevent unnecessary difficulties.
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