Documents are the last thing that any business owner wants to deal with when starting a new business. You just want to focus on making money. But if you don’t have the right paperwork, you’ll open yourself up to conflicts, disagreements, and lawsuits. This can get your business into serious trouble if you don’t have any documents on hand.<\/p>\n
The moment that you have a document created, you should get it signed as soon as possible. It’s better to get these documents handled before your business launch. Since you’ll have to get these important documents notarized, here’s a great resource: https:\/\/www.superiornotaryservices.com\/find-a-notary-near-you\/<\/a><\/p>\n Sites like these offer notaries that come to you. You’ll need the following six documents to protect yourself and your business.<\/p>\n Owner’s Agreement<\/strong><\/p>\n An owner’s agreement can help reduce conflict and miscommunication problems among you and your business partners. As you may know, working with a business partner isn’t always easy. This establishes trust, keeps you working toward the same goals, and increasing the possibility to raise venture capital. The owner’s agreement should include three sections: Equity Ownership and Vesting, Intellectual Property (IP) Assignment, and Roles and Responsibilities.<\/p>\n The Equity Ownership and Vesting section addresses how you’ll split equity among you and your busienss partners. The Intellectual Property (IP) Assignment determines that whichever IP you are developing is owned by your business rather than the owners themselves. Lastley, the Roles and Responsibilities section establishes clear boundaries for decision making and reporting the structure of your business.<\/p>\n Independent Contractor Agreement<\/strong><\/p>\n When your business is just starting out, hiring independent contractors can be a cost-effective solution. You’ll need an independent contractor agreement that clearly defines your relationship. You have to make it clear that you hired these workers as independent contractors, not W-2 employees. And, they need to understand that they’re responsible for their own taxes. If you don’t fill out this agreement, the federal government will force you to pay payroll taxes or workers’ compensation depending on the situation.<\/p>\n