What You Need to Know About Legal Documents for Your Business
You’ve put in the time, effort, and funding to get your business off the ground. Now it’s time to take things to the next level. In order to grow your company and protect your assets, you need legal documents for your business. Legal documents are more than just paperwork – they’re essential tools that help protect you and your business from potential threats and pitfalls. These documents also give you a framework for how you want to operate your company as it continues to expand. They aren’t scary or complicated; once you understand what these legal documents do for your business, creating them will be a breeze…
What is a Legal Document for Your Business?
Legal documents for your business help you create a foundation for how your company runs and protects your assets from potential threats. Legal documents can cover everything from intellectual property protection and employment contracts to partnership agreements and investment agreements. Depending on the type of business you run, you may need a variety of different legal documents. Here are some examples of common legal documents for your business: Company formation documents: Legal documents that outline how your company is formed, who owns what, and what each person’s role is in the company. Employee handbook and employment contracts: These documents outline your company’s policies and procedures, your employment policies, and what each employee is and isn’t responsible for. Trademark licenses and software agreement: Legal documents outlining who owns what intellectual property and what happens if one party terminates the agreement. Intellectual property protection documents: Legal documents outlining how your company secures, maintains and protects its intellectual property.
Company Formation Documents
Company formation documents outline how your company is formed and what each member’s role is in the company. These documents include the articles of incorporation and bylaws. The articles of incorporation are the legal document that legally forms your company. The bylaws outline how the company is run. These documents help to ensure that the company runs smoothly, lasts for the long term, and protects the members of the company.
Employee Handbook and Employment Contracts
A worker’s compensation and employment contracts help protect your business from lawsuits by outlining each employee’s rights and responsibilities. This paperwork helps you outline your policies (including wages, work hours, benefits, and more) and protects you from lawsuits that may result from an employee’s decision to break those policies. It also protects your business if an employee is injured while on the job. These documents are legally binding and outline what happens if an employee breaks the rules outlined in the handbook or their contract. Worker’s compensation: This document outlines your company’s responsibilities and obligations if one of your employees is injured on the job. Employment contracts: These documents outline the terms and conditions of an employee’s employment. They include things like salary, vacation time, and benefits.
Trademark Licenses and Software Agreement
When you create a product or service, you’re using your intellectual property. In order to protect that intellectual property, you need trademark licenses and software agreements. A trademark license is an agreement between two companies that outlines who owns what IP (intellectual property). A software agreement is a contract between a software vendor and a business owner that outlines who owns what software IP. Trademark licenses and software agreements help protect your IP and allow you to use someone else’s IP, if necessary.
Intellectual Property Protection Documents
Depending on your industry, you may need to protect your intellectual property. If so, you’ll need intellectual property protection documents. These documents outline the steps your company takes to protect its IP and what happens if someone else tries to infringe on your company’s IP. IP protection documents include nondisclosure agreements, patents, trademarks, and copyrights. Nondisclosure agreement: This agreement outlines what information each party shares and how it’s used. It also states what happens if one party breaks the terms of the agreement. Patents: These legal documents outline the process for obtaining a patent and what happens if someone else tries to infringe on your patent. Trademarks: These documents outline the process for obtaining a trademark and what happens if someone else tries to infringe on your trademark. Copyrights: These documents outline the process for obtaining a copyright and what happens if someone else tries to infringe on your copyright.
Legal documents for your business help you create a foundation for how your company runs and protects your assets. They include company formation documents, like the articles of incorporation and bylaws, and employment contracts. Other types of legal documents include trademark licenses and software agreements, intellectual property protection documents like nondisclosure agreements, patents, trademarks, and copyrights, and more. Now that you know what legal documents are and what they do for your business, it’s time to start creating them! Whether you need to form your company or protect your IP, legal documents are essential for any company looking to grow.