October 6, 2023
Today, we are here with 11 essential corporate filings every business owner should know about in order to run their business successfully.
Many corporate filings are needed to run a business legally, whether it is owned by a sole proprietor or a partnership.
Some of the documents you need to know about are a business plan, insurance documents, financial records and so on, as we have discussed below.
We have explained 11 corporate filings you need to know as a business owner:
Articles of incorporation refer to documents filed with the government that legalise the creation of a new business. These documents contain basic information about the new company, such as the name and type of business.
Articles of incorporation are important as they allow a business to be established in its home state. These are the information a business owner has to let the state know when filing:
Some businesses work with other companies for the purpose of promotion, sales, sponsorship and so on. All the details, terms and conditions of how the two parties will work together are written in contracts.
If the two parties agree with all the terms, they both sign the contract (legally binding), proving there are no obligations and are willing to work.
Bylaws & policies are corporate filings that help everyone in a business to carry out decision-making when facing any type of problem.
The document includes possible management issues and solutions that can occur and easily be taken care of. If everyone goes through bylaws & policies, then they can instantly respond to a problem before it goes out of hand.
A business insurance document is a file that businesses prepare where different insurance policies are kept to cover risks.
Business insurance is essential for businesses when it comes to protection from risks that include natural disasters, accidents, major losses and so on.
A business plan, which is created by the business owner, is a document that includes the outline of a company. Basically, a business plan consists of the company's aim, a business's objectives and so on.
A business plan could also include ideas regarding how to beat competitors in the market and information about what the business has planned for the future.
If a business is owned by two or more people, then a partnership agreement is needed. The document includes details about how the partners of the company will share the profits and losses amongst them.
A partnership agreement refers to a binding document that specifies the responsibilities of each party in running the business.
A non-disclosure agreement is known as one of the most important corporate filings for business compliance. It is signed by those involved, such as employees, partners, contractors, and so on.
The main objective of a non-disclosure agreement is to protect a company's information, such as financial records, marketing strategies, and future aims.
This is achieved by making sure that those who sign the document will not disclose any information to others.
Business reports include the details about a company's owner and contractors, financial transactions, past performance and other relevant information.
A business report will help the business owner to go through the internal aspects of the business. This will help them analyse the company's current situation.
Every business owner must keep track of the financial records. These include bank statements, balance sheets, invoices, and income statements, which help to keep a record of how much money the company has earned and spent.
The documents are used to make yearly financial reports which show a business's financial performance during that one year.
Business owners should keep the founding documents carefully as long as the business runs to avoid hassle.
Some of the founding documents include a partnership agreement, business license, articles of incorporation, and federal tax ID.
A business owner can use a trademark to protect their company’s elements. The elements in a trademark include a company's brand name, logo design, slogan, packaging and basically everything related to the brand.
A registered trademark indicates that if someone else, such as a competitor, copies any element under the trademark, then they will have to face legal consequences.
The essential corporate filings every business owner should know about help a business make effective future plans and stay away from any legal issues that may harm the company.
