Legal Documentation – What do you need to have in place?
To start off our Better Business Bites series, looking at all aspects affecting SMEs, we are focusing on Legal Documentation.
There’s plenty of common legal documentation you need in place to ensure a business is protected, as well as running smoothly. The good news is that at lot can now be managed online, simplifying the processes involved.
Business owners are bound by certain laws, some present a legal requirement to protect staff and premises and others protect the interests of the business itself.
Here’s a quick run down on the documents a business should always have access to. You’d be surprised at how many businesses don’t fully understand the necessity of certain documentation.
Such as; contracts, HR documentation, grievance procedures and employment policies. These types of documents ensure that you as a business can demonstrate that the correct procedures and policies are in place. This is necessary, should they be required during a tribunal for example. If you find it all a bit daunting, hire in the services of a HR expert.
Business to Business
Non disclosure agreements, meeting minutes, customer or client contracts. These add a level of protection for your business and so ensure everything is documented appropriately.
As a registered limited company, there are documents which have to be submitted to Companies House annually. Firstly, there are things like Confirmation Statement, Annual Accounts, Responsible Person return and many others. Some of these returns and submissions carry a legal requirement. This will leave you open to prosecution if you don’t keep on top of them.
Finally, whilst there’s no standard checklist of documents, remember that verbal just isn’t enough for many people in this digital age. Register, submit, and file your confirmations online in an organised way which is easily backed up and retrieved.
To conclude, speak to us about how we can help add value to your business, by ensuring your systems and processes are in tip top condition and keep up to date with posts like this direct to your inbox by signing up to our newsletter. You can also follow us on Linkedin for more Better Business Bites.