Running a small business can be a stressful experience, and every day comes with a multitude of chores, duties, and responsibilities. This can often include managing and organizing legal matters. Running a small business can also be expensive; especially as many small business owners often face budget constraints. Thus, this can make it even trickier to ensure that you have the necessary documentation and paperwork to remain within the law. To help, we have put together a closer look at the options available for small businesses to get cheap documents. From learning how to create a POA online to getting set up and legal, we have put together all you need to know.
The exact documents that a small business needs will depend on the specific industry and its legal requirements.
This could include filing paperwork with the Internal Revenue Service (IRS) or state tax authorities. Or, registering trademarks and copyrights, obtaining licenses or permits, forming partnerships, and securing contracts with suppliers. It is important to check which documents are necessary for your business to remain legally compliant. This will ensure you are not breaking any laws.
Some examples of essential documents include:
A power of attorney (POA) is a legal document that grants an individual or organization the authority to act on behalf of another person or entity in specific matters. In the context of small businesses, a power of attorney can be a valuable tool. Especially, when delegating authority or making decisions in the owner's absence.
Setting up a business is more complex than registering a trade name and getting a tax ID. Businesses must be registered in the state in which they are operating. Thus, this usually requires filing paperwork to create the entity, such as an LLC or corporation. This helps protect the owners’ personal assets from being taken if the business is sued or goes bankrupt.
When entering into business relationships with customers, suppliers, or landlords, it is important to have the necessary documentation drawn up. This could include leases for office space or retail locations, contracts for services rendered, or agreements for purchases. Having all parties sign a document detailing the terms of the agreement is essential. After all, this ensures legal compliance and protects everyone's rights and obligations.
Articles of Organization refer to the document that officially registers your small business as a legally separate entity from its owners. It is required for businesses such as limited liability companies (LLCs) and corporations. Furthermore, it is crucial for ensuring that business owners are protected from personal liability. This is one headache that has the potential to be very expensive.
So, just how can small businesses get their hands on essential documents in a more affordable manner? There are a number of options, and these include:
In today's digital age, numerous online platforms offer customizable legal document templates at affordable prices. In fact, some even offer them for free. These platforms typically provide a wide range of document options, including power of attorney templates specifically tailored to meet the needs of small businesses.
Many state and local government websites provide resources for small businesses, including free or low-cost legal document templates. These templates often adhere to state-specific laws and regulations, ensuring compliance for your business while reducing expenses.
Legal clinics, often associated with law schools or non-profit organizations, aim to provide affordable legal assistance to individuals and small businesses. These clinics may offer document preparation services, including power of attorney, at reduced rates or on a sliding scale based on income.
If small business owners prefer the expertise of legal professionals but wish to avoid the high costs associated with traditional law firms, professional document preparation services are an excellent option. These services specialize in drafting legal documents and can provide power of attorney documents at a fraction of the cost of hiring an attorney.
Local small business associations and chambers of commerce often have resources and partnerships with legal service providers. They can connect small business owners with attorneys or legal professionals who offer rates or packages specifically for small businesses. Simply do a quick search to see what your area offers.
As a small business, it is important to ensure that you draft and execute all necessary legal documents properly. The good news is that getting your hands on essential documents such as leases, contracts, and agreements does not have to cost a fortune. In fact, small businesses can get cheap documents by using online templates, government resources, or professional document preparation services. Furthermore, small business owners can get the legal protection they need at a fraction of the cost. Thus, ensuring that they have proper protection against any eventuality.