Every business has legal requirements. A business needs to have all the legal documents. One must not use any fake documents to get a loan or any other benefits. This may give you good results in a short time. But they don’t work in the long run. So, let’s see the legal documents that a business owner needs to have.
- Trade Registration
- Non-Disclosure Agreement
- Shareholders Agreement
- Employees Contract
- Loan Documents(If You Have Taken Any)
- Website Privacy(If You Have Your Website)
These are the most important documents that you need to have with you always. Now, let’s understand the use of every legal document mentioned above.
Trade Registration
The name itself signifies its importance. Earth without water and business without trade registration is of no use. Trade registration (จดทะเบียนการค้า, which is the term in Thai) or license is the authorization by the municipal corporation which indicates the permission granted to the business. Without registration, your business has no legal authority. Hence, trade registration is very important for a business.
Non-Disclosure Agreement
Also called the NDA, a non-disclosure agreement is an agreement made between two groups agreeing to terms that obey the privacy policy of both teams.
Shareholder’s Agreement
If you are the owner of the business, you can skip this step. But if you are having partners then do read it. A shareholder’s agreement is an agreement between you and your partner who are sharing both the expenses and profits. It helps you to maintain peace between your shareholders or partners.
Employees Contract
Employees contract holds an important part of every business. No matter how many employees you have, you need to have a contract with them. A few might want to leave the job after a few months, a few might find a new one, while others might not work properly. To avoid all these obstacles maintain a contract with your employees. Include everything that you expect and need from your employees. This will contribute to the growth of your business in an efficient way.
Loan Documents
Every business owner has two options. The first one is to invest their own money, second is the one that takes loans from banks. If you belong to the second type, make sure you are marinating every loan document with you in your office.
So, these are the legal document requirements that you need to meet to maintain legal growth in your business.