Start Your Own Business – Types of Documents Every Business Needs
By Space Coast Daily // March 28, 2021
Starting a business can be exciting, challenging and tricky, more so online. But these days, a VPAT template is available to help businesses in explaining the content of the product they will be selling and promoting to consumers.
The VPAT or Voluntary Product Accessibility Template according to the website 508.gov is defined as “a document that explains how information and communication technology (ICT) products such as software, hardware, electronic content, and support documentation meet (conform to) the Revised 508 Standards for IT accessibility.”
In simple terms, the VPAT normally contains tables with explanations and remarks which should explain the product on what it supports, may support, not support, or if it was evaluated.
With so much information online, what types of documents does one need when starting a business? It will really depend on what type of business you will be opening but here are some of the documents you will surely need.
1. Company bylaw. The company bylaws are the rules employees and executives follow in running the company and its businesses. The bylaw serves as a guide and defines the terms of the company’s leaders.
2. Non-Disclosure Agreement. Companies at one point will share some important information that may be sensitive. A non-disclosure agreement document is needed so that employees will not leak any sensitive information that may damage or ruin the company’s reputation. After all, there are things that are left best within a few people.
3. Business Plan. When starting a business you have to have a business plan. A business plan serves as your blue print to the goals you have for your company.
The business plan may normally include the following:
■ Business concept – It includes what the business is all about, the product, and the market it plans to serve, where it will be sold, who is the target audience, and what is the advantage of the business from others.
■ Financial features – This discusses the sales, profit, cash flow, and return of investment.
■ Financial requirements – This section should state the capital needed to be spent and expand the business. This should also include where the money will be coming from, if someone will be funding it and the source of your collateral.
■ Current business position – This pertains to the important information about the company, when it was established, its operations, and the people behind it.
4. Government permits. For you to run your business, you have to secure the different government permits depending on the state where you are in. It can be a permit from your local government unit such as a mayor or governor’s office, building permit, utilities permit, or even your Trade and Industry office’s permit. Other permits may include federal and state permits.
Having a permit not only guarantees that you have met the requirements but it also shows that you are following the rules and regulation of your government.
5. For websites, it should have an online term of use. For businesses, having a website these days because it’s a way of promoting the company and products. The website however should also include the online term of use so that it can protect you from anything that could possibly go wrong in case of errors in your content. This will also show consumers what are the limitations of using the website, especially when making comments and sharing content from it.
6. Bank account documents. Any business involves money and it’s very important that you secure your bank account documents. The bank documents may involve placing the money, salaries for employees, and financial security. The document will also serve as a reminder if you are earning for the company.
7. Employment agreement. As a company, you’ll definitely be hiring people to run the business, thus the employment agreement or contract.
The contract should involve the terms and conditions set by the company which may include:
■ Salary expected
■ Service to the company (for project based)
■ Working tools such as laptop and communication expenses
■ Health benefits
The employment contract is also a way for owners to make sure that there will not be any disputes with the employee once he or she makes a decision to leave the company.
8. Online privacy use. In today’s world where everything is online, information about the person is normally asked online. Websites make sure they put an online privacy use when getting customers information. This assures the customer or person who gives their information that whatever they give will only be used by the company for their purpose. In return, the company should make sure to guarantee the person that the information will not be used for anything else.
9. Minutes of the Meeting. In any meeting, it’s very important to write down what has been discussed. The Minutes of the Meeting documents what has transpired. This document serves as an account of what was taken up among those involved in a project or important decisions that had to be made.
10. Insurance documents. Sometimes businesses run into a lot of issues and trouble. As a business owner, it would be wise to invest in insurance and keep that document in case anything happens such as a natural disaster that can destroy or damage your business. By having the insurance document, you will easily be able to collect some cash and use it to restart or rebuild your business.
11. Purchase order forms. As a business owner, you will definitely buy supplies and a purchase order form can be helpful. It tracks the materials and supplies the company will get from the supplier. It also helps the company when it comes to making payment, doing invoices and also collecting the money.
Apart from those mentioned, there might be other documents that are needed when starting the business. So the best thing to do is to look up, inquire from your local government what documents are needed and accomplish them. The process may be hard but once it’s done, you’ll feel a sense of accomplishment.