Business Documentation
It is needless to say that everything done in the course of the business should be properly documented. The need for documentation arises, for example, when you have to enforce an agreement with a supplier or a buyer. Without the agreement being in writing, it becomes more difficult to prove the existence of the agreement in court and also who had to do what under the agreement. You need documentation for preparation of business tax returns and as evidence, God forbid, should you ever be audited by the tax office.
Business documentation can include:
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quotations, receipts, invoices and other trade documents
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bank forms, loan and security documents
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insurance policies and claims
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BAS returns, income tax returns and assessments and other forms filed with various government departments
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share certificates, shareholders' register, minutes of director's and shareholders' meetings
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agreements with other parties for provision for goods or services
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monthly, quarterly or annual financial statements; management accounts, trading accounts, profit & loss accounts and balance sheets
Whilst most people would be familiar with most of these documents, things can be a bit more complicated when entering into formal agreements with other parties (see also Contracts).
Formal business agreements can include:
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agency agreements (see also Agency)
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confidentiality agreements (see also Contracts)
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consultancy agreements (see also Contracts)
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distributorship agreements (see also Contracts)
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employment agreements (see also Employment)
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franchise agreements (see also Franchising)
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joint venture agreements (see also Joint Venture)
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lease or tenancy agreements (see also Leases and Conveyancing & Property)
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license agreements (see also Contracts)
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management agreements (see also Management Agreements and Contracts)
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partnership agreements (see also Partnership)
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sale of business agreements (see also Sale & Purchase of Businesses and Conveyancing & Property)
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sale of commercial property agreements (see also Conveyancing & Property)
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share sale agreements (see also Sale & Purchase of Businesses and Conveyancing & Property)
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shareholders agreements (see also Shareholder Agreements)
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supply agreements (see also Supply of Goods & Services)
You should seek legal assistance when you need to enter into formal agreements. The agreements, to be enforceable, should have the intentions of the parties clearly stated and be properly executed.
If you are given a contract by another party, you should have your solicitor review and explain the contract to you before your sign it. Similarly, you should advise your solicitor exactly what you wish to achieve from the agreement before your solicitor embarks on drafting the document (see also Contracts).
It is also important to keep all business documents properly filed in order as you may not know when you may require them again. If your business is incorporated, the Corporations Act requires that you keep all business documents other than financial records for at least 5 years and financial records should be retained for at least 7 years (see also Corporations/Companies).
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Business Documentation Articles
Am I Being Sued?
Date: March 26, 2010
Author(s): Pheba Netto LL.B. (Hons)
This is the question that one would often ask yourself when you receive a letter from a legal firm. Many people often receive mail, emails, faxes, notifications etc in their mail or by personal service, courier and several other methods notifying them that legal action has commenced or that it is being contemplated. To the ordinary man on the street, this alone can cause a lot of stress and worry and be the root of unnecessary panic and anxiety.
Business & Commercial Law - How To Improve Your Cash Flow and Statutory Demand
Date: October 05, 2007
Author(s): LAC Lawyers
Credit is an integral part of commerce, sometimes for the better and at other times for the worse. To improve your cash flow and to ensure that credit is being given to debtors who are credit worthy, a comprehensive credit application should be completed at the inception. From the information in the credit application referred to below you are likely to be in a better position to recover any debts.
Business and Commercial Law - Do’s and Don’ts for Small Businesses
Date: September 24, 2005
Author(s): LAC Lawyers
Starting a new business can be a daunting operation. A remarkably high percentage of small businesses fail within the first five years of operation. Sometimes that is because the business itself is not sound. However, on other occasions the problem lies in a lack of planning or an ignorance of the many legal requirements that must be met by the small business operator.
Business Law - Personal Guarantees & Indemnity
Date: August 04, 2009
Author(s): LAC Lawyers
If you are a supplier of goods and operate your business on a credit system then it pays to protect your position in relation to your debtors. The following scenario depicts a common occurrence in the supplier/purchaser market leading to frustration and ultimately loss of moneys owning.
Is it the beginning of the end for discretionary trusts and one-man companies - A change of view point
Date: September 01, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
There are suggestions that Australian courts are now changing their approach to the interpretation of statutes with the effect that discretionary trusts are not as useful in avoiding statutory obligations. In other words, in the words of the Bob Dillon song “… the times, they are a-changin”!
Is it the beginning of the end for discretionary trusts and one-man companies - Centrelink, Bankruptcy and Taxation
Date: September 01, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
Another example is Elliott v. The Secretary of the Department of Education, Employment and Workplace Relations decided in 2008 immediately before the High Court of Australia’s decision in Spry and was concerned with the means test for Centrelink pensions.
Is it the beginning of the end for discretionary trusts and one-man companies?
Date: September 01, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
The traditional usefulness of discretionary trusts arises from the puzzling position they hold in the law. Property transferred to these entities is effectively ownerless until discretionary trustees determine to appoint the property to discretionary beneficiaries.
What to expect when you call LAC Lawyers
Date: December 13, 2006
Author(s): LAC Lawyers
LAC Lawyers is a full service firm dedicated to the provision of superior legal services in Australia. Our aim is to provide unrivalled client satisfaction coupled with high quality service and advice. When you call LAC Lawyers our friendly reception staff will spend time with you to identify the area of law your enquiry relates to then pass you on to one of our qualified solicitor's who can help you.