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:

quotations, receipts, invoices and other trade documents
bank forms, loan and security documents
insurance policies and claims
BAS returns, income tax returns and assessments and other forms filed with various government departments
share certificates, shareholders' register, minutes of director's and shareholders' meetings
agreements with other parties for provision for goods or services
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:

agency agreements (see also Agency)
confidentiality agreements (see also Contracts)
consultancy agreements (see also Contracts)
distributorship agreements (see also Contracts)
employment agreements (see also Employment)
franchise agreements (see also Franchising)
joint venture agreements (see also Joint Venture)
lease or tenancy agreements (see also Leases and Conveyancing & Property)
license agreements (see also Contracts)
management agreements (see also Management Agreements and Contracts)
partnership agreements (see also Partnership)
sale of business agreements (see also Sale & Purchase of Businesses and Conveyancing & Property)
sale of commercial property agreements (see also Conveyancing & Property)
share sale agreements (see also Sale & Purchase of Businesses and Conveyancing & Property)
shareholders agreements (see also Shareholder Agreements)
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).

More Business Law services:

ASX Listings and Compliance
Business Structures
Contracts/Advice
Commercial Leases
Corporations/Companies
Corporate Governance
Company Finance and Mortgages
Dispute Resolution & Litigation Services
Franchising
Intellectual Property
Joint Venture Agreements
Liquor Licensing
Management Agreements
Partnership Agreements
Reconstructions/Restructuring
Sales and Purchases of Business
Shareholders' Agreements
Terms of Trade
Trade Practices