A business is a lot of work. As exciting as it can be to have full control over your finances there are some not-so-interesting things you have to do in order to successfully run a business. Paperwork and documentation is one such aspect. Here is a life of documents that every business should have.
A business plan
Although this is not a legally requested document this can be very important for a business. Having the future of your business planned and in writing can be a great tool to guide you through making decisions. Even if the Hong Kong company registration is still not done, a business plan has to be there. Apart from being a tool to guide you, it can also be a great tool for convincing investors, banks and partners to work with your business.
If your business has many partners this document can be helpful in minimising conflicts among the owners. This makes sure that everyone knows their responsibilities and their working towards a common goal. This document should focus on the roles and responsibilities of the owners, the equity ownership and the assignment of intellectual property. This acts as a form of agreement among the owners and should be one of the first major documents made.
This is very important as any type of business is a financial institution. From the Hong Kong company formation fees receipt to the petty cash vouchers the receipts are an important part of making sure that the company finances can be tracked. In situations where it is legally required to keep accounts receipts act as a form of reference. It is also important to have proof of your spendings in case any problems occur. It is important to make sure that there is a receipt for every transaction that occurs.
These are a set of legal documents that are required by the law. There should be minutes for all major meetings of your business that covers all things discussed within a meeting. Not only is this great tool to refer back to, it can also act as a legal form of proof if the need arises. These are official that can stop any disputes that may occur in the future.
Even though it might not be the most enjoyable thing it is vital that a business maintains proper documentation. It is vital as a business owner to know what these documents are and to make sure that they have accurate information. Enlisting the help of a lawyer can be useful in situations like this.