Dedicated to making the law simple and more accessible to professionals and SMEs, Legal Tree lets you easily create and customize legal documents.
Starting your own business? Make sure you’re covered legally. While legal documents can be intimidating, it’s essential to have them in place as you set the foundations for your business.
Don’t know where to start? Check out our list of the 5 essential legal documents that you should have handy for your business.
Before you start your hiring process and fill-in positions for your company, make sure that you have an employment contract ready. A necessary document for every company, the employment contract should cover the rights and responsibilities of both the employee and employer to create a mutually rewarding employment relationship for both parties. Employment contracts usually outline pay, probation period, benefits, hours, and termination guidelines for both the employee and the company (employer). There are different types of employment contracts namely: (a) regular employment contract; (b) project-based employment contract; (c) probationary employment contract; and (d) fixed-term employment contract. Which contract you'll need depends on your situation.
In those cases where you have a specific project or task requiring specialized skills, you should hire a consultant or contractor using an Independent Contractor Agreement. An Independent Contractor Agreement clearly defines the relationship between the contractor and principal as one of an independent contractor (and not as an employment relationship) and is useful for projects and short-term tasks requiring special skills but without going through the entire employment process.
As business owners, it is your responsibility to protect your ideas and intellectual property. With this, it is critical to have a Non-Disclosure Agreement (NDA) in place to prohibit your business partners or employees from disclosing any confidential or proprietary information that can be used against your company. There are different types of NDAs namely: (a) Employee NDA; (b) Mutual NDA; and (c) Unilateral NDA. Which NDA is needed depends on your situation.
It’s not only important for companies to drive sales, but at the same time, they should also monitor and have an efficient collection system to ensure a healthy cash flow. This is usually hindered by customers that are unable to pay their invoice on time. The usual practice is sending a late payment reminder letter and a follow-up second payment reminder. However, if there’s still a failure to collect after these reminders, a final Demand Letter will be sent to the customer. If it comes to litigation, this letter can be used to show the court that you have exhausted all measures to settle the debt before you proceeded with legal action.
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