Have you ever dreamt of a profitable e-commerce business? Have you ever had that mind-blowing feeling that one day you can become the new Amazon or the new Walmart of our century? Well, guess what? It’s more than possible if you know how to start and how to operate your e-commerce business. Once you’re educated on business materials and have proper documents, you will never fail. Even if you do, Prestige Auditors will help you stand up and continue your journey!
As we mentioned, having the right documents is one of the characteristics of a profitable and cost-effective business. That’s why we’ve decided to talk about the most important documents for a startup, your future money-making business. So, if you want to have a tidy sum of money, satisfy your customers, and be accepted in this industry, you should have the following documents:
Business Entity Formation Documents
It’s not a secret that if you want to have a legitimate business, you should form your business entity, and by the way, you should make the right decision. Why is this so important? Well, your business entity will affect all the aspects and features of your business. So, bear in mind all the attributes of these entities to understand which one brings out the best in your business. If you’ve already made your decision, and picked one of these entities, make sure you have the appropriate documents:
- Limited Liability Company (LLC) – Articles of Organization
- Corporation – Articles of Incorporation
- General Partnership – Statement of Partnership Authority
- Limited Liability Partnership (LLP) – Statement of Qualification
- Limited Partnership, Limited Liability Limited Partnership (LLLP) – Certificate of Limited Partnership
All of these documents are equally important for your business, depending on what business entity you choose. Our team at Prestige Auditors will help you with this exhausting process of obtaining these documents, and soon, you will be operating your business without any trouble.
Governing Documents – How Your Business Is Going To Be Operated
Governing documents are all the articles, bylaws, statements and certificates which are adopted by the business in order to identify the mechanisms of running that business, and who is going to run it. If you have decided to set up a corporation, your company should have bylaws – documents where all the major aspects of your business will be described. Bylaws often identify how corporate officers and directors will be elected, what their responsibilities are, what rights shareholders have, and how their meetings will be conducted.
Shareholder Agreements, Buy-Sell Clauses
Sure, bylaws regulate the rights and responsibilities of shareholders, but the connection between shareholders is not so clear. This is when your company needs shareholder agreements that contain buy-sell clauses. With the help of this, your business will be ready for tense and nail-biting situations. For example, owing to these documents, your business will be prepared if one of the shareholders decides to leave the business.
Make sure you don’t miss the second part of this article, where you will see more documents your business should have. If you are on the verge of starting an e-commerce or other type of business, just know that Prestige Auditors is here for you, whenever you need us.
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