Read every word. It is also highly recommended to have your legal advisor or other appropriate professional go over all documents to ensure they are fully understood and are legit.
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People don’t give this the proper thought it really needs. Legal documents can be your contract with your local tire provider. It can be entering a vehicle into a truck show.
But it can also be lease agreements, employment contract, broker agreements, and any other legally binding agreement made between your company and another party. Know what you are signing and your legal rights in regards to the contract.
10. Save Your Leasing and Financing Documents because they can save you a lot of headache
This might seem like a no brainer but you would be surprised just how many people don’t understand the importance of this. Always save all your paper and electronic documents.
Remember some are time sensitive, meaning there are regulations requiring that you maintain them in a safe and secure place for 12 to months to several years. Check with regulatory and advisory boards, and/or your attorney and accountant, to ensure you are in legal compliance.
Source: www.alfaazphotography.com
Storing your information is easier now than ever. If you have hardcopies (paper documents) they can be stored in fireproof security cabinets. But you electronic records they can be stored on external hard drives and in cloud based systems. Always make electronic copies of paper documents and always make backups of any electronic information.
Final thoughts
Truth be told, very few people really like the administrative aspects of running a business. Of course there are certain areas some might enjoy. But when it gets down to the natty gritty of running a business, most will agree. That is why they hired support staff.
