TJT Certified Public Accountants

Mandatory Documents For Business Owners

As a business owner, do you believe you currently possess the right set of documents that can help you protect your business? To help you answer this question, we are going to briefly mention the most important legal documents you should focus your attention on.   


Buy-Sell Agreement Paper


Provided your company features more than a single owner, you will need to create an agreement among all owners the agreement will be used to clearly describe the future of their stocks in case of death, disability, divorce, bankruptcy, retirement, or termination. The same document is also required to contain data regarding the valuation of the business and the time frame during which the respective stocks can be bought.


The Necessity To Have An Updated Will


A will is going to designate a guardian for your small children in case something is to happen to you. Provided you will not specify a guardian, the judge will be responsible for making that call for you. The will is the document that is also going to contain information on the people who are going to receive your personal assets, along with investment assets with the help of the Revocable Living Trust.


The Revocable Living Trust


This document is going to help you better manage and protect a larger number of assets. The document is highly recommended for people who own a family business where they have voting control. While you won’t get to use your voting control when playing games, at least you will be allowed to freely choose your lucky numbers. These people will be named the initial trustees in the document and one or several people can be named successor trustees. The trust feature refers to the receiving of assets that have not been mentioned inside the will. The paper can help save up money related to estate taxes.