Keeping physical copies of most documents seems hopelessly old-school. Most of us keep docs online, in the cloud, or we use apps like Evernote. Have you ever wondered if there are some business documents you should keep at your fingertips? Smallbiztrends.com asked members of the Young Entrepreneur Council (YEC) what documents they recommend entrepreneurs make sure exist in physical form. These are what we think are the top five answers:
Articles of Incorporation
“Having a physical copy of the articles of incorporation for the business is something I find important. While this document is technically on file with the state, having it on hand is the only proof I have that I own the business if, for any reason, it’s called into question or I need to access important information about the business when dealing with banks or government entities.” ~ Richard Fong
Business Certifications
“You want to have hard copies of certifications and licenses that your business requires for regular operations. Certain facilities need certification for food preparation or manufacturing, as one example, and if they vanish in cyberspace then you can potentially violate regulations.” ~ Duran Inci
Contracts and Permits
“With the rise of cloud computing, documents are stored on servers across the world instead of in the office space of your business. There are many benefits of doing business this way. But documents that are important for running the company have to have physical backups as well. I’ll say that contracts and permits are very good examples of such documents.” ~ Samuel Thimothy
Your Business License
“Many companies today only have their business license and other key business documents in digital format. But electronic systems can fail, and some regulations actually require that documents be kept on the premises. You should always keep physical copies on hand. Not to mention, having certain documents like your business license on display builds credibility with customers and employees.” ~ Blair Thomas
Business Operating Agreements
“You should always keep a physical copy of important business documents. In most states, for instance, you’re legally required to keep a physical copy of your operating agreement if your business is an LLC. You should also keep physical copies of your business licenses and permits to ensure you’re compliant with regulations.” ~ Vikas Agrawal
When you’re running a company, keeping track of things like which papers to keep and which to toss can be time-consuming, and frankly, annoying when you’re trying to grow your business. Our VersaTel Solutions small business specialists can take these types of decisions off your hands. Whether you need HR, admin, or bookkeeping help, we are here for you.