Different Types of Business Documents and Why They’re Important to Your Business

There are several different types of business documents that you may need as a business owner. Let’s take a look at the most common business documents that are typical in most companies.

Assumed Name

There are many documents that are used by businesses today. If you are serious about your company and want to go from hobby to a full fledged business owner then the first step you will want to do is claim your name. The simplest way to get started is by completing Assumed Name documents. This applies if there will be one owner and you operate an unincorporated business.

Articles of Incorporation

If there will be more than one owner and you decide to incorporate the business then you will need to have Articles of Incorporation. When setting up a corporation you will need to complete what is known as Articles of Incorporation. This applies to you if you want to operate a profit based or non-profit corporation.

Tax Identification Number

After you have secured your business name and filed the necessary paperwork then contact the Internal Revenue Service if forming a company in the United States. You will need the name of your business as well as the names and contact information of your business officers. A tax identification number can be applied for by phone or online at http://www.irs.gov. Most business owners will need a tax identification number. A few instances of when a Tax ID is required are when you hire employees and open a business bank account.

Sales Tax License

If your company will sell taxable items then you will need to apply for a sales tax account. Most States have a website that makes it convenient for you to register online. Check with your State to see if it has sales tax registration forms available.

Other documents that are commonly used in business are financial reports, income tax returns, and insurance papers, to name a few. Depending upon your business, there may be others such as business licenses and certifications. Be sure to check with your locality to find out which of these documents you business will need.

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