Think of your business documents as a pyramid—start at the base and build up.
1️⃣ Formation Documents (The Foundation)
📌 What they are:
- Articles of Organization (for LLCs) or Articles of Incorporation (for corporations).
- Filed with the Minnesota Secretary of State.
📌 Why they matter:
- They legally establish your business.
- Missing internal documents (like an Operating Agreement for LLCs or Corporate Bylaws) can make your business look like a hobby—bad for lawsuits and investors.
2️⃣ Compliance Documents (Staying Legal)
📌 Federal & State must-haves:
- EIN (Employer Identification Number) – Your business’s Social Security number. Get it free from the IRS website.
- Business Licenses & Permits – If you're selling goods, offering professional services, or handling food, you likely need one.
- Annual Report – A simple form filed yearly with the Minnesota Secretary of State. Miss it, and your business could be dissolved.
3️⃣ Financial Documents (Keeping Money in Order)
📌 Essentials:
- Business Bank Account – Keeps personal and business finances separate. Critical for taxes and legal protection.
- Accounting & Tax Records – Includes balance sheets, profit & loss statements, payroll records, W-2s, and 1099s.
- Business Insurance – Liability, workers’ comp, and professional insurance (if applicable).
4️⃣ HR & Employment Documents (For Growing Businesses)
📌 Hiring employees or contractors? You need:
- Employment Contracts – Define salaries, benefits, job roles, and termination policies.
- Employee Handbook – Policies, expectations, and workplace rules.
- Independent Contractor Agreements – Covers work expectations and ownership of intellectual property.
- NDAs (Non-Disclosure Agreements) – Crucial for protecting sensitive information.
5️⃣ Contracts (The Lifeblood of Business)
📌 Key agreements to have:
- Service Agreements – Clearly outline what you provide, pricing, and dispute terms.
- Sales Contracts – If you sell goods, detail pricing, payment terms, and return policies.
- Vendor Agreements – Defines terms for suppliers and business partnerships.
6️⃣ Intellectual Property & Business Protection
📌 For long-term security:
- Trademarks – Protect your business name and branding.
- Copyrights & Patents – For creative works or inventions.
- Business Succession Plan – Ensures a smooth transition if ownership changes.
✅ What’s Next?
You don’t need every document on this list, but you do need the right ones for your business. Talk to a lawyer to make sure you’re covered.
