Small Businesses

10 business documents you must keep on hand in hard copy

  • 3 min Read
  • November 15, 2021

Author

Escalon

Table of Contents

As a business owner, you are required to keep several documents on file, from financials and tax papers to customer information. While most of these documents can be stored using a cloud-based storage system or a digital system, there are certain documents that you must always have on hand in hard copy. 


Check out 10 documents that all business owners must have in physical format: 


Document #1: Business registration

– Business registration documents contain essential details such as the kind of business you are registered as: sole proprietorship, partnership, LLC, or C Corporation.


Document #2: Business license

– Documents that carry original signatures or raised seals, such as a business license, should always be kept in hard copy. A business license or permit is required to operate a business, regardless of where the company is located. 


Document #3: Company bylaws

– Operating agreements (in case of LLCs) and bylaws (in case of corporations) document an organization’s rules of management, responsibilities and ownership structure. These critical documents control reporting and access to the totality of the businesses’ documents and are typically not available through public records. 


Document #4: Partnership agreements

– A partnership agreement spells out who owns what percentage of the company along with details of the profit and loss division.


Talk to us about how our back-office services can help your business stay compliant.



Document #5: Vendor agreement(s)

– Vendor agreements contain the terms and conditions of vendor relationships.


Document #6: Invoices

– Invoices can be used to handle any questions regarding billing. Keeping invoices and paper receipts is particularly important for physical store owners for at least 120 days. Buyers have up to four months from the date of purchase to raise a dispute about a transaction and file a chargeback.  


Document #7: Confidentiality agreements

– This is another example of documents that carry original signatures, and should be kept in physical format. Confidentiality agreements are signed by any employees or contractors and usually contain sensitive information.


Document #8: Employment agreements

– Employment agreements include the terms of their employment and position, including a job description, compensation details, work conditions and so on. 


Most of the time, independent contractors also sign similar documents as full-time staff members. Their contracts include information such as who has ownership of the completed work as well as other conditions.


Document #9: Privacy policies

– Many businesses often collect information from visitors to company events, digital marketing spaces or even offices. A privacy policy should always be in place detailing what you will and won’t do with their information.  


Document #10: Project contracts

– Project contracts outline the scope and parameters of the projects. Physical copies come in handy in case of disagreements. 


Lastly, even though there are no laws that dictate exactly which tax documents should be stored in hard copy format (according to IRS Publication 583), the IRS expects business owners to keep records that support an item of income, deduction or credit shown on a tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. 


Want more?

Escalon has helped over 5,000 companies across a range of industries to improve their compliance in terms of internal controls and streamlining processes. Talk to an expert today.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

October 15 Tax Deadline: What to Double Check Before You File

If your business or personal tax return was extended back in April, October 15 is the final deadline to submit....

Accounting & Finance

Key Financial Deadlines Every SMB Should Know for Q3 and Q4 

For small and mid-sized businesses, the second half of the year often comes with increased operational demands, from budgeting and...

Small Businesses

From Bookkeeping to Strategic Finance: Preparing Your Family Business for Growth

Is Your Family Business Ready for Its Next Chapter? As a family business leader, you've built something remarkable. Through years...

Accounting & Finance

Subscription Revenue in 2025: Fatigue, Churn, and the Imperative to Diversify 

For much of the last decade subscription models symbolized modern growth, predictable revenue, sticky customer relationships, and rising valuations. But...

Accounting & Finance

Closing the Books in Q4: Common Mistakes That Delay Reporting 

Closing the books at year-end is one of the most important financial events for any growing business. It sets the...

Leadership & Growth

Building a Scalable Tech Stack: How to Choose the Right Tools for Growth 

In today’s business landscape, technology is more than a convenience—it’s a strategic asset that can supercharge growth. But as you...

People Management & HR

The Role of HR Analytics in Strategic Decision-Making 

In the era of big data, human resources (HR) analytics has emerged as a powerful tool that can transform how...

Accounting & Finance

Understanding Customer Lifetime Value and Its Impact on Strategy 

In the world of business, not all customers are created equal. Some make one small purchase and disappear, while others...

Accounting & Finance

Tax Strategies for Succession Planning in Family-Owned Businesses 

Succession planning in a family-owned business is a delicate dance that involves not only leadership and emotional considerations, but also...