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4 Tips to Organize Small Business Legal Documents

Updated: Aug 8, 2022

I was conversing with a tax accountant about a small business client who was being audited by the IRS and did not have their business legal documents organized or available.

If you received a letter from the IRS, are you prepared to present the legal documents for your business? What about the documents to present for a loan to expand operations or to sell your business?

My Business Organization Process for Clients

Here is a list of the basic documents you should have organized in one place and ready when necessary. The following documents should be kept in an electronic form, with the originals stored safely.

Since a sole proprietor is not a legal business structure or entity, you should have the items listed in item 4.

1. Corporation

  • Article of Incorporation

  • Bylaws

  • Board of Directors Meeting & Minutes

  • Shareholders Meetings & Minutes

  • Stock Owners List & Certificates

2. Limited Liability Corporation (LLC)

  • Article of Organization

  • Operating Agreement

  • Member List & Certificates

  • Members Meeting and Minutes

3. Partnership

  • Partnership Agreement

4. All businesses should have the following documents kept in the same folder.

  • Federal Tax Identification Number

  • List of business property

  • Tax returns for the last 6 years

  • Accounting records for the past 4 years

Is it a pain to compile these records? YES!!!! For the most part, you’ll only need to do it once to protect your business.

Keep these documents organized for your peace of mind, and make it your goal to schedule a time to organize your business legal documents within the next 30 days.

Join my Facebook group FEM500Co for tips to support your business.

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