Business forms are used to establish various company structures. They are effective instruments to set forth rights, powers, duties, liabilities, and other obligations in a company. Most of the business forms include business plans, legal agreements and contracts, and business transactions reports.
Using business-related report templates allow businesses to focus on what matters most while making it much easier for them to organize their day and workload. These forms are essential in integrating important information, such as business transactions with employees and other companies.
Types of Business Forms
Establishing your business requires on-point strategies. One of these is the use of appropriate documents in certain situations.
Be wary on how to use business forms to get the result your business needs. Some of these business forms are used to set forth agreements between company partners or members, establish business organizations, and record business transactions.
The following are the types of business forms as used in certain transactions:
- Corporate Forms — Corporate forms are generally used when establishing types of business organization, such as a corporation, limited liability company (LLC), partnership, and sole proprietorship. Sample forms LLC Certificate of Organizations, LLC Articles of Organization, and Articles of Incorporation.
- General Business Forms — General business forms are used to record your day-to-day business activities. You may use them to record daily supplies, workloads, or transactions with clients, customers, or companies. Some examples are Weekly Timesheet, Weekly Status Report, and Workload Distribution.
- Employment Forms — Employment forms are essential for hiring assets for your company. They contain the agreements you made with your potential employees, salary arrangements, schedules, job description, and other employment-related deals. Maintaining the information with your hired employees is also possible with these employment forms. The Employment Application form and Employee Non-Disclosure Agreement are examples of employment forms.
- Financial Forms — Financial forms are used to keep track of your business financial status, including salary, tax, refund, profit, and expense. Form 720, Quarterly Federal Excise Tax Return, Form 843, Claim for Refund and Request for Abatement, and Pay Stub are financial forms.
The Importance of Business Forms in Business Structures
One advantage of business forms is they do not discriminate. Regardless of the size of your business, business forms work the same. They can be used in various business structures, such as a corporation, limited liability company (LLC), partnership, and sole proprietorship.
Use business forms to establish your brand, legalize, create, or terminate business partnerships, or transfer business property or sales.
Most popular business forms you need to know
LLC Articles of Organization
When you plan to establish a limited liability company (LLC) in the United States, you may use Articles of Organization. It is a document submitted with the bylaws indicating essential information regarding the establishment of an LLC at a state level. You may use it to create the rights, powers, duties, liabilities, and other obligations between each member. Articles of Organization is also called Certificate of Organization or Articles of Incorporation.
LLC Certificate of Organization
If you want to form an LLC in your state, you may use an LLC Certificate of Organization. It is also known as LLC Certificate of Organization and/or Formation. LLC Certificate helps you form an LLC that is recognized as a legal entity in the state in which it was filed.
Taxpayers in the United States use Form 843, Claim for Refund and Request for Abatement, to claim a refund of certain assessed taxes or to request an abatement of interest, penalties, and fees, applied by the Internal Revenue Service (IRS).
Use a Weekly Status Report form to track the development of a project and the weekly performance of a member or team. It contains the summary of work or projects performed in a week and the roadblocks encountered during the process. It is a manager-friendly tool that helps build a synergistic flow in the workplace. It enables managers to evaluate team performance and identify the strengths and weaknesses of each member from time to time. They can also provide solutions if there are issues and other sentiments on a specific project. A Project Status Report is a related form that you may use for project monitoring.
Use a Weekly Timesheet to record the exact number of hours an employee has spent at work weekly. It is an efficient timekeeping method and performance tracker. If you are an employer, you can use a Weekly Timesheet to gauge your employee’s performance, project execution, time management, and reliability. You can also use it in payroll accounting, where determining employee compensations may be easier as you can base it on the reported billable hours rendered at work. If you are an employee who is paid weekly for an hourly rate, a Weekly Timesheet can help you calculate your expected salary. You may also use it to correct accounting errors or provide evidence to demand salary from the company. Another related form is the Biweekly Payroll Timesheet. It is used to calculate the work hours and pay periods of employees for two weeks.
Banks and account holders use a Bank Statement to determine the summary of financial transactions that occurred in a specific period. By providing a financial summary, it helps them become aware of their financial status, allowing them to plan expenses accordingly and effectively. A Bank Statement is also used to apply for loans, to monitor all financial transactions, as proof for legal claims, and as a guide when making financial decisions.
If you are an employee, you can use a Pay Stub template to record your finances, including your income and salary deductions. Generally, a Pay Stub contains an employee's salary amount, salary deductions, pay period, date of issuance, and gross earnings. While it is beneficial for employees, employers may use it to provide detailed information about their employee's paycheck, file taxes or deductions, and resolve financial or payment issues. A Pay Stub is also referred to as Pay Slip.
Companies use an Employee Non-Disclosure Agreement (NDA) to prohibit their employees to disclose any confidential information revealed to them upon employment. It is a legal contract that binds the employer and the employee to the terms and conditions of their agreement. It works similarly to an Employee Confidentiality Agreement.
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