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8 Effective Ways to Keep Track of Your Business's Legal Information

Business.com / Computers / Last Modified: July 9, 2018
Image credit: Nuk2013/Shutterstock

When it comes to your business's legal information, keeping confidential documentation organized, handy and secure is imperative. Here's how eight members of the YEC keep track of their legal documents.

When it comes to your business's legal information, keeping organized is an ongoing concern for entrepreneurs. Your business has multiple papers and legal documents that you need to make sure stay away from prying eyes and that are not accidentally damaged or lost. You also need to make sure that the right people stay up-to-date on the constantly changing legal landscape.

Knowing how others handle their document storage is an excellent jumping-off point for discovering what systems might work best for your business. That's why we asked eight entrepreneurs from the Young Entrepreneur Council (YEC) to weigh in on their preferred approaches to storing or keeping track of legal information, as well as touch on why they prefer those systems. Here's what they said.

1. Superior representation and responsibility

"Although it's always smart to have legal representation and advice available as your company grows, it's also a business leader's or entrepreneur's responsibility to keep track of changing or updated legal issues or laws. Making a point to research business legal articles, resources and materials regularly, and sharing what you know with your team can prevent an issue before it arises." – Brandon Stapper, Nonstop Signs

2. A custom project dashboard

"We have a custom internal company dashboard with various company projects. And for with each project we have legal talks, many of which are similar across various projects. We also have a general company legal project. We use this to store all legal documentation, to brainstorm various legal decisions and to monitor anything related to new legislation that may impact us, potential issues, etc." – Shawn Schulze, Names.org 

3. Physical backups

"It sounds so archaic at this point, but I make an effort to keep physical print copies on hand of every piece of legal documentation and store it in a filing cabinet. This can save time and money if legal disputes arise, because many litigations require all submitted documents to be printed. You'd be surprised at what a lawyer charges for printing documents!" – Bryce Welker, Crush The LSAT 

4. Google Drive

"While we rely on a professional lawyer to address all legal issues, we make sure we have access to the information we need. Google Drive gives us easy means to keep track of all our legal information under a single umbrella, be it through documents, spreadsheets, slides or forms. What also helps is that anyone who has permission can access required files from practically anywhere." – Derek Robinson, Top Notch Dezigns 

5. Online small business legal resources

"I regularly read and follow online small business legal resource sites and forums. Additionally, when I need specific questions answered, I meet with a business lawyer to understand the implications and risks." – Murray Newlands, ChattyPeople

6. Rocketlawyer

"We pay an annual subscription to Rocketlawyer. It has a large database of legal documents and a convenient storage folder for your history. We use it for employee contracts, non-disclosure and non-compete agreements, and to digitally sign documents by both parties. Rocketlawyer makes it easy to create legal documents using a content wizard to customize the contracts to your business." – Brian Greenberg, Life Insurance Quotes

7. A secure cloud service

"I simply save everything in a cloud service, and if you want to make it more secure, you can enhance the security with two-step verification, etc. This works well for me, because it's easier to keep track of and not any less secure than keeping paper copies in a vault. In addition, the ability to access the information anywhere and anytime is too convenient to pass up." – Shu Saito, All Filters LLC

8. A template service

"A template service, such as that offered by Airtable, is essential. It can help collate and consolidate all of your legal documents and information, and it can help keep it organized as well." – Andrew Schrage, Money Crashers Personal Finance 

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