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Businesses are more often separate entities and need to comply with the laws of land to avoid any legal trouble in future. When a startup comes into existence, the founding partners need to take care of so many things, including the legal aspects. Legal Solutions for Startups help prevent any future trouble and build stronger legal roots for the business to grow.
For people who are starting the business, be it for goods or services, their focus mostly revolves around ideas around how to grow the business, how to make it a renowned brand, hor to make better profits, etc. For any business, there are some legal requirements, which once skipped may bring the business into trouble. Before reaching this point, startup lawyers initially contacted can save a lot of unrest in advance. They will help you with startup legal solutions which may help with the legal requirements as well as any special benefits which the government provides for such startups, if any. A startup lawyer in India will help in planning and preparation for the business from a legal point of view, aiming at prevention of any future disputes.
While it may vary from different professionals, there are various aspects which need to be taken care of by a Startup Lawyer in India:
Which kind of entity a startup becomes has a lot to decide about the legal discourse. For Company formation, be it a One Person Company or a Private Limited Company, the provisions of the Companies Act, 2013 apply. Apart from that, a Limited Liability Partnership gives the perks of an LLP with limited liability like a company. Hence, the option chosen by the founding partners decides the entity of the Startup, and the formalities as well.
For a company, declaring the object of business, its details and internal rules and regulations is required. Given below is the documentation which is required for registration of a company.
Memorandum of Association (MoA)
Articles of Association (AoA)
While people are very much aware of the importance of protecting physical properties like land and other valuables, Intellectual Property Rights often go out of the window when startups are being discussed. That’s where startup legal solutions come to rescue. When a business kick starts, it is given a name and/or a symbol, or some other identification trait, or may involve other artistic or literary works, or maybe research work leading to some innovation. That’s why, IPR protection at the initial stage can save any kind of exploitation in the future, and safeguard the rights of creators/innovators or business identities. Getting Trade mark services can also help with brand building and awareness, because the Startup gets a face with its name and mark.
When we talk about Agreement drafting, using the correct words, careful of any possible interpretation and avoiding any excessive scope is crucial for Startups. Thus, your Startup Lawyer in India will make sure that the contracts and agreements are there for specific tasks, and the same are carefully drafted and crafted to safeguard interests of all stakeholders. Given below are some examples of such agreements for Startups:
Founder’s Agreement
Vendor Agreements
Employment Contracts
Investment Agreements
Customer Agreements
Corporate Compliance - The Corporate, Employment and Labour Laws require legal entities to comply with certain requirements, which may be connected with social security, minimum wages, etc. Thus, Startup Legal Solutions also include conformity with those formalities.
Taxation - For any country, taxes draw the income of the nation. Individuals as well as businesses need to take care of their tax liability to stay away from any trouble in future.
Licenses - For Industry specific businesses, there could be certain licensing requirements which the Startup Lawyer in India usually targets. For example, FSSAI for Food Business Operators.