Starting a new business is a thrilling as well as risky experience. You believe in your capability to build the business, you know your product or service has the potential to be highly profitable, and you’re beyond excited to dive in. It’s important to lay the foundation for a successful, sustainable business. That often begins with legal considerations.
Govt has entered the ambitious Start-up India Movement. It aims to fill gaps in the economy for the growth and development of startups and will aim to boost digital entrepreneurship at the basal.
With the Government’s support, a startup can be built in a short span of time which will definitely motivate many young entrepreneurs to turn ideas into action thereby increasing the jobs in India as well. Yet, one cannot ignore the key policy and regulatory challenges that companies and organizations face in India, Moreover, duties and levies undergo frequent revisions during the Annual Central and State
Budget exercise, waiting and maintaining registers, licenses need bribing, paying huge taxes and accepting money from foreign investors, etc makes the process so complex.
It is clear that Indian companies and MNCs would be required to follow agreements with techno legal requirements of Companies Act 2013 and more applicable laws of India like Information technology Act 2000 to companies and their directors. A failure to obey with these techno legal requirements would clearly result in litigations and prosecutions.
Many entrepreneurs aren’t specialist in the fields of business law and more, are starting with a capital of limited to non-existent budget. Hiring lawyers who are friends, relatives or others who offer steep fee discounts makes mistakes in forming their business and can cause enormous problems later. When looking to form a business entity, the most important point is to get assistance from an expert business lawyer as it will lay a strong legal foundation.
There are many occasions when a company absolutely must engage a lawyer. Startups need to understand the available choices and take a risk and value based judgment. Lawyers can provide the best, value-driven solution for specific problems the startup is facing. This will change from one startup to another. But here are some general discussions:
What type of business entity do I need to be? A corporation, limited liability company (LLC) or sole proprietorship (If you have multiple founders), how is ownership divided? How do I make sure our intellectual property is secured?What are my duties relate to taxes? Etc.
Working with a lawyer is complex and often confusing, especially if you’ve no experience. But when you’re starting a business, it’s important. With the right expertise on your side, you can feel comfortable reaching out to ask for legal advice and confident that you’ll get a swift reply possibly. Someone who specializes in startups will understand how your business works and be able to advise you on some of the traps you may face for a new business.
It is often said that it’s better to have a lawyer as an advisor rather than a crisis manager. This is obviously relevant since lawyers can spot issues before it happens, and save your money. However, entrepreneurs today delay hiring lawyers unless it becomes absolutely urgent. By the time founders realize this it is already too late, and they end up paying much more legal cost than they would have otherwise. Not hiring a lawyer at an early stage is mostly to save legal fees. We all can relate to the dilemma that all cash-strapped start-ups face. This is where online legal services enter the picture as heroes.
Experience limitless possibilities of an online legal solution on licit.ooo. Licit is an online legal marketplace, we carefully consider the network of lawyers for our clients. You can find a top notch attorney based on your needs and budget. You can also connect with lawyers 24/7 on our web platform and also on the android application of Licit so you can get instant access to your lawyer and efficient advice at your convenience, be at ease.
Our lawyers can direct you to the corporate structure, and another (cheaper) service provider for setting up the company. And ensure the legality of commercial transactions, advising on their legal rights and duties, plus the duties and responsibilities of corporate officers. They are experts in aspects of tax law, accounting, contract law, securities law, intellectual property rights, bankruptcy, zoning laws, licensing, and the laws particular to the business of the corporations that they work for.