Entreprenuertips — Legal issues

1. Analyse whether idea is legal or not
2. Make a deed with all Partner details
3. Dont go to a lawyer only on a corporate side. Select counsels from expertise area
4. Read Companies Act
5. Generally no board meetings happen but there is a law which governs this so board meetings form a very important part of the clause.
6. Private corporation are more transparent than llp
7. Atleast due diligence of 3 years for already incorporated business and for start up from scratch
8. Need to be aware of what license is required for different Business.
9. Should know on the IP rights
10. Have a proper contract
11. Get your mentors early. Speak and communicate
12. Ask advisors for financial checklist
13. Rights a promoter should be aware of
14. Important to be ready with the documents
15. Personal due diligence if significant amount of funding is involved
16. You have a fiduciary responsibility towards investor
17. Inform investors when are the rights available
18. Make proper clauses
19. Founders should also know the legality which puts a good impression on investor.
20. Should have a Valuation report
21. Need to keep source of money known
22. A promoter should not exaggerate on the forecasts and should be realistic

Thanks..