Legal Advice All Entrepreneurs Need

by Archi Bhatia Legal Editor

While incorporating start-ups Or any company entrepreneurs have to travel through the murky waterway of the legal system. The basic understanding of the law works wonders for anyone, but most of all, it is the entrepreneurs that benefit from it.

Sometimes entrepreneurs fail to understand the implication of missing any of the legal compliance when working on their business venture.

In India, every business now need to be legally compliant for instance if you own a Restaurant you need to obtain various licenses from the government before starting the operation, or else you are charged a substantial penalty, or in some instances, it leads to closure of the business as well.

Online legal services companies nowadays provide an effective and efficient Solution for navigating the legal waterway. These companies are AI and machine learning based which ultimately aim to automate the working of the system which otherwise is archaic and cluttered.

Which Business Structure is best for you?

Determining A business structure is one of the biggest hurdles which you need to cross to establish yourself as a business in any location around the globe. It is going to be a critical decision that will secure success for your company.

You have options of keeping the members limited to one, or if you have plans of going public, then you have a choice of opening a public limited company which provides an opportunity to invest in any other company and provides freedom to the owner of the company to invite any other person to invest in their company.

Remember! The path you choose will establish the structure of your company growth in the coming years.

Saving your Brand and Company name

As we experience things around our surroundings, we get attracted to some and want to incorporate them in our life someway or other, and the same is the case with names and designing of certain logos.

So, if you think you have a specific name or logo design in mind that you think resonates with your company portfolio best to obtain legal registration immediately!

Before Any other person finds it attractive and start using it with their product or register it as their brand. Always do a search for a similar trademark in the trademark database for both your brand name and company name.

A professional or online company can help you register your name as well as a logo and assist you with protecting against anyone infringing on your intellectual property.

Is your Business Compliant to commercial laws?

Commercial Laws include all the commercial laws that affect the working of the company in all types of industries. You should be aware of the compliances your company is required to complete. The rules and penalties which will be applicable if you lack behind in the compliances of your company.

The number of compliance for your company will vary based on the type of company and the date on which it is incorporated. If you think that you won't be able to keep up with the deadlines, it is best to enlist the help of professional for it.

Sorting Out Your and Company's Asset

Company owners should always remember that what's their personal property should remain Separate from your company's asset. You should still maintain a different credit account for your company expenses as this is what's going to demark your profits and losses for you.

Do I require an NDA?

If you share any proprietary information with your employees or with the company you want to start a joint venture with; it is essential that you come up with a plan and a Non-Disclosure Agreement (NDA) signed.

Or You might lose your work to a significant setback while working towards the success of your company. The NDA should contain in detail the when and how any disclosure of the information can be made.

Contractual Obligation

Many entrepreneurs miss an opportunity to limit their liability when hiring new employees; this is generally the case with start-ups as it is a new set up Forget to obtain. Usually, the companies have a handbook for the companies’ employees which include all the rules and regulations which are to be followed; the employees have to sign the acknowledgement and an agreement.

Hence it is essential that all the for safeguarding yourself in future form any Issues that arise to have every agreement to be contractual. For instance, the amount of equity every partner in the company owns and the distribution of assets in case of dissolution of the company should be tackled in such agreements.

What to do when you get Sued?

If your company gets sued it is always best to hire a lawyer or attorney; as there negotiating skills help you in any of the adverse conditions and some Instances might save you from massive court fees. In case the issue is not resolved, it is best to consult your lawyer on your chances of winning the case.