While it is very important for any startup to have a strong focus on customers and the market, it is equally important to have a good understanding of the basic laws, rules, and regulations that are applicable for the business.
Some important “legal basics” that startups and entrepreneurs in India should be aware of before embarking on a business venture are listed as below:
1. Formalizing a business structure and founders agreement
2. Applying for business licenses
3. Understanding taxation and accounting laws
4. Adhering to labor laws
5. Ensuring the protection of intellectual property
6. Registration with startup India
7. Co-founders agreement
Why and when does the need for legal advice arises in a startup?
A startup is a company initiated by individual founders or entrepreneurs in search of a repeatable and scalable business model. The concepts of startups and entrepreneurship are similar.
However, before starting any business or any company, it will be mandatory to pass through some legal certifications and thus the need for lawyers arises to understand all the legalities on various parameters.