5 ‘CRUCIAL’ laws for STARTUPS to know to be out of mess

The journey of entrepreneurs start with problems that they want to address and solutions, they believe, are the best. From here the long journey of developing a solution – product/service – starts, it requires multitude of tasks from deciding the type of firm to hiring best people to deliver the solution, from raising funds to marketing your product.

• The journey is long and filled with leaps and bound though it is not disheartening at all, in fact, this what makes me going, solving problem’ says an ecstatic and spirited Abhishek Raj working as Digital Marketer at an IT solutions company in Lucknow and an aspiring entrepreneur. He admits ‘the major problem with this generation is not with technology or commerce but with legal’.

Therefore, 5 crucial Laws for startups (their founder and co founders) to know about apart from the basic accounts and tax related laws that would help them to avoid any legal bottlenecks or punishments are:

THE VENTURE TYPE:

Yes, you want to start your business. Great congratulations, now what’s next? You must decide on the type of venture Private Limited, Public Limited, Partnership Company or limited liable company. These decisions are based on the practicality, sustainability and other related terms that help you determine the profits.

LABOUR LAWS

Since you plan to open business, you would need people to work on your idea (product or service). No matter whether you outsource or hire an independent consultant, the employer-employee relations lie to the core of the business. Without it there is no moving forward, legally.

INFORMATION TECHNOLOGY LAWS

Mostly all the platform use technological platforms for expanding the outreach, things such as e-contracts, digital signatures, cloud computing, protecting your privacy, and securing confidential data from hackers, are of critical importance.

INTELLECTUAL PROPERTY LAW

Another critical and brain busting thing is legally protecting intellectual property of any business. It requires timely IP audits; filing the accurate trademark/ patent / copyright claims will not only protect your business but increase profits too.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) LAWS:

For easing out the process of listing familiarity of Securities laws regulated by the Securities and Exchange Board of India (SEBI) is essential. Also well acquaintance with updated regulations of SEBI helps you assist in successful management of new businesses and more importantly fund raising.

All the laws are formulated for your business convenience and therefore getting acquainted with all the latest development only helps you grow steadier and better.

For those going to start business (startups) and later on becoming IT Solutions Company must be well acquainted with laws concerning the operations and other functionalities of businesses to help you sail smoothly

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