What you need to know for Starting up?
So that now you have decided to commercialize on the business plan you had for some time. You would probably want to find out what type of competitors you are up to. You would have decided the platform, the target market, and finally feel that there is just enough to spin the wheel, and as Reid Hoffman had said, “Jump the cliff and build the plane on your way down.
Incorporation- The first dilemma fuelled by loads of internet articles on what should be your business like, a Private Limited Company? a LLP? or just a sole proprietor/ OPC?
Among other stuffs like tax, compliance, one of the most important factor contributing the choice of entity is what is your long term objective- Funding right? If yes, then Pvt. Ltd. Company is the most accepted entity type by Venture Capitalists.
If your business is anything that is not known for being funded then you can stick to a LLP structure and choose your partners to tag along in your business.
Trademarks– Many startups in their ideation would visit Bigrock/ Godaddy to find the domain name that best suits their business and the best thing is to get the domain of your choice, the next best thing is to register your trademark under the appropriate class(es). There is no point if the desired name or DBA or doing business as name is not available for registration.
Copyright/ Design/ Patent- Similarly, if you have developed or created something that looks/ performs/ delivers something very unique, then get the paperworks for them too.
Agreements & Contracts– For the sake of this article, I will assume that you have reached out to the first set of customers or users and have pitched in hard to sell the stuff and you are now starting to believe that your idea is transforming into a commercial success. This is one of the most crucial phase of your business, as unlike in other stages of the business, you are entering into transaction with another person/ company and so many laws apply at the same time, yet exercising caution is the key.
So you hire a startup lawyer/ advisor for getting the legal documents ready like terms of the service/goods, agreements for service providers, EULA for apps, website terms and conditions, Privacy Documents, Vendors contracts, Partner Agreement, Partnership Agreement etc..
Legal Advice– This is the most recurring type of service that are delivered by startup lawyers. At all stages you will need a lawyer, specifically, startup lawyers like www.mycounsel.in who will guide you on the laws and the advise you on the business practice and the people you are on-boarding.
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