By Anusha Bapat
Setting up your Business legally may be an unnerving process. It involves fulfilling many key tasks apart from the main business setup. Not all of us are masters of law and understanding the legal requirements to set up a business can be daunting. We make this simpler for you.
Here is a list of some basic legalities to get you started:
- Register your business
Registering your company will save you from unwanted legal battles. Research the licenses required for your business and register your startup as a sole proprietorship, partnership or LLP, private limited company. However depending on the type of company you plan to create, talk to your lawyer and Chartered Accountant for the best advice how to structure your company. Chances are that you will need to register for multiple licenses since different industries require different permits. You will need to register for GST if your income levels are over the limit or depending on who you want to do Business. Along with this you will also need to get Bank accounts and PAN card in place.
- Get the contracts in place for working with clients
Create contracts that will not only protect your Business but also will make your Business professional. You will need this if you have suppliers and vendors as well as employees. Set licensing agreements and Non disclosure agreements in place to avoid legal quarrels with parties you deal with. (If required) However be careful to not complicate it with over documentation either.
- Adhere to the local laws
It is very important to know the labor laws around minimum wage, maternity leaves, working hours and sexual harassment. So do your homework and understand what you will need to implement.
- Protect your intellectual property
Trademarks, IP’s etc need to be created to protect you. Contact an IP lawyer to help you with intellectual property protection and obtaining copyrights, patents and trademarks. Keeping everything nice and legal.
5. Research government schemes and grants
The local and central Governments may have a number of programs to help new businesses grow faster and make the set-up process easier. Take time and evaluate these to see if they may be useful for you and if you are eligible. Do your research and apply for these benefits!
6. Finally set up your payment gateways
Once your Business is registered, you now have the opportunity to have many more payment gateways and payment options available to your clients. That is a big win!
Applying for each and every license can be taxing. But with the help of a good accountant or financial/legal advisor you can get this done with ease. Set up your business legally from the start so you don’t have to deal with this stuff after starting the business.
See this link to learn how to register your Business.
Want help with learning how to stay on top of your finances? See this post.