The professional team of Advocates & Lawyers of www.mylawyersadvice.com are taking up an initiative solely to educate and enlighten the public at large and especially the young Entrepreneurs and new Start-ups with respect to the various aspects of different laws and/or legislations vis a vis their legal implications and importance while duly considering the legal procedures involved. The professional Advocates & Lawyers are sharing their experiences solely for the purpose of spreading legal education.
- The tech Start-up first should incorporate and/or register the business i.e. by way of a One Person Company (OPC), registered Partnership, Limited Liability Partnerships (L.L.P.) and/or a Private Limited Company under the aegis of the Indian Companies Act 2013 respectively.
- Thereafter the Start-up should register itself with the Start-up India project of the Government of India.
- An important thing which we must note is that in order to be accorded the status of a Start-up and to enjoy the legal rights and avail the benefits of the same, the business needs to acquire a certificate from the Department of Industrial Policy and Promotion (DIPP) which is under the Ministry of Commerce & Industry of the Government of India. For the same, an application needs to be made with documents as prescribed on the portal of Department of Industrial Policy and Promotion (DIPP).
- A registration under the Micro, Small & Medium Enterprises (MSME) and/or Small Scale Industry registration under the Micro, Small & Medium Enterprises Development Act of 2006 is advisable as the same carries a lot of benefits.
- The Start-up should also obtain their Import Export Code (IEC) which is issued by the Department of Foreign Trade of the Ministry of Commerce & Industries of the Government of India.
- The tech Start-up should also obtain the Goods & Services Tax Registration (GST) under the Goods & Services Tax Act of 2016.The Start-up should also obtain Authorised Dealer (AD) Code from the Bank where it has its current account.
- The Start-up should diligently prepare its Employee Handbooks, Employee Code of Conduct, Vendor Agreements, Founders Agreements & Contracts, Shareholders Agreements, Dealer Agreements, and/or other Third Party Agreements & Contracts respectively.
- The tech Start-up should diligently protect its Intellectual Properties which includes registration of Logos and Trademarks, filing of copyrights for their thesis and software programmes, filing of patent applications for their inventions and devices etc.
- The Start-up should execute all the documents related to loan and/or project funding including any other documents which includes an involvement of Venture Capitalist (VC) and/or arrangements with respect to Joint Venture, Mergers & Acquisitions including Amalgamation including any other Private Equity (PE) arrangements respectively.
- The Start-up should always try to execute a yearly legal audit.
We hope that the above would suffice and assist the young Entrepreneurs and the Start-ups in achieving their goals and objectives.