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 food 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 food 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 food Start-up should also obtain the Goods & Services Tax Registration (GST) under the Goods & Services Tax Act of 2016.
- 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 Start-up should diligently protect its Intellectual Properties which includes registration of Logos and Trademarks.
- The Start-up needs to obtain FSSAI Licence & Registration from the Food Safety & Standards Authority of India under the Food Safety & Standards Act of 2006 respectively. In case of liquor a Liquor a Liquor License needs to be obtained from the Deputy Commissioner of Excise of the concerned Excise Department of the concerned State and/or Union Territory.
- 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.
For latest updates log on to www.mylawyersadvice.com.