Legal Basics that Every Indian Startup Should Know in 2021
It is crucial in a business to focus on the customers, market, strategy, and advertisement. But it is equally vital to have a good understanding of the fundamental laws, rules and regulations. All this helps in running the business smoothly and successfully. It also helps in many essential processes like formalizing a founders’ agreement to safeguarding intellectual property to enforce business contracts. Here are a few legal basics that you should know about before setup company in India.
- Formalizing a business structure and founders’ agreement
Firstly, you have to be clear about the nature and type of business. Founders will have to make this decision of choosing. Later on, it is followed by a legal set of requirements and rules depending upon the type of business you are running
- Applying for business licenses
License is a very vital part of running a business. Multiple permits are applicable, which depends on business’s nature and size. A missing license can get you stuck between expensive lawsuits and legal battles.
- Understanding taxations and accounting laws
There is no company without taxations. Many tax requirements have to be covered, such as central tax, state tax and local taxes depending on certain businesses.
- Following the labour laws
The labour laws are to be adhered by every company, small or big. When your company is certified and has employees who work for your company, you are subject to labour laws. All such laws ensure the minimum wages, holidays, necessary benefits and bonuses.
- Ensuring the protection of intellectual property
Intellectual property does not refer to physical property. It includes intellectual belongings of a company like codes, algorithms and research findings. Having non-disclosure agreements and following other laws regarding this to ensure intellectual property protection.
All these basic laws and many others, need to be known by you before you setup company in India. At DBPL, we take care of all these laws and regulations for you. We keep you on the right side of the law so that you don’t have ever to face the consequences of breaking the law. We help you build your company from scratch. DBPL ensures that you get a good piece of land, get construction going on with appropriate designing and hiring of employees. You have to sit back and trust us with your business opening in India.