Startups are the spotlight of
today. Entrepreneurs are the talk of the town and have the same aura as some of
the actors. They feature on magazine covers and earn millions within a few
minutes. The new age businesses are getting more attention and the governments
is also encouraging the process on its part by taking initiatives and making
schemes like Startup India which aims to capture the spirit of entrepreneurship
in the country. They have made lives easier and millions of people use their
services making them widely popular in the process. They are creating hundreds
and thousands of new jobs and putting India on the global map. Last year India
ranked third on the list with most startups after the mighty Americans and the
royal British. Startups have touched the core of young India and from taking
rides in Ola to ordering products on Flipkart, our own homegrown startups are a
part of our regular lives.
But they are not fool proof and
several steps must be taken to ensure that they enjoy the credibility that they
have today and not lag behind their foreign counterparts due to mistakes that
can be taken care of if looked in at the specific period. This is to say that
they are not infallible and they must adapt and be protected from possible
difficulties. Thus some guidelines must be taken care of which may help them
against some unforeseen problems.
Statutory Compliances
There are multiple laws that are
applicable to a business entity and it is of prime importance to have the
complete knowledge and understanding of the laws that engulf that business
sphere. The non-compliance of those laws may lead to punitive damages, fines
and even license cancellations and must be looked for.
Legal Advisor
Having a legal advisor is not a
matter of any shame. An entrepreneur often works in a team and it is of prime
importance to know that a certified legal advisor does not have any
replacements. There are several business clauses that are included in a deal
and a legal advisor will help you make sure that none of those come out to be a
thorn in your side.
Tax compliances
It may seem that this is not an
area of major concern but if sources are to be believed, recently a big food
aggregator was charged with tax fraud while billing its customer and action was
taken against the. Need I say more?
Investors
A dispute with investors is not
what will be on any entrepreneur’s mind. These are the people who are believed
to be the lifeline of an investor and they need to be addresses properly. Every
investor has a certain portfolio and you need to fit into that if you wish to
receive the funding. So If you have someone who can do that for you, that will
be an added benefit.
The above mistakes seem small but
they can do much harm and thus attention must be paid to any major or minor
detail.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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