As a budding entrepreneur you need to take care of a number of things like funding, operational cost, business promotion, branding etc. what often takes back seat is the legal assistance. Most of the time people undermine the importance of legal help or hiring a lawyer for their firm, many startups feel that they only need legal help while starting off the business but there is much more to it.
The Indian legal system is a complex one especially when it comes to starting off a new business, there are many formalities and paperwork which is required and the work doesn't end here tax filing, preparing reports etc. all these work require legal expertise. Let me brief you with some information related to the Indian economy, out of 191 economies in the world, India ranks 134. This shows that stiffness of startup ecosystem in India, however, we have recently witnessed a lot of changes which have made bendy policies that could help startups flourish.
But in order for you to understand the legal system of India especially related to starting a new business and here is why it's important?
Company formation: The first and the most important thing that you should not miss is that you need legal help for company formation. If you are well-versed with the company's act and other legal aspects its fine but for those who are completely new to it, they need legal assistance to understand whether they should go ahead with LLP, Private Limited or Public Limited Company. A lawyer can also advise you on the corporate structure
Tax system -Once you have decided on the type of firm, you need to understand what re the various tax implications applicable to the type of firm you are willing to establish. A good and proficient lawyer or law firm can definite help you understand this.
Angel funding: This is the time when you definitely need a lawyer and legal help. Investors look at your project differently and in order to make an enticing project you need legal assistance to frame investment documents, a good lawyer understands all this perfectly and they will be able to help you in a better way.
Getting business licence - irrespective of the type of business you are doing, you definitely need business licence, some of it can be tax registration or trade licence or shop and establishment registration, if you are starting an import -export business you need many other types of licence ; a legal assistance or lawyer on your side will help you understand all this and will advise on the types of licence you need.
All-in-all it can be concluded that legal assistance is a must for startups or any business; companies spend a huge sum of money to get this help. Some companies have their in-house team while others outsource legal assistance. Emprssalegal is one such firm which can proved you 360-degree approach in making your business run smoothly without facing legal hiccups. For more information on this you can log on to empressalegal.com.