5 Tips For Startups To the Stay Out Of Legal Trouble- The law may not prefer gangsters and mobs, but you can learn some valuable lessons from their films. Yes, I heard this right, you can understand the importance of following legal mandates if you are watching films like Donnie Brasco and Sasatia. Their hidden messages may also be valuable.

Nothing can slow down a business like a courtroom, especially in India. Cost money; You invest effort and – worse than all of this – can shift your focus from growing your business to a trivial matter. That is why all businesses must take measures to ensure minimal harm in the event of any relationship – between the co-founders or with competitors, customers, and employees – and directed in the wrong way.
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Let us know what these measures are:
Reach a consensus
Maybe your friends or family, but you can never be so sure. Differences can grow, for what each founder’s role is, what is the business vision, among other things. This matter should be discussed by all concerned. Of course, it will be difficult, and you may have some difficult days in the office. But it will be useful once it is resolved because these talks tend to build respect between the teams. The founders’ agreement, as a binding agreement, also places any confusion as to the actions of any promoter. For example, critical issues will be addressed, such as what would happen if a founding member was left to say, under his age. It will also keep you outside the courtroom. Do you remember the social network? Imagine how short it would be if Eduardo Saverin had just signed an institutional agreement with Mark Zuckerberg

Be clear with your customers
Gone are the days when the ‘client is the king’ was just a parable. In the internet age, you need to be promoted to it. After all, it can seriously harm social media if the issue is small and even take you to court if there is a need. So be kind and tell them the terms and conditions of using your website or your service and what you do with the information they provide you. These agreements are binding, while documents that are one-sided are regularly set aside by the courts, it helps to obtain these regardless of whether it can keep people from issuing petty complaints.

De-risk Outside Engagement
Through external participation, we mean everyone besides the promoters of the company. You may not want to be suspicious of your employees or business partners. But this is precisely why I needed them to sign non-disclosure and non-competitive agreements with the company. This applies even more if the company that you are building is new or not tested. You may feel embarrassed that you are asked to sign one, but this is part of the game. If they are professionals, they will not mind one thing; after all, think about everything that you put in danger every day you allow them to access your code, business plans, or a customer database.

Comply with the Rules
We should not even discuss this, but more than a third of Indian companies end up paying fines for non-compliance. There are no bills or reminders. But if you do not make your annual deposits, hire an auditor, and keep the minutes of your board meetings, you will receive one day notice of a fine, which can reach RS. 5 lakh for LLPs and RS. 1 Lakh Private Limited Company. Apart from this, there are also registrations of service tax and value-added tax that need to be fulfilled, depending on the nature of your business and turnover. And if you don’t make payments and file returns, there’s a fine for these as well. It may seem like a lot, which is why many never end up complying at all, but this is part of your business, and you have no choice. If you consistently fail to comply, it can even be blacklisted.

Protect your IP
Your brand, contents, and inventions are valuable, as your business grows. So he should go without saying he needs protection. Now, this is largely because while intellectual property is always the property of the owner, it is generally assumed that the first person to submit the registration is the owner. This applies to trademark, copyrights, and patents. Even if you fail to protect this before someone else does, you might end up spending months in the courtroom to prove that your IP is actually yours.

There is no doubt that avoiding legal quarrels caused by tax evasion and avoiding is good for your business. You are letting drift focus away from critical areas that can lead to a thinner bottom line. You should not lose your objectivity by being aware of the fundamentals and following the mandatory provisions.

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