These are the following laws that should be taken care of:
1) Tax Laws
Tax laws can be very tricky if not taken care of initially. Every company has to pay taxes at the Central, State and Local level. A good knowledge of the basics of accounting and taxation would be very useful.
2) Security Laws
To be on the list of a stock exchange, it is very important to be well updated with the reforms made by Securities and Exchange Board of India (SEBI).
3) Business Finance
It means how a startup manages its financial needs across its life-cycle. It includes everything that is a foreign direct investment (FDI), venture capitals, joint ventures, angel investors. This would result to be very profitable for the company.
4) Labour Laws
This is the most important key to the initiation of a startup as the staff working for the company should be satisfied. This would bring innovations to the company and in later development the company would also need freelancers and contractors and the rights of these are protected under labour law and moreover, a good labour brings productivity to the business.
5) Intellectual Property Laws
If the startups deal with codes, designs or research this is the most important law to be good with. All the IP audits should be updated timely by doing so the Company can file their own claim for patent, trademark, copyright and this will prevent identity theft.
6) Information Technology Law
With growing technology, IT laws come into the picture. If the startup deals with software designing or any IT services, there comes bulk of data from the consumer which has to be protected. It also includes digital signatures and e-contracts which have to be protected for the client's privacy electronically. This is where knowledge of IT laws comes into play.
7) Contract Law
No business can grow without signing contracts with others to safeguard the rights of the company to be misinterpreted, a good knowledge of contract law is essential.
8) Settling Disputes
With the increase in the number of disputes, courts have been overburdened with petitions and appeals, hence alternate methods of dispute resolution including arbitration, out of court settlement, negotiations etc have been taken up. These alternate methods are being widely taken up by the emerging companies nowadays as it is a method of saving both time and money. The best startup advocates in India can help you with starting a business in accordance with the laws.
Every entrepreneur should follow the basic law to make their Startup successful and recognizable. One cannot take any shortcut in order to become successful in a very short span of time.
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