This is the millennium of the start-ups and if you have a workable idea and a bit of investment you can be a start-up in no time. But is it that easy to set up a business? In reality a start-up is no child’s play, even though it may seem so, given the fact that almost everybody with an idea talks about setting up one. So then, how do you go about it? Creating a business is a value adding proposition and if not done right from the word go, it could all go downhill even before you began your journey. At onset we seek the opinions of Family, friends and just about everybody we know, but Legal consultants.
With the advent of technology, accessing law is also only a click away. There are online legal service providers like startupwala.com, who can come to your help while starting up your entrepreneurial journey.
The foundation of a good business lies in three aspects, corporate registration, protecting Intellectual Property and routine compliances. So how does one go about getting these things done? Here’s why you engage a good legal team, someone with the know how of setting up a business. You don’t need a flashy legal counsel who will fleece you to the last penny, rather seek out someone who knows his way around. So where do we start?
- Company Registration:
Whether you start the business on your own or in partnership with friends it’s always important to choose the right business structure, which helps you to scale your business and can win market confidence. Business structure is nothing but the mode of conducting your business. The most popular business structure for startups in India is Private Limited company, Limited Liability Partnerships (LLP) and One person company (OPC). Earlier entrepreneurs used to go for proprietorship and partnerships for ease of starting however in last five years this trend has shifted to opting for organised business structures like Pvt. Ltd. Companies and LLPs. The trending business model for one man companies is OPC, due to minimal document requirements and status similar to Pvt. Ltd. Companies.
- Trademark Registration ™ & Brand Protection:
Your business is registered; you have all the processes, products/services in place. What next? Apart from choosing a right business structure it is also very important to protect your product name, brand name, website name, unique content and designs. In a long run, along with building a strong product or service line, your success would depend on how well you protect your brand under which these products and services are traded.
A small mistake in not registering a trademark or copyrighting the content may cost a business more than anyone can imagine. Startups should never let their babies without protecting them.
A right trademark consultant can get your most valuable asset, your brand name protected for couple of thousands.
- Routine Filings & Compliances:
We have seen time and again that more than Idea, it is it’s execution turning things into great successes. So you should also be ready for doing some boring stuff like accounting, ROC filings and keeping records. Startups are too busy building next big thing and tend to delay or ignore these simple yet critical things. If you think all this needs a big legal team and money, this is a myth and things have become so simple that you can get these items completed through a Mobile App.
All of the above are not only mandatory but also indicators of a good business health and ensures the processes are in place. There are a lot of individual consultants spread across but the easiest is to do it online and there are portals and mobile apps like startupwala.com that help you get your startup legal stuff sorted in few hours.
Author of this article
Mr. Bala Nadar, CEO, Startupwala.com