When starting up new business, legal aspects must be considered carefully, this can certainly influence your business in the future. There are many aspects right from type of organisation to be formed to registration of a logo or trademark to different taxes and duties and many other legal set of rules, within which a business has to operate.
Firstly, the selection of business form, i.e. whether it should be a proprietorship or partnership or private limited company or newly defined LLP. Every type of organisation has its own merits and demerits. So, which is most suitable to the type of business you want to establish. So even before starting the actual business we must compare the different possible legal business forms to make sure that it suits to our long term intensions.
There are four basic legal business forms in India, when starting up a new company: sole proprietorship, partnership and private limited company and LLP.
Intellectual Property Rights
Intellectual Property Rights are the rights acquired by the company or any other individual for the creation of knowledge or artistic works or inventions or words, symbols or trade secrets or anything which can be termed as intangible asset. IPR are the special rights assigned by law for such creation to the creator of the work.
Tax and Duties
As per the business form we choose to operate in and the nature or type of business, we are bound by different legal taxes and duties, which we must pay to avoid conflicts with legal formalities.
Contracts with other Parties
In the operation of any business, we need to sign different contracts and agreements with our employees, partners or even the customers or any other business stakeholders. These need to be carefully drafted by professional hands to avoid possible risks.
Our partner company secretaries and chartered accountants can help you with these and many other legal aspects of business not mentioned herein explicitly.