We every day hear so many stories of new business coming up, so many of them turn into unicorns, all of this gives us the temptation to start our own business, to create something which we’re interested in as well as yield us some income too but are we aware of the fact that starting a business without getting legal advice can lead not only in drastic effects but even in its failure and we surely don’t want that so you already know what to do - continue reading this blog.
Protect your Ip:
For any business, protecting their IP is as important as any other operation of a business. Also, one needs to protect their IP, not in India or their residing country but also worldwide.
Hence along with registering an IP in India, there’s also an option of getting an IP registered globally. This can be done by applying for global IP.
Only written contracts
The business enters so many contracts during its lifetime and in these contracts so many things are discussed. Imagine what a mess would it become if all these contracts were oral, who would remember all the details. Also, oral contracts lead to more chances of dishonesty in business. Hence a proper contract should be drafted and signed duly by both parties. This would act as written evidence.
NDA for employees
There are employees in every organisation. Thus, there’s also a chance of them stealing your valuable IP assets and disclosing them to competitors, or starting their own businesses with your ideas. Hence, you’ll need them to sign NDAs to keep company information confidential.
The agreements should also include an acknowledgement that all rights to the inventions or copyrightable material created by them while working for your organisation are automatically transferred to, and owned by, your organisation.
Often, we come across instances where even big companies are accused of sharing their client’s data which generally includes their personal problems to third parties.
Well just to be clear here, data leaking can cause serious trouble. So, start clearly stating what all personal information clients need to share with your organisation and what would the organisation do about it and as obvious stop sharing anyone’s personal data asap.
Licenses allow business owners to provide their customers, employees and other stakeholders with the confidence that the business is well run and its goods and services are trustworthy.
However, acquiring licensing takes a considerable amount of time and the process is complex too and so many businesses avoids it but if the organisation want to stay on the safer side then all the licenses should be duly acquired.
Dissolution of business:
In India, there is a belief that whenever doing something important or purposeful don’t think about its end and I’m sure many business owners do the same while running their business but the dissolution of a business has many legal formalities which can’t be avoided.
Thus take my advice and set forth all the instructions, terms conditions and policies to be followed in any such situation.
Importance of Professional team
Having a professional team to take care of all the legal matters of your business would not just reduce your workload but also enable you to fully focus on the core activities of the business. Thus, we at BBNC would be a lot beneficial.
We would take care of legal formalities, you can even consult our CA, CS and lawyer in case you need legal advice.
I hope that reading my blog 7 legal advice you didn’t know you need for business would have given you a clear idea about the legal advice which would be important for your business. If you need any help with legal issues of your company or need assistance with your incorporation, please feel free to contact us anytime at Info@bbnc.in Thank you for reading, we’re always happy to be able to provide useful information on topics like this!