Build from Scratch by Vineet Bajpai

Author:Vineet Bajpai [Bajpai, Vineet]
Language: eng
Format: epub
Tags: Mobilism
Publisher: Jaico Publishing House
Published: 2013-08-06T00:00:00+00:00

Legal Safeguards

Diligence is the mother of good fortune.

— Benjamin Disraeli

I read an extremely interesting statement somewhere that said, "If you are serious about doing business, form a private limited company. Anything else is just conversation." So in this small section, I will take you through some of the important aspects that need to be kept in mind to ensure that your business is legally protected and is not unknowingly breaking the law of the land. This would only be a simplified and general discussion, and any detailed legal analysis is beyond the scope of this text. The Indian Company Act, 1956, is a mammoth volume in itself and even excerpts that are accurately relevant would cover a hundred pages. So the attempt here is to familiarize you with some basic legal concepts and safeguards that every entrepreneur should know and follow. Remember Napster? There is nothing more painful than a well-managed venture shutting shop due to unforeseen litigations. More importantly, your own legal safeguards in the company are absolutely essential, especially when you plan to devote your whole professional life to the venture.

Keep the following in mind while preparing to launch your outfit:

Please, please spend some money and get a lawyer by your side. I have known a lot of entrepreneurs who plan to get all the legalities in place without the support of a lawyer. If managing these issues were really that simple, attorneys would be out of business. This is critical, and you must implement this before you do anything else. This is just not where you ought to try and save money!

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