Business Rules And Regulations
Business Rules And Regulations, You are finally an entrepreneur after all the hurdles you went through to set up your business. At the start, the journey of being an entrepreneur may not go smoothly as you expect, but for sure using your skills rightly has brought you where you are now.
Setting up your own business / start up company, makes you comply with all the binding rules which help you to mitigate the risks that may come up further. However, you may not be aware of every important law you must abide by to safeguard yourself and your business. But we shall share with you, the 6 essential laws that you must be aware of, which are listed below:-
- Kind of Business.
- Business License.
- Law related to Tax.
- Employment Laws.
- Intellectual Property.
- Contract management.
1. Kind of Business
You must first decide under what business nature your start-up is categorized. Based on the type of business you want to carry; you must register your business along with type of Business Rules And Regulations. This could be a Start Up Company, Sole Proprietorship, Private Limited Company, Limited Liability Partnership (llp company), or Partnership Firm.
2. Business License – Business License Registration
Business License and Business Rules And Regulations are inter linked according to Business Law, After registering your Company, you need to make sure to acquire a license (business license registration), this license varies based on the nature of the business you carry. If there is no business license from your end then your company may end up having legal problems. Below is the type of license, which you may seek based on the business your Company carries: –
- GST Registration
- Udyog Aadhar Registration
- FSSAI License or Registration
- Import Export Code
- Shop and Establishment Act License
- Other Licenses and Registrations.
There are different types of business licenses and permits, that are given based on type of business and its size, you can make it by consulting a Corporate Lawyer
3. Laws related to Tax
There is an inclusion of tax wherever a man spends his money. Especially, understanding the tax system becomes more necessary if you are a business owner and do not want to put your Company at risk. Failure of complying with the tax structure in the Country may put you at risk which involves massive fines, possibilities of imprisonment, and criminal cases concerning tax bills due to being ignorant and unproductive. You must have basic knowledge of tax for helping you maintain the Company’s financial status. You may either have to pay tax to the State, Central, or local/provincial government.
Based on the business you carry; you shall be liable to pay tax. Hence, it is best suited for you to keep a record of accounts and make a practice to go through them on regular basis. Knowing tax helps you to improve the tactics to be used to grow your business by providing financial and legal strength.
4. Labour Laws
In Business Rules And Regulations, Labor Laws also play a vital role in the form of labor or employment matters, You are providing more job opportunities through the start-up you have. But, to hire employees in your organization, you must know the rules on Employment opportunities laid by the Country, this includes the minimum wages to be paid, PF payment, sexual harassment rules, weekly holidays, maternity bonuses and so many more.
If you have registered your start-up under the Start-up India initiative, you can give a self-declaration, for nine labour laws within one year from the date on which your company got incorporated; you are given an exemption from labour inspection for this. Below are the nine laws which must be placed importance by you –
a. The Industrial Disputes Act, 1947
b. The Trade Unit Act, 1926
c. Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996
d. The Industrial Employment (Standing Orders) Act, 1946
e. The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
f. The Payment of Gratuity Act, 1972
g. The Contract Labour (Regulation and Abolition) Act, 1970
h. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
i. The Employees’ State Insurance Act, 1948.
To attract more employees in the Company, it is better to have a well-structured employee policy which seems a boosting opportunity for employees and through which you retain good talent.
For having a clear idea about the scheme, it is better to consult a Labour Lawyer / Employment Lawyer / Corporate Lawyer / Corporate Advocate in Bangalore as they would help you to mitigate risks which takes place in Companies.
5. Intellectual Property
Having Intellectual Property is also one of the main object to give strength for Business Rules And Regulations, The goodwill created by an organization is linked to the Intellectual Property of your Company. To stand out as a start-up, you must choose a trademark logo that stands out from the rest of the start-ups and which is unique in itself. By following the Intellectual Property rules, you are aware of how you can protect your business and its reputation along with having protection and commercialization of Intellectual Property. However, in your best interest, it is suitable for you to approach a Trademark Lawyer / Patent Lawyer / Copyright Lawyer to know better about the rights you have been entitled with under Law by Brand Registration or Trademark Registration.
6. Contract Management
Contract Management has a seperate influence through Business Rules And Regulations based on the business, Verbal communication and oral agreement do not last well for the long run of business whether it is between co-founders, partners, or employees of a company. Contracts have a huge role in your company, as this prevents any future implications in your Company. Few agreements which are important for start-ups are the Non-Disclosure Agreement, Co-founders Agreement, Employment Agreement, Memorandum of Understanding (MOU), Memorandum of Association (MOA), Articles of Association (AOA), and so on. For a better understanding of the agreements, you must enter into, a Contract Lawyer / Corporate Advocate will list down on necessary agreements with which your company must comply.
Do not ever try to commit a mistake in drafting an agreement by yourself, this is because you may not be aware of all the legal aspects that must be added to an agreement. Hence, it is best advisable to approach a Company lawyer / Contract Lawyer / Corporate Lawyer for drafting agreements for your start-up.
What can be done by you?
Coming to an end, the above 6 laws are mandatory to be known by you, however it is not necessary that you must read and store it all by yourself. You may approach a Corporate Lawyer / Contract Lawyer in Bangalore or in Hyderabad, as they look into your company legally. This includes Registering your Company alongside Business Rules And Regulations, helping you in providing with appropriate license (business license registration) as suitable for your Business, Drafting Agreements, Registering and protecting your Trademark / Brand and other IP rights, making you comply with labour laws by drafting an effective employment agreement.
Consult Our Corporate Lawyers In Bangalore OR Corporate Lawyers In Hyderabad