Top Legal Issues Faced by Startups and Small Businesses
In this competitive world, the startups and small businesses are those type of businesses which are required special care in order to survive and grow. Legal Issues Faced by Startups
There are many challenges or legal issues which are likely to be faced by the startups or a small businesses and one should be aware about those challenges before starting up a business.
In this Article, we will discuss about those legal challenges and learn how to get rid of those challenges and legal issue.
Let’s get started with the legal issues faced by startups and small businesses and best CS firms in Delhi who are providing solutions to the legal issues.
Top legal issues faced by startups and small businesses are as follows :-
1. Registration of new Business or startup:
A startup or a business require government recognition by registering itself in the government records and the business registration in India is different as per the business structure of the organisation.
The different kinds of business structure in India are as follows:
- Proprietorship or Single owner business.
- Partnership Firm
- Company / One Person Company
- Limited liability Partnership
The business registration is a time taking process and involve various technicalities of law and for a layman person, it is very difficult to get rid of it. However, we have best CS professionals in Delhi, who will get your business registration without any hassle and bustle.
2. Business approvals:-
Once, your business registration is complete by all aspect, you need to get business approvals on the basis of your product and services. Some of the type of Business registration are as follows:
- Goods and Services Tax Registration
- Trademark Registration
- MSME Registration
- Startup India Registration
- ISO Registration
- FSSAI Registration
- Trust and Society Registration
- Shop and Establishment Registration
- ESI / PF Registration
- Import Export Code
All the above business registration are mandatory for a start-up and small business for taking a business into a new heights.
Sometimes, business approvals not received, due to lack of professional knowledge or experience and to avoid such situation, one has to hire best Professional CS firm in Delhi.
The CS firms in Delhi has vast experience in taking various regulatory and business approval and they provide professional services for getting the business approvals done.
3. Accounting and Book keeping:
As the startup is expected to grow at very fast speed, it is very difficult to manage accounting and book keeping with the rapid changes. CA firms in Delhi are the solution provider in this case, there are many professional CA firms in Delhi which are providing services of Accounting and Book keeping at affordable fee.
As accounting and book keeping is mandatory under Indian laws and also help a business owner to find out net worth, profit and losses, turnover and expenses in order to regulate and control cash flow in a business entity. We can say it is the backbone of a business startup and small business, in fact, a good accounting and book keeping helps in future to identify different kind of transaction and good records represents a good company.
Sometimes, Government authorities may ask for previous or past accounting records for verification purpose and in case proper records are not maintained at that time, the government authorities may levy heavy penalty and initiate various legal cases against the startup and small businesses. To avoid such type of penalties and legal cases, a startup should hire a Professional CA firm in Delhi, who can take care of the accounting and book keeping part. We are taking care of accounting records of various companies and we have professional Chartered Accountants CA and Professional Company Secretaries CS, who are best corporate service providers in India.
4. Compliances & Returns (Follow Rules and Regulations):
Upon Successful Registration and business approvals, a start up need to obey with the legal compliances of the Company Law and some of these regulatory compliances are as follows:-.
- Secretarial Audit, Certification and Form Filing Related Services
- ROC Annual Filing (XBRL / INDAS- XBRL).
- Issue/ Allot/ Transfer of Shares, Debenture and other securities.
- Online Stamping of Share Certificate.
- Increasing of Authorized Capital.
- Appointment of Director in a Company.
- Resignation of Director.
- Appointment /Resignation of Auditor.
- Change of Registered Office.
- Minutes/ Statutory Register.
- Reserve Bank of India‘s FEMA Compliances.
The above legal compliance required lots of technical and legal knowledge. And all the work can be done by the CS professionals who have all the required legal knowledge and expertise in this area.
So, that’s all, we are wrapping up this article, I hope this article will help you in your business. You may reach us at below mentioned details.
Read Also:
Registration: Register Your Business
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