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Conforming to legal and regulatory norms is not something that comes easily to start-ups. Setting up a company, raising investments, the association between founders, recognising and protecting the privacy of consumers, protecting intellectual property rights and winding up a business – there are a host of legal and regulatory issues involved in running a business.
Though fledgling entrepreneurs may be good in the core technology areas, they are at a loss when it comes to conforming to statutory compliance.
But there is help at hand. The Hyderabad-based National Academy of Legal Studies and Research University of Law (Nalsar) is to give start-ups a hand with the legal intricacies of running businesses.
The Centre for Law, Entrepreneurship and Action Research (CLEAR), an arm of Nalsar, will train start-ups on the legal front and guide them in regulatory areas pertaining to their respective businesses.
Nalsar has signed an agreement with incubator T-Hub in this regard.
Hand-holding
CLEAR will take the start-ups through a learning exercise, explaining to them how to register an entity, structure their transactions, comply with regulations, file taxes and handle closures.
The start-ups will also get focussed advisory and consultancy services from experts from the institute.
“Ignoring legal risks can lead to legal hurdles that can quickly derail a start-up, even before it reaches its full potential,” Ravi Narayan, Chief Executive Officer of T-Hub, said.
“The foundation of business is law. Start-ups are, in fact, legal entities just like any other business entity, with an identified purpose. It is important for businesses to understand and operate within the provisions of law, to avoid losses,” Faizan Mustafa, Vice-Chancellor, Nalsar, said.
The CLEAR team will open a help-desk at T-Hub’s facility at the International Institute of Information Technology (IIIT-Hyderabad) at Gachibowli, to work with the start-ups.
What start-ups should know
● How to deal with the protection of intellectual property rights
● Understanding the importance of data security and the implications of failing to protect data
● Legal intricacies of raising investments.
● Dealing with human resources-related issues
● Awareness of founder-related issues
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