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Conforming to legal and regulatory norms is not an easy task for start-ups. Setting up a company, raising funds, association between founders, recognising and protecting the privacy of consumers, complying with intellectual property rights and the procedures for winding up a business – there are a host of legal and regulatory issues to deal with.
Though the fledgling entrepreneurs may be very good at the core technology areas, they are often clueless when it comes to statutory compliances.
Handholding
Here comes help from the National Academy of Legal Studies and Research University of Law (Nalsar), a reputed law institute in Hyderabad.
The Centre for Law, Entrepreneurship and Action Research (CLEAR), an arm of Nalsar, will train start-ups on the legal front and guide them on regulatory areas. Nalsar has signed an agreement with incubator T-Hub in this regard.
CLEAR will take the start-ups through a learning exercise, beginning with how to register an entity, structure their transactions, comply with regulations, file tax returns and handling closures.
The start-ups will also get focussed advisory and consultancy services from experts from the law institute.
“Ignoring the legal aspects can lead to 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 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.
Help desk
The CLEAR team will open a help desk at the 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 while raising investments
● Dealing with human resources-related issues
● Awareness of founder-related issues
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