Keep these legal documents handy before starting a business in India
Starting a business in India is exciting as well as overwhelming. It’s much more than the initial market research, creation of business roadmap or finalising the business structure. You need to take care of a lot of legal formalities to ensure there is compliance per laws of the land.
In order to ensure that, you need to keep a few legal documents handy before even starting operations. Though a lot of it depends on the kind of business you want to set up, there are certain licenses and permits you will absolutely require, especially if you are a small business owner. Again the basic guidelines will be same but there are certain additional legal framework if you are an owner of an online venture.
Read on to find out the key legal documents you need if you’re starting a business in India.
Registered business credentials
This process lets your state or local government know the name you are operating your business under. This registration doesn’t provide trademark protection, but it does allow you to create and use the name you want for branding purposes.
State and local taxes document
Independent business owners need to pay state and local taxes such as self-employment, payroll, income, sales, and property tax. These taxes will vary from state-to-state and are based on your business structure. It’s important that you pay these taxes on time and keep the documents at your disposal to meet any future requirement.
Business permits and licenses
You must obtain proper permits and licenses. Depending on the type of industry and the location you might have to get licensed at the state or at national level.
Your business might have a lot of confidential information such as customer list, financial records, or ideas for a new pricing plan. An NDA is your first line of defence when it comes to protecting this information. This legal document creates a confidential relationship between your business and any contractors, employees, and other business partners.
Memorandum of Understanding (MOU)
An MOU is a formal contract documenting any important conversations you have with suppliers, potential partners and others involved in the business. MOUs are great ways to lay out the terms of a project or relationship in writing, but do not rely on the document to be legally binding.
Use Amazon for your sales and marketing
As a business owner starting a business in India, these legal guidelines should be able to give you an idea on how to adhere to the regulatory norms of the country. You can hire legal advisors to help you with the processes. Once that is done and you happen to be an online retailer who is a little worried about the marketing and promotional aspects as well, Amazon has got you covered
. Our integrated seller portal will guide you on every aspect on online selling and marketing keeping a special focus on your requirements.
So go ahead and grow your business and start your online journey on Amazon
whilst keeping the regulatory laws in mind.