1. Incorporation and Co-Founder Agreements
As a startup u need to have a company registered in order to attract investment and limit individual liabilities. A company is more credible than an individual because a company cannot run, A company is a separate legal entity. Have a Co-Founder Agreement for faster resolution of disputes and making terms clear.
2. Licenses/Approvals
Before starting a startup you need to do full due diligence regarding the necessary licenses and approvals, for example if your are into food and beverages business you may need FSSAI License.
3. Contract with Vendors/Third Parties
Always have a contract with vendors like logistic partners etc so that your commercial transactions are on clear terms, employment contracts with non disclosure would protect company interests. eCommerce agreements with customers is a new emerging trends.
4. Accounting and Taxation
Having clear books of accounts and taxation leads a good impression on investors and protect company from notices from the income tax department.
5. Enforcing Contracts
Recourse of litigation must be taken immediately in case of default by any party, to avoid latches and delays as you may not be able to enforce contracts after some time.
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