Tag: legal service providers

Key Legal Documents Required For Startups & SMEs in India

Key Legal Documents Required For Startups & SMEs in India

Why it is necessary to use a professional legal document services? The important thing for legal documents is to translate the document into the target language in such a way that readers will gain a full impression of the content in the original language. It’s also important to note that the legal terms used in the original language represent the country’s system of government, culture and other necessary factors.

Running a business involves lot of drafting various legal documents. Find what you need regarding the right documents for your business entity, buying or selling a business, engaging in joint venture, managing stocks and more. Documents play an essential role in protecting the interests of the business and business owners over the course of a company’s lifetime.

 Below is the list of legal documents, amongst many, which Startups & SMEs will require:

Legal Documents Required For Startups

  1. Employment agreement- General applicable to all employees

  2. Website documents such as terms of use and privacy policy.

  3. Software development agreements.

  4. Terms sheet, Shareholder agreements, Share Subscription Agreement etc.

  5. Lease deeds

  6. Agreement between the Founders and Co-Founders

  7. Non-Discloser Agreement

  8. Intellectual property assignment agreement

  9. Chanel Partner agreement

Legal Documents Required For SMEs

  1. Key employee agreement- Agreements with General Manager, CEO, CFO,Vice President etc

  2. Service Agreement- Service agreements such as marketing, consultant engagement, AMC, advertising, facility Maintenance etc.

  3. Client agreements-: This kind of agreements are entered into by the Consultants like interior designer, architects, turnkey projects personnel, Logistic warehouses, basically any service provider etc.

  4. Lease deeds

  5. Collaboration agreements

  6. Merger and Acquisition transaction

  7. Franchisee agreements

  8. Pan India Distributorship Agreement

  9. Non-Discloser Agreement

  10. Settlement deeds or MOU

  11. Import Export Exclusive Distributorship Agreement

  12. Sales on commission basis agreement

  13. Intellectual property assignment agreement

  14. Chanel Partner agreement

When you run into a legal matter, you may consider hiring a lawyer, but you should take several factors into account before you do. A lawyer isn’t always needed for a legal conflict, and you could represent yourself to solve the problem. Figuring this out ahead of time can save you a ton of money.

You can use legal document preparation services for some issues regarding personal and business legal matters. By using legal document preparation services, you don’t have to worry spending unnecessary expenses on a lawyer. The price of a lawyer can cost many thousands of dollars, and this is something some people cannot afford.

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Patenting 101 – Why is a Patent Claim so Important?

Patenting 101 – Why is a Patent Claim so Important?

Importance of Patent Claims:

Any technological invention needs to be patented for preventing alien companies from replicating it. It takes hard work, research and R&D to come up with groundbreaking innovation which is why patents are necessary to ensure that other companies cannot claim or use that technology without the primary company intending to share the technology for some reason which can be monetary. Logos and other unique content of your company can also be infringed, which is why you need to complete the logo registration and brand registration. This is the purpose of patenting a product. But what defines the area of propriety claim the company has over the invention?

Patent claim is an essential part of patenting which defines the boundary over which the claim has been made. This allows freedom to other corporations to patent products that are outside the jurisdiction of a previously patented innovation. Creating a patent claim is a grueling mix of technical and legal vocabulary and terms that can clearly define these boundaries and the scope of the invention or creativity. You will realize how important it is to create a patent claim which not only ensures trademark protection or technical protection but also lays down the exact map of what is covered and what is not.

Types of Patent Claims:

If broken down, patent claims can be visualized as independent patent claims and dependent patent claims:

Independent Patent Claims:

Like the term ‘independent’ suggests, this claim does not bear reference to a previous claim. It is a stand-alone claim that has no predecessors to claim to and is completed with a preamble and all the intricate technology used for creating the product. These claims have a broader perspective since they have to cover all the aspects of the products to restrict any form of infringements. Let’s take a look at the common types of independent patent claims:

  • Claiming a product

  • Claiming a process to create a product

  • Claiming the understanding of using a product

Dependent Patent Claims:

This is completely opposite to the independent patent claims definition wherein the claim made has a reference to a previous claim. A dependent claim can have reference to an independent or a dependent claim based on the product or process. The dependent claim for a specific product or a process is a narrow and core specific claim since you are targeting a concise and local aspect, without affecting the legal aspects and venturing outside the jurisdiction of the previously claimed product. This patent claim can have descriptions of the minute aspects, optional features or non-essential features that are not described in any of the previous claims. All these minuscule details add to the importance of patent claims.

Creating the Perfect Patent Claim

Patent claim is not an easy task which can be overlooked. Intellectual property which includes trademarks, logos, and technical aspects need to be protected through these claims which is why there needs to be clinical supervision over the draft that starts from the broad secret of the product right down to the core specifics of it and the language used. So let us take a look at creating the perfect patent claim.

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Top 4 Intellectual Property Rights Service Providers For SMEs and Startups

Top 4 Intellectual Property Rights Service Providers For SMEs and Startups

Creative ideas, innovations or unique creations can exist in every business. These are benchmarks of being competitive and ensuring financial success. But how do you protect your most valuable asset i.e. the intellectual property of your business? How do you make sure that competitors do not copy your business idea or USP of your product/ service? Read on to find out.

What do you mean by intellectual property rights?

“Intellectual property (IP) represents creations of the mind or intellect that can be legally owned. IP laws allow for protection of patents, trademarks, copyright, designs, circuit layouts, and plant breeder’s rights. Almost every business has some form of IP that they need to protect.” From the content on your corporate website to the differentiating aspect of the product you sell, or the key results of any R&D project you carried out – All of these fall under the gamut of intellectual property. Intellectual property rights are the rights given to individuals or companies over such creative works of intellect. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.

The intellectual property rights include industrial property rights (e.g. patents, industrial designs and trademarks) and copyright (right of the author or creator) and related rights (rights of the performers, producers and broadcasting organisations).

The significance of intellectual property rights in India is well established from a legal, judicial and administrative point of view.

Why hire an intellectual property rights service provider?

Apparently, the concept of intellectual property is not an entirely new one. SMEs and startups have a fair knowledge of intellectual property rights. But money is a huge consideration for small businesses, providing for the protection of one’s intellectual property rights seems like a luxury to them. However, in the long term, it is worth protecting your intellectual property.

It becomes even more important and acts as a powerful asset when you have plans to sell the business, merge with another company, secure funding or embark on a joint venture. And thanks to the good number of professional intellectual property rights service providers in India, the extremely complicated task of

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Top 10 Things You Need To Know About GST

Top 10 Things You Need To Know About GST

Goods and Service Tax or GST, in short, is a boon to businesses. Indian tax system is very complex and has different direct and indirect tax deductions for various products and services. Hence, understanding the tax structure for your small business used to be complicated and very difficult to implement. Now and then, there would be a change in the structure due to volatile components like service tax making the traditional taxation process more intricate.

Imagine an entrepreneur who has just started a business. In addition to the businesses processes, they would also have the additional burden of filing taxes before the deadline, understanding tax credits, and payment procedures entirely to run a compliant business. However, with the traditional taxation structure, there is a lot of scope for mistakes, or rather blunders, which a tax auditor would not agree to look past. This might result in serious legal implications and hamper the business mostly.

GST has simplified the entire taxation process for small businesses and ensures that the structure is easy to understand and implement. There are not many variations in the tax structure for different businesses, which further simplifies the process. So, confused about the things that you need to know? Keep reading.

1. Will my tax burden go down?

GST will have a definite impact on the cascading of tax. That is, the tax will not be levied on a produced well at every stage of its transfer till it reaches the end consumer. This would drastically bring down the tax burden. The input credit can only be demanded in case it matches with the billing statement of the respective suppliers in between.

“Tax will not be levied on a produced well at every stage of its transfer till it reaches the end consumer.”

2. What about my compliance procedures?

GST registration process is aimed at bringing down the burden of compliance on small businesses. However, since the procedure is new and contrasting to what has been followed for these many years, you would require a more stringent compliance procedure to ensure a smooth transition.

3. Will it become more tedious?

It is worth noting that the traditional taxation procedures required you to file for VAT, service tax and all other returns separately, as the input mechanism are different for each tax. However, in GST, you only need to input your purchase and sale details, the GSTN would automatically match invoices for claiming input credits, and the returns and prepared accordingly. Once this process is completed, there is no further requirement to file anything else on a monthly basis.

4. Knowing all the GST rate slabs

At present, there are four proposed tax slabs that you need to know which ranges from 0% to 28%. The first one is the special categories of goods and services which would include all the luxury goods like precious metals and falls in the 28% tax slab. The second category is that of standard goods and services which have a 12%-18% tax slab. The third category is that of goods of mass consumption like oil, tea, and spices with a tax rate of 5%. Grains like rice and wheat, and other essential products and goods are exempted from tax, and there is a proposed cess charge on sin products like cigarettes, aerated drinks, luxury cars, and tobacco which is over and above the 28% levied on standard goods.

5. How do I pay

Once you do the GST registration online you can start filing the returns through GSTN and the tax is calculated based on your liability through sales bills. The valid tax input credits also get adjusted automatically. The amount can then be paid online.

6. How will this system impact my working capital?

One of the points to be kept in mind here is that, while there is no cascading of tax, the working capital requirement would increase significantly in case your supplier or customer is non-compliant with regards to tax filings.

7.  GST returns

This is to be prepared based on your invoices for the stipulated period of return filing. You have to upload the relevant bills, sales register, and other relevant information which would be required to authenticate your returns.

8. Matching credit inputs

You have a period of two months to match your credit inputs post which you will have to revoke all unmatched credits. You can work with your vendors and suppliers for any return which doesn’t get matched after which the final tax return would be prepared and tax liability would get discharged.

9. What should I know about GST compliance?

Ensuring GST compliance is an essential thing after online GST registration. The best way to start is to ensure that all your transactions are recorded in the system and is reportable. One of the inevitable GST registration requirements for small businesses would be to have a technology-aided solution to enable them to be compliant. Such a system can effectively capture and record all the transactions and minimize any loss of records or invoices.

10. What is the most important thing I need to know about GST?

You need to be wary about two types of invoice namely the tax invoice and bill of supply to ensure GST compliance. You can issue an invoice for goods any time before the delivery of the product and for service, you can do so within 30 days of supply of the service. In the case of non-taxable supplies, you are not required to issue a separate bill of supply if you have already issued a VAT invoice. Also, issuing invoices is not essential for a small tax-payer who does a large number of transactions below 200 unless specifically requested by the customer.

 

In Conclusion

Online GST registration has become compulsory for every business person in India with an annual supply turnover of over 25lakhs. This is inclusive of all kinds of legal entities like proprietorship, LLP, partnership, company, society and any other related profit making body. The registration has to be completed within a month of exceeding the annual supply turnover limit. The entire GST registration process is seamless, transparent, straightforward, and is an absolute necessity for all businesses.

“The entire GST registration process is seamless, transparent, straightforward, and is an absolute necessity for all businesses.”

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