Starting of business requires few skills but firstly needs some ideas let it be unique or an existing one. Entrepreneur should perform various functions before he starts his venture.
Here are some legal formalities to be followed :
Chose from sole proprietorship, incorporated company, partnership, LLP, etc.
Balance out short and long term interests while chosing the mode of capital.
Ensure that your partner has no or very little baggage.
Get the registration and appovals done for any lease or purchase of land or buildings.
Obtain all regulatory approvals.
Apply for tax registrations like PAN, TAN, service tax registration number, etc.
Forex can be used for only limited purposes, and as per applicable forex laws.
IP must be adequately protected vis-à-vis third parties and employees.
Registration under Factories Act, ESI Act, Payment of Gratuity Act etc. may be required.
Liability due to problems with products or deficiencies in service must be limited.