legal issues for small and medium businesses
TRANSCRIPT
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7/28/2019 Legal Issues for Small and Medium Businesses
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LawQuest 2010. All Rights Reserved
LawQuest 2010. All Rights Reserved
Presented by
Poorvi Chothani, Esq.LawQuest, Mumbai
www.lawquestinternational.com
Legal Issues for Small
and Medium BusinessesMumbai, May 20, 2010
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LawQuest 2010. All Rights Reserved
Vital Legal Issues
Four Key Legal Topics to Address
Legal Restrictions/Limits Select Entity Type
Protect Intellectual Capital
Develop Basic Legal Documents
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Address Legal Restrictions/Limits
Government/Regulatory Permits
Zoning
Licenses
Private Non-compete Agreements
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Select Entity Type
Sole-Proprietorship
Pros - Easy/cheap to startTax advantages
Management flexibility
Cons - No limit of liabilityLack of continuity/transferability
Limits ability to raise capital
NOTE: Must register a d/b/a (assumed name) if not using your legal
name
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Select Entity Type
General Partnership
Pros - Easy/cheap to startTax advantages
Management flexibility
Cons - No limit of liability (for partner, too)Lack of continuity/transferability
Limits ability to raise capital
NOTE: Must register a d/b/a (assumed name) if not using your legal
name
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Select Entity Type
Limited Liability Company
Currently only professionals are
permitted to set up LLPs
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Select Entity Type
Company
ProsLimited LiabilityContinuity/transferability
Greater ability to raise capital
Perception advantage
Cons - Some formality/expense requiredLimited management flexibilityTax - require additional filings
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Protect Intellectual Capital
Intellectual Property (IP) Includes:Trademarks / Trade Names / Trade Dress
- Searches & Registration
Intellectual Property on the Internet- Domain Name Registration
- Multiple First Level Registrations
Copyrights- Searches & Registration
Patents- Registration Required
Trade Secrets- No Registration Required
- Non-Disclosure/Non-Competes- Stringent systems and enforcement for protection
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Develop Basic Legal Documents
Common Legal Agreements You May Need:
Memorandum of Understanding
Joint Venture Agreements/Shareholder Agreements
Purchase/Services Agreement
Terms and Conditions
Employment Agreements
Consulting Agreements IP-related agreements
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Essentials of an Agreement
All parties are in agreement (after an offerhas been made by one party and acceptedby the other)
Risk of offers and acceptance Limit by time
Something of value has been exchanged,
such as cash, services or goods (or apromise to exchange such an item) forsomething else of value.
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Essentials of an Agreement
Clear Objectives
Clear communication
Record of all contracts
Tabulate time lines to ensure compliance
Tabulate deliverables to ensure compliance
Conditions and warranty
Requirements to ensure protection of business interests
Technical and legal expectations
Special inclusions / exclusions required
Techniques to obtain the desired outcome whencommercial leverage is absent
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Key Elements of a Contract
Dispute Resolution Options
Seat or location of where dispute will be addressed
Courtroom Litigation v Arbitration Applicable Law
Escalation within the organizations
Mediation
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Conclusion
Companies must budget for legal, company
secretary and chartered accountant expenses
Failure to adequately address legal and
compliance issues initially can cause significant
problems and expenses later.
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LawQuests Areas of Practice
Areas of Practice
Corporate Law
Intellectual Property Law
Real Estate Law
Employment Law
Global Work Permits and
Business Visas
The U.S. The U.K.Canada India
Poland Mauritius
Australia New Zealand
Singapore The Philippines
About LawQuest
Provides Client Centric Legal Solutions
Member of the NY State Bar Association, the
ABA, IBA
Member of the American Immigration
Lawyers Association
Founder Member of the Global Migration
Action Group in AILA
Former Member of the Alliance of Business
Immigration Lawyers (ABIL)
Member of the European Association of
Attorneys A Worldwide Network of Lawyers
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Thank You
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221 Nariman Point
Mumbai 400021
Tel: +91 22 6615 6555
Fax: +91 22 2287 2080
Email: [email protected]
URL: www.lawquestinternational.com
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