Legal Services for Start-ups
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StartupFino specializes in providing legal services to startups to make their enterprise function in an efficient and hassle-free manner. The legal services package that startups can avail at StartupFino include HR policies, customer service agreements, vendor agreements, maternity policy, leave policy for employees, legal agreements ranging from founders’ agreement to employment agreements.
The legal services package that startups can avail at StartupFino include:
HR policies are a set of critical standards used to govern an organisation's staff. In India, the importance of human resource policy is truly focused on striking the correct balance between protecting its people and the company's mission. It also aids in the avoidance of compliance concerns and legal problems.
Having the correct HR policies for startups, on the other hand, not only helps to keep things in order, but also plays a significant part in taking timely disciplinary steps for future issues. The policies are documented so that there is no bias or partiality.
Startups are frequently among the few businesses that face issues when HR policies are not implemented. They are working hard to grow, stabilise and expand their enterprises.
Some important points to be taken into consideration by startups while drafting their HR Policy include:
Working Hours
Leave Policy
Performance Management & Appraisal
Organisational Culture/Code of Conduct
Joining and Exit Policy
Salary, Benefits and Perks
The significance of HR policy for startups can be understood based on the following advantages it brings to the organisation:
The important precautions to be taken care of during drafting HR Policy are:
Find expert help at StartupFino for industry compliant HR Policy drafting and tailoring for your startup.
Employee stock ownership plans (ESOPs) offer employees the opportunity to purchase company shares at a discounted rate, primarily implemented by start-ups for select employees based on their status and influence within the company.
One notable advantage is that employees can still benefit from the company's success and receive regular compensation, even during challenging times. ESOPs enable employees in Indian start-ups to actively participate in the expansion of the business.
The following are the merits of having a well drafted ESOP policy for any startup:
The following are the merits of having a well drafted ESOP policy for the employees in any startup:
Startups must provide their employees with several types of leaves, such as bereavement leave, sick time or sick leave, fatherhood or maternity leave, compensatory work off days and casual leaves, in addition to the earned leaves granted under Indian labour legislation.
After money, the amount of yearly leave days and the policy that goes with them are the next greatest aspects that employees strive for in a job. Earned holidays or yearly leaves are paid days off that an employee is entitled to in addition to holidays. As a result, firms must exercise extreme caution while planning their employees' annual leave. Generic references will allow you to appropriately construct a paid leave policy in your employment agreements.
Several types of leaves that can be availed by employees of a startup in India are:
Sick Leaves:
Casual Leaves:
Statutory Leaves:
Maternity Leave:
Bereavement Leave:
Sabbaticals:
Roll-over Leaves:
The following factors are necessary to be kept in mind when designing a leave policy by startups:
Company Size:
Nature of Business:
Other Perspectives:
Find professional help at StartupFino for better understanding and drafting of Leave Policies for your start-up’s needs.
Maternity leave in India is a paid leave of absence from work which is meant for the female employees to be able to care for their new-born children while keeping their jobs and not being laid off due to pregnancy and after care of children.
The Maternity Benefit Act was passed in 1961 and gave mandatory provision that women employees get their share of 12 weeks of leave (which is paid as per industry standards) after childbirth. This Act applied to businesses with ten or more employees. The Act applies to all women who work on a contract, on a permanent basis or for government organisations.
The current employment situation has changed and we now have a considerable number of female employees. The maternity statute was subject to amendment as a result of socio-economic changes and finally in the year 2017, The Maternity Act was amended to inculcate the changes.
A woman employee is eligible to maternity leave under the Maternity Benefit Act if she has worked for the firm for at least eighty days in the previous twelve months. This ensures that the employee has an established connection with the organisation and meets the eligibility criteria for availing maternity benefits.
The duration of maternity leave has been extended from 12 weeks to 26 weeks with the implementation of the Maternity (Amendment) Bill 2017. The same is not available to the birth of a third child, for which the maternity leave given is only 12 weeks.
Key changes under the new maternity leave law in India are:
Starting a new business for the first time can be tough, especially when it comes to understanding complex legal jargon (terms and language used) and preparing the necessary documents. However, with a basic understanding of legal requirements, the right guidance and access to reliable legal documents, understanding the legal aspects of starting a startup can become easier and more affordable.
Some indispensable legal drafts required for startups are:
Having these legal documents in place ensures clarity, protection and minimises the potential for legal disputes or conflicts as the startup grows and operates.
A Founders Agreement is a document that establishes contractual duties between a company's owners/founders. The document includes many aspects such as the firm's functioning, management, ownership and the founders' responsibility to the company. The goal of the document is to protect the company's interests and to avoid any future conflicts.
The document has various clauses. These sections define co-founders' rights, liabilities, ownership and responsibilities. It is basically drafted to protect the interests of each co-founder and to resolve disputes over company ownership.
Some key provisions to be included in a founders’ agreement are:
A service agreement is a contract that specifies the terms and obligations of any firm or organisation that provides a service and the client who uses it. The provisions of this agreement establish the nature and form of the service, the obligations of the parties, the recompense or payment and the services to be supplied. It also covers the scope of services that both parties have promised to serve and enjoy in order to displace any third-party claims and in such a scenario, a set of limited liabilities is imposed on both signing parties. This agreement ensures that neither the service provider nor the consumer end up in a dispute and that both parties' interests are protected.
There are certain benefits of having a well drafted service agreement between the concerned parties due to following factors:
The provisions and clauses included in the service agreement to govern the relationship between the parties are:
A Vendor Agreement is a legal and written contract that specifies the criteria and terms of the vendor's work. A vendor is someone or anything that provides a specified amount of product or service to a consumer. A basic vendor agreement must include information like the time, date and location where the vendor must perform the required services.
The following are essential uses of a vendors’ agreement for startups:
Key elements that form a part of Vendor agreements for startups are:
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Startupfino is honoured to recognise as a Best Tax and Legal Compliance Management Agency in the India Stratup Summit and Startup Achievers Awards 2022.
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