A Legal Checklist for Every Business Owner


Starting your own business is like living your longtime dream but your dream easily becomes a nightmare when you think of the legal angle. Well, corporate law and legal paraphernalia can boggle the most sensible and sorted entrepreneurs. So, it is not a big deal at all if you are getting goose bumps but if you overlook the legal aspect or deal with it casually, you are bound to encounter troubles in future that may also destroy your dream forever. So, it is mandatory that you do your homework in this aspect.

Of course, it will take up a good deal of your time and energy but it will also ensure a rock-solid foundation for your enterprise. So, do not back out. Take the bull by its horns. To help you out, we have compiled a legal to-do list that every business owner must memorize.

  1. Select a name


It might seem very insignificant and many businessmen think that the company name is limited to thinking of something unique or catchy or cool. Well, coming up with a catchy name is certainly important for it affects you as a brand but legal implications are also associated with your entity’s name. First of all, you need to think of several names and then search the database of companies to find out if your proposed name is available or has been taken. Once you finalize a suitable name, you should get it registered with the appropriate authority. After this, you should go after the domain name. Google search to verify the availability and then register it through a domain service.

2. Choose the business structure/type


Whether you want to operate as a private limited company, sole proprietor, partnership, limited liability company (LLP) or in any other manner has to be decided beforehand. The company structure is a very important matter as it will have an impact on your liability, taxation, profits, succession planning and many more things. You should finalize it after taking the business nature, funding needs and risk involvement into account. To get more insights, do consult other businesses, lawyers or accountants.

3. Get license


No business can operate without a license and you need to get one from an appropriate authority in your city or state or town. You must know about the timeline, requisite documents, clauses and other related tidbits to procure the license. The license and permit laws are a little complex and you have to tread the territory carefully. So, you might need the help of an expert such as chartered accountant or corporate lawyer.

4. Create founder’s agreement


As is the trend, most businesses are helmed by two or more than two founders, who makes for a prudent strategy but it also makes complete sense to get everything in writing. You must put together a founder’s agreement in the proper way as soon as you go ahead with the setup formalities. The agreement must carry clear explanations regarding ownership, liability, intellectual property and other important matters. Consult a legal professional for best advice and notify all the owners before finalizing the draft.

5. File for patent/trademark

Many businesses, in the present times, revolve around an idea or intellectual capital which makes you vulnerable as well. The corporate world is full of cunning crooks who do not mind harvesting money from another’s concept. So, it is important to protect the core of the company. Your idea is a valuable asset and needs to be safeguarded under all conditions. So, whether it is the patent of your products or trademark of your logo, you must get things in place.

6. Get a business account

Finances are the lifeblood of a business and to ensure smooth running, it is very important that you do not mix personal and professional finances. So, get an account opened in the name of your business and make sure that all the professional transactions are made through it. It will also help you in getting tax benefits, concessions and other facilities provided by banks to businesses. You will also be saved from fines and other legal troubles.

7. Set up the contracts

A business enters into multiple contracts with multiple people and entities in order to operate successfully. They may be suppliers, agencies, clients, distributors, marketer, workers, etc. These contracts are loaded with legal obligations and you can be held accountable if you fail to follow them. So, it is important that you enter them after careful assessment. Do get legal help if you do not understand anything or are unsure and also learn some contract law.


The detailed to-do list mentioned above does seem challenging but if you want to become the showman of your niche, you have to master it. All the tasks are important and the sooner you finish them, the closer you will come to your dreamland.

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Top 5 Mobile Apps for Small Business Owners in India


There is a misconception that mobile apps are only for end-consumers. There are a whole range of mobile apps in the productivity, storage and financial services space for example which small businesses can also use. This article lists the top five based on our understanding of the most pressing needs of SME’s in India.

 1. Expensify


Expensify is a well organised, paperless cloud-based expense report solution mobile application. Expensify allows the users to sync their credit cards and bank accounts with the system, so expenses are tracked and recorded automatically, which is much easier.

Expensify includes various features like administration, compliance, expenses, receipts, mobile access and integrations. This mobile app even organizes expenses by trip or by payment method where users can keep track of their expenses and miles travelled all at once.  The user can upload or email the receipt image. The expensify mobile app makes the uploading process so easy that the user can do it anywhere. There is an unlimited amount of storage for receipts to ensure that no expense goes unaccounted. Expensify supports the popular accounting software Quickbook and is also available on iphone, android, blackberry devices.

2. Basecamp


Basecamp is perfect for small business owners who want to control some of the chaos. The mobile app is designed to help teams finish projects together while allowing for different roles, responsibilities, and objectives.

Basecamp is among the top project management mobile application software options for small businesses. Whether your project is big or small basecamp helps you to manage all. It is the only project management app which allows managing single page projects. The user can have a quick look on single or multiple projects. The interface includes sharing files, scheduling appointments, discussing projects, calendars and to-do lists. Basecamp mobile app is easy to afford, as they offer five different plans which can be selected according to your need and budget.

If you are a business owner, whether big or small, Basecamp helps you to stay on top of every project. You can keep a track on who is doing what, assign work, review day summary, review the work, and evaluate pending tasks – all under one roof.

3. Dropbox


Dropbox is one of the most popular free online file storage/ sharing services. It allows you to simply store and share documents, videos, and photos and access them anywhere anytime on any device when you need them. The user can install the Dropbox mobile app on their smartphone for easy and quick access to the files

Dropbox can be very useful for Small business owners and their employees. It is important for any business to store important files and data in different places so that in the case of any adversity the data is secured. Being an absolutely free service, it allows the user to retrieve the data or file. It retains the history of the file added and deleted within 30 days.



QuickBooks, the #1 accounting solution for small business, is a smart alternative to spreadsheets. QuickBooks Online simplifies the process even further for small business owners by giving them the freedom to work anywhere from a smartphone or computer with the QuickBooks mobile app. Quickbooks is synonymous with small business accounting. It is designed for small businesses aiming at helping users to manage each of their accounting functions, including accounts payable, accounts receivable, sales invoicing, expense billing, credit card management and financial reporting.Quickbooks mobile app allows the user to access the business finance anytime, anywhere and on any device. It supports all devices- mobile, desktops and tabs. QuickBooks mobile app is a well organised and searchable service which offers you all the details in one place. It also tracks every sale you make and every expense you incur.

5. ICICI Net Banking App


Although we have taken the example of ICICI, any banking mobile application has become a must for any small business owner in India. ICICI Net Banking App or ICICI Bank iMobile is the most comprehensive and secured official mobile banking app by ICICI bank. With ICICI Bank iMobile any user can practically perform all the internet banking transactions on mobiles phones .The application allows business owners to transfer funds to ICICI and Non ICICI Bank accounts, check account balance, pay utility bills and taxes and such other services.  Customers can also pay insurance premium through this facility. ICICI Bank offers this facility free of charge to customers.

Post By NeoGrowth CreditBusiness Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166