With an aim to provide legal and compliance framework for startups, T-Hub, a Hyderabad-based incubator, has inked a memorandum of understanding (MoU) with the National Academy of Legal Studies and Research (NALSAR), reported Mint.
NALSAR, under the MoU, will support entrepreneurs register their entities in the initial stages, structure transactions, comply with regulations, file taxes, handle closures, sign contracts and tackle legal intricacies.
“Entrepreneurs need to ensure that they invest enough time and resources at all times to eliminate avoidable legal risks to their promising startups. This aspect is as important as developing a viable business plan or hiring a great team. Ignoring it can lead to legal hurdles that can quickly derail a startup even before it starts reaches its full potential. We are excited that we can bring world-class experts from NALSAR to work with our startups,” said Ravi Narayan, CEO at T-Hub.
T-Hub is a state government initiative for startup, which was formed in 2015. The initiative has provided over 1100+ national and international startups with access to better technology, talent, mentors, customers, corporates, investors, and government agencies.
NALSAR entity CLEAR, will be implementing the MoU that will help entrepreneurs generate business models by providing a broad-based legal and commercial foundation.
According to sources, the startups from T-Hub will also get advisory and consultancy services on a case-to-case basis from subject matter experts at T-Hub and NALSAR.
Professor Faizan Mustafa, vice-chancellor, NALSAR, said that it was important for businesses to understand and operate within the provisions of law to avoid losses.
“Be it contract or intellectual property, tax or consumer protection, law is an enabler of commerce,” he added.