The Meaning . . .
- Legality of the business refers to the legal status of the business derived by virtue of the business being registered or licensed under the pertaining laws and acts. A business needs to comply with all the statutory laws and adhere to the legal framework as set by the laws governing the business. A business can only grow with Ease, Joy, and Glory when the business keeps it legal framework strong. Thus laying a strong foundation to the business.
- Hence, legality aims at utilizing the present law in the favor of the business. An entrepreneur has to ensure that his/ her business complies with the legal accepts of the land at every stage of the business – right from its inception to its operations. Maintaining and justly utilizing the legal framework ensures fearlessness within which is very vital for the progress of the business.
- A mentor’s guidance will help the entrepreneur to
- Identify and comply with the legal aspects related to the business at every stage.
- Develop a legal framework and share-holding framework for the business that acts as the guiding force for everyone involved in the business.
Our Mentoring Envisages . . .
- Company Registration
- Mentoring team will help an entrepreneur to incorporate a company.
- All paper work and legal work can be handled by the mentor team.
- Certifications
- Statutory certifications pertaining to the business, will also be helped by the mentor team.
- As an entrepreneur, you will first be educated on the requirements, and then guided and worked through the process of such certifications.
- Legality Maintenance
- Most of the legal process are to be maintained and updated to the issuing authority on periodic basis.
- Annual maintenance of these certifications, wherever required and specified by the issuing authorities, will be done by the team. A periodic scheduler is worked with the entrepreneur, so make the entrepreneur educate, aware, and participate wherever necessary.
- Intellectual Property & Copyright Registration
- Mentor team will help the business identify and register the intellectual property of the company.
- Intellectual Property & Copyrights become very important aspects of valuations of the company.
- Quality Certifications
- Mentor team will help the business identify the right ‘quality certification’ agencies, suitable for the business taking note of present and future.
- Note:- Mentor team is not a quality certification agency, and only works on the policy and norms level to help the business comply to the quality standards.
- Mentor team will help the business identify the right ‘quality certification’ agencies, suitable for the business taking note of present and future.
- Every business registered with the central ministry of corporate affairs, is mandated to follow the corporate law applicable to the land the company is registered. These laws are known as company law. Our mentoring team ensures and sometimes enforces adherence and abidance to the company law applicable for the land. It is every important for any business, as it helps a business achieve the following:
- Peaceful and hassle-free existence
- Makes a business investor friendly
- Helps every stake-holders associated with the business, a confidence to stay along.
- Earns respects from the society at-large.
- Businesses from the very inception should have an ‘operating and principles manual’. The manual gives a business the following:
- Internal governing law manual in accordance to law of the land.
- Ensures equal opportunity to all stake-holders, and diminishes the chance of whims and fancy of any individual promoter(s) / share-holder(s).
- Policies pertaining to every matter of business, based on the business’s product and services, and business plan. Thus, making the protocols clear for everyone, be it promoter or working in the company.
- Time to time update of the operating and principles manual with consensus of the business governing body, makes a business resilient as time passes.
- Between the shareholders of the business.
- Mentor team helps in drafting the shareholding agreement which acts as a share-holders and boards guidelines to conduct board decisions.
- Outline the policies and procedures to ensure adherence to the legal and governing aspects of the business for all stakeholders.
- It protects the shareholders’ investment in the business, enables the fair relationship between the shareholders and provides a framework for governance for running the business.
- It is often seen that when a business grows, the differences between the shareholders, and/or founding members, and/or with the executive’s increases, spoiling the very purpose of business.
- Share Holding Agreement becomes a tremendous tool of security for the existing investors and the new proposed investors. Investors become crystal clear on the ‘does and don’t’ in the paradigm of best business practices.
- A well-audited company is investor’s delight. Statutory audit means audit under Companies Act required to be done under the law during the incorporation of a company.
- The objective of the statutory audit is to check for compliances under Companies Act, other statutes, accounting standards, IFRS, IGAPP etc.
- A mentor enables an entrepreneur to understand statutory audit requirements specific to the industry and help the entrepreneur to comply with them.
- A mentor ensures a proper statutory audit. Mentor has a team of auditors and company secretary to help the entrepreneur stay on track to optimal resource investments.
- Assist in industry specific audit which is the key to growth and scale-up funding.
- While internal audit refers to audit related to a company’s
- financials,
- operations,
- structural,
- human resources,
- information system,
- general compliance to
- constitutional compliance of Companies Act, Income Tax Act, etc.
- The purpose of internal audit is to identify issues related to business before they grow out of proportion.
- Mentoring activities include
- Establish policy and Work Flow Process
- Internal Audit pertaining to above adherence