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Startup Partner ship procedures to be done before going into buisness!
31-Aug-2023 (In Startup Law)
Hi,
I have a startup idea and i have already started working on it but the thing is that i have a e-commerce startup and i am totally from different background and to handle that e-commerce i need a expert of web designing so one of my friend suggested me to go in partnership and few of them told me don't give them partnership give them the royalty of the business!
so what exactly should i do? before telling them my unique concept and idea?and what precaution should i take before going into actual business with anyone?i cant afford to loose my life dream!
I hope you will give the best answ
The information provided is not sufficient to comment from a legal perspective. However, a general comment can be made i.e. there is no need to enter into partnership with web designer/s. You can enter into a Services Agreement with them for Web Design/ E-commerce site with payment gateway et al.
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Adv. Divyang Chandan
Mumbai | 25+ Answers
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From the limited knowledge you have provided, it looks like there are two ways you can go about this. Either form a partnership with them, this ensures they will do a good job as they are owners as well. Or sign a non disclosure agreement and hire them either for compensation in the form of royalty or salary. For more in depth information on this, you will have to call/meet me so that I can understand more and give you a proper legal opinion.
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Hello, if you want to avoid sharing entire profits with the web developer directly, what you can do is enter into a service provider agreement with an NDA with them and in consideration for them providing their service, you can give them a percentage of the commission you earn from the e-commerce.
Further, you shall also require well drafted website terms and policies, trade mark registration, vendor agreements, etc.
Suggest you contact us for a detailed call consultation on the same.
Further, you shall also require well drafted website terms and policies, trade mark registration, vendor agreements, etc.
Suggest you contact us for a detailed call consultation on the same.
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Adv. Roshni Lachhwani
Mumbai | 100+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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