An Invaluable Session by Zahid Jamil on ‘Law for Startups’ was organized just for our incubated teams!
Veteran lawyer Zahid Jamil, Barrister at law at Jamil & Jamil, came with his team to The Nest i/o to give some very valuable legal advice to our teams! A lot of startups have no idea what legal aspects they should look at when they first start a business, and Zahid’s session was a four hour capsule on what legal aspects are of prime importance for entrepreneurs and what are the basics as well as technicalities that they must know about.
The Legal Nitty Gritty Explained – Nestlings Share their Concerns with Zahid and Team!
So what did Zahid talk about during his first session? The interactive session was full of knowledge, particularly because he asked the audience to lay forward the questions they had and he would cover each of them building on the conversation! And what better way to begin a talk on legal terms than explaining the dreaded contracts?
Contracts – The Whats, Whys and Hows
Even a lot of established entrepreneurs are unaware of the teeny clauses in a contract that can have a huge impact on their entire future. Zahid explained in detail about what is a contract, how should two parties get into a contract and common myths and misconceptions that surround the concept. Termination clauses and conditions, the need of witnesses and things that can make a contract void were also discussed in detail by Zahid.
Sole Proprietorships, Limited companies, Trusts and Partnerships
A lot of people think of legal jargon as something difficult to comprehend – but Zahid made clear that it is otherwise! Starting off from historical evidence when trade was first turned into business, he explained proprietorships, liability, limited companies and partnerships individually and also gave an overview of authorization, registration and scaling processes.
Taxation, Licensing, Drawing Up Agreements – and MORE!
As new and emerging businesses, a lot of entrepreneurs are unaware of legal agreements, where and what should they sign and how should they handle stakes in their equity. Zahid spent time with each of the teams, listened to their startup story and then advised them how to move forward with their contracting and legal needs. He even shared points on how to protect their stance and and their investment in the long run. Another key part of the discussion was how to go forward with investments and the clauses to be careful of when creating a shareholder’s agreement (SHA). Taxation and licensing, both for software and hardware products, were also covered in detail by Zahid.
Growing a Business – The Do’s and Dont’s
“Hire someone who has failed before – this means that the person is motivated and a risk taker!”
Legal advice was not the only highlight of Zahid’s talk – he even gave our startups invaluable guidance on building a team and growing their respective businesses!
“The purpose of a corporate structure is to have breathing space. You should be able to innovate, take risks again and encourage progressive ideas!”