The Importance of Legal Documentation for Fast-Growing Startups
Most people who start businesses are not starting these ventures because they like paperwork. People establish such organisations because of a problem they wish to solve or a product that they have developed. While growing their organisation, most startups find it inconvenient to develop all sorts of documentation necessary for their establishment. This may initially appear to be all right. All the players know each other, decisions are made rapidly, and documentation may seem unnecessary due to the level of trust among the members. However, things do not remain this way for long. The Early-Stage Shortcut That Often Creates Problems Later There is a phase in almost every startup where speed matters more than process. A consultant is hired through a few email exchanges. A friend joins the business without a formal agreement. A vendor relationship begins with a handshake and a promise to sort out the paperwork later. Everything goes o...