In Malaysia and the Asia region, especially among developing countries, legal practices and consequences are not taken as highly by startups and new entrepreneurs, most of which claim their ignorance over the importance of at least knowing the legal pitfalls for running their business operations. Many have caused them money and lawsuits in the future, hence we have taken our entrepreneurs a step into the legal Know-Hows for entrepreneurs.
Attention to a few legal details as you are building your business can make the difference between falling into a legal mess and realising all that is due you.
Most common mistake is a tendency to think, “Once I get my funding, once I’m up and running, then I’ve got time to hire the lawyers; right now, I’m running as fast as I can to get my business plan done and raising money.” This is shortsighted logic. But does that mean that one should devote all of their time, effort, and money to the legal issues? No. That’s a good reason to hire a competent lawyer. Excellent legal talent can be retained for relatively little money up front at the early stages. It will cost much less to get it right at the beginning than to try to sort it all out later and correct it.