Startup Readiness Checkup | Legacy Partners

Is Your Profit Real or Just a Number? Before You Make the Next Move - Know Where You Stand Financially.

Founder & Idea Readiness

1. Can you clearly explain the problem your startup is solving? (You should be able to explain the problem in one clear sentence without jargon.)

Founder & Idea Readiness

2. Is your target customer segment clearly defined? (You know exactly who your first paying customer is.)

Founder & Idea Readiness

3. Have you validated this problem with real users? (You have spoken to actual users and received direct feedback.)

Founder & Idea Readiness

4. Are you working full-time on the startup, or do you have a clear transition plan? (You are full-time now or have a realistic plan to move full-time soon.)

Founder & Idea Readiness

5. Are co-founder roles and decision-making authority clearly aligned? (Each founder knows their role, responsibilities, and decision rights.)

Founder & Idea Readiness

6. Are founders aligned on long-term vision and exit expectations? (Founders share a similar outlook on growth and exit timelines.)

Legal Structure & Founder Documentation

7. Have you identified the appropriate business structure for your startup? (The chosen structure aligns with funding, tax, and growth plans.)

Legal Structure & Founder Documentation

8. Have all founders executed a Founders' Agreement? (A written agreement exists covering equity, vesting, roles, and exits.)

Legal Structure & Founder Documentation

9. Is the equity split and vesting of shares clearly documented? (Ownership percentages and vesting schedules are written and agreed.)

Legal Structure & Founder Documentation

10. Do you have employment agreements with key employees? (Key team members are engaged under proper employment contracts.)

Legal Structure & Founder Documentation

11. Have you framed an ESOP policy, if applicable? (Employee stock options are structured and documented internally.)

Intellectual Property & Brand Protection

12. Have you identified the IP relevant to your business? (This includes brand name, logo, software, content, designs, or data.)

Intellectual Property & Brand Protection

13. Was a trademark availability search conducted before finalising the name? (The trademark registry was checked before choosing the brand name.)

Intellectual Property & Brand Protection

14. Have you filed a trademark application for your brand name or logo? (An official trademark application has been submitted.)

Intellectual Property & Brand Protection

15. Is the trademark registered or actively followed up? (Registration is completed or the application is being legally pursued.)

Intellectual Property & Brand Protection

16. Have you applied for other IPs, if applicable? (Relevant IP protections are applied for where required.)

Intellectual Property & Brand Protection

17. Is all IP ownership clearly vested in the company? (IP belongs to the company, not individual founders or contractors.)

Contracts, Policies & Governance

18. Are NDAs executed with founders, employees, consultants, or vendors? (Confidential information is legally protected.)

Contracts, Policies & Governance

19. Have you executed a Shareholders' Agreement with investors, if applicable? (Investor rights and obligations are documented.)

Contracts, Policies & Governance

20. Do you have written vendor or service agreements in place? (Third-party relationships are governed by contracts.)

Contracts, Policies & Governance

21. Are website or platform Terms & Conditions prepared? (User rights and usage terms are documented.)

Contracts, Policies & Governance

22. Is a Privacy Policy in place? (Data collection and usage practices are disclosed.)

Contracts, Policies & Governance

23. Is a Payment and Refund Policy prepared, if applicable? (Payment terms and refunds are transparently defined.)

Contracts, Policies & Governance

24. Is a POSH policy implemented, if applicable? (POSH policy and internal compliance are in place.)

Product, Market & Operations

25. Have you developed a Minimum Viable Product? (A basic working version exists to test assumptions.)

Product, Market & Operations

26. Is your value proposition clearly defined? (You can clearly state why customers should choose you.)

Product, Market & Operations

27. Have you established a pricing strategy? (Pricing is defined and commercially sensible.)

Product, Market & Operations

28. Do you have a go-to-market strategy? (Customer acquisition channels are identified.)

Product, Market & Operations

29. Do you have an early customer feedback mechanism? (There is a system to collect and act on feedback.)

Product, Market & Operations

30. Are key operational processes documented? (Basic SOPs exist for core business functions.)

Financial, Tax & Accounting

31. Have you prepared a basic financial model? (Revenues, costs, and unit economics are understood.)

Financial, Tax & Accounting

32. Have you calculated runway and burn rate? (You know how long current funds will last.)

Financial, Tax & Accounting

33. Is accounting software implemented for bookkeeping? (Books are maintained using recognised accounting software.)

Financial, Tax & Accounting

34. Have you discussed tax planning with a Chartered Accountant? (Direct and indirect tax implications are reviewed.)

Financial, Tax & Accounting

35. Is the use of funds clearly planned? (You know exactly how funds will be deployed.)

Compliance & Labour Laws

36. Is the company incorporated with basic statutory registrations completed? (The company is legally incorporated and operational.)

Compliance & Labour Laws

37. Is GST registration obtained, if applicable? (GST registration is completed where required.)

Compliance & Labour Laws

38. Are labour law registrations completed, as applicable? (PF, ESI, PT, and Shops registrations are completed where required.)

1. Can you clearly explain the problem your startup is solving?
(You should be able to explain the problem in one clear sentence without jargon.)

2. Is your target customer segment clearly defined?
(You know exactly who your first paying customer is.)

3. Have you validated this problem with real users?
(You have spoken to actual users and received direct feedback.)

4. Are you working full-time on the startup, or do you have a clear transition plan?
(You are full-time now or have a realistic plan to move full-time soon.)

5. Are co-founder roles and decision-making authority clearly aligned?
(Each founder knows their role, responsibilities, and decision rights.)

6. Are founders aligned on long-term vision and exit expectations?
(Founders share a similar outlook on growth and exit timelines.)

7. Have you identified the appropriate business structure for your startup?
(The chosen structure aligns with funding, tax, and growth plans.)

8. Have all founders executed a Founders' Agreement?
(A written agreement exists covering equity, vesting, roles, and exits.)

9. Is the equity split and vesting of shares clearly documented?
(Ownership percentages and vesting schedules are written and agreed.)

10. Do you have employment agreements with key employees?
(Key team members are engaged under proper employment contracts.)

11. Have you framed an ESOP policy, if applicable?
(Employee stock options are structured and documented internally.)

12. Have you identified the IP relevant to your business?
(This includes brand name, logo, software, content, designs, or data.)

13. Was a trademark availability search conducted before finalising the name?
(The trademark registry was checked before choosing the brand name.)

14. Have you filed a trademark application for your brand name or logo?
(An official trademark application has been submitted.)

15. Is the trademark registered or actively followed up?
(Registration is completed or the application is being legally pursued.)

16. Have you applied for other IPs, if applicable?
(Relevant IP protections are applied for where required.)

17. Is all IP ownership clearly vested in the company?
(IP belongs to the company, not individual founders or contractors.)

18. Are NDAs executed with founders, employees, consultants, or vendors?
(Confidential information is legally protected.)

19. Have you executed a Shareholders' Agreement with investors, if applicable?
(Investor rights and obligations are documented.)

20. Do you have written vendor or service agreements in place?
(Third-party relationships are governed by contracts.)

21. Are website or platform Terms & Conditions prepared?
(User rights and usage terms are documented.)

22. Is a Privacy Policy in place?
(Data collection and usage practices are disclosed.)

23. Is a Payment and Refund Policy prepared, if applicable?
(Payment terms and refunds are transparently defined.)

24. Is a POSH policy implemented, if applicable?
(POSH policy and internal compliance are in place.)

25. Have you developed a Minimum Viable Product?
(A basic working version exists to test assumptions.)

26. Is your value proposition clearly defined?
(You can clearly state why customers should choose you.)

27. Have you established a pricing strategy?
(Pricing is defined and commercially sensible.)

28. Do you have a go-to-market strategy?
(Customer acquisition channels are identified.)

29. Do you have an early customer feedback mechanism?
(There is a system to collect and act on feedback.)

30. Are key operational processes documented?
(Basic SOPs exist for core business functions.)

31. Have you prepared a basic financial model?
(Revenues, costs, and unit economics are understood.)

32. Have you calculated runway and burn rate?
(You know how long current funds will last.)

33. Is accounting software implemented for bookkeeping?
(Books are maintained using recognised accounting software.)

34. Have you discussed tax planning with a Chartered Accountant?
(Direct and indirect tax implications are reviewed.)

35. Is the use of funds clearly planned?
(You know exactly how funds will be deployed.)

36. Is the company incorporated with basic statutory registrations completed?
(The company is legally incorporated and operational.)

37. Is GST registration obtained, if applicable?
(GST registration is completed where required.)

38. Are labour law registrations completed, as applicable?
(PF, ESI, PT, and Shops registrations are completed where required.)

39. Is a statutory and compliance calendar maintained?
(Filing deadlines and obligations are tracked.)

40. Have you identified your fundraising stage and investor type?
(You know whether you are raising seed, angel, or VC funding.)

41. Are you due-diligence ready?
(Legal, financial, and IP documents are organised.)

42. Do you understand how your startup may be valued?
(You have basic valuation awareness.)

43. Do you have a roadmap for SME IPO, if planning?
(Eligibility, timelines, and preparatory steps are understood.)

44. Have you evaluated alternative exit options?
(M&A, secondary sale, or buyback possibilities are considered.)