BUSINESS START UP

A motivated young woman named Omotejokwo resided in the bustling city of Effurun, Uvwie Local Government Area of Delta State, located in the south-south region of Nigeria. She was resolute to be a business magnate for a very long time.  Her burning dream of establishing her own business led her to consult a lawyer to educate her on the crucial role of relevant governmental agencies and the laws governing business generally. She needed to know how these would play in shaping the destiny of her proposed venture.

As Omotejokwo embarked on her entrepreneurial journey, she knew that a solid foundation in business law was important. flowing from her biblical understanding of the scripture Psalm 11:3, which says, If the foundation is faulty, what can the righteous do? She would always respond to that statement that the only solution is for the building must be destroyed, which obviously leads to a waste of resources.

To avoid wasting human resources and man-hours, she diligently immersed herself in research and sought guidance from legal experts to ensure that every business move she made complied with the relevant laws of Nigeria.

She became aware of the Corporate Affairs Commission (CAC) in Nigeria as the establishment responsible for the incorporation of business names, companies, and incorporated trustees.  She was also schooled in pre- and post-incorporation activities, which will continually keep her business active.

One of Omotejokwo’s initial challenges was entering into binding contracts with her clients. She was informed of what a contract was and the essential ingredients that make for a binding contract. Acknowledging the significance of precise and binding agreements, she further solicited the expertise of a business lawyer to help draft meticulous contracts outlining the terms and conditions of her business services as the business grew. These contracts covered critical aspects such as payment structures, specifications, and liability clauses to safeguard her business interests.

Omotejokwo also encountered the necessity for a comprehensive partnership agreement when she decided to collaborate with other businesses. Recognizing the importance of a formalized agreement, she, with the assistance of her legal consultant, developed a contract that delineated the responsibilities of each party, the distribution of profits, and mechanisms for resolving potential disputes.

As Omotejokwo expanded her business enterprise, she faced the challenge of building a team of employees. Aware of the stringent labour laws in Nigeria, she engaged legal counsel to ensure that her employment contracts adhered to the country’s regulations, covering matters such as working conditions, leave entitlements, and termination procedures.

Understanding the complexities of tax laws, Omotejokwo registered her business diligently and sought professional advice to guarantee tax compliance. She maintained meticulous financial records by implementing rigorous accounting practices, ensuring that her business adhered to all tax regulations.

In the course of her business endeavours, Omotejokwo encountered a situation where a client defaulted on his payment and another intended to make an illegal profit for a loan she needed to borrow. It was at a meeting with her lawyer on a certain afternoon that she brought the loan document when it was realised that the percentage sought by the lender was well over that which was approved by the laws.

Instead of immediately pursuing legal action, which consumes time and resources, to solve the earlier problem of the default on payment, she opted for an alternative dispute resolution approach. With the guidance of a lawyer who doubles as a business mediator, she engaged in negotiations with the client, ultimately reaching a mutually beneficial settlement that preserved both parties’ interests without resorting to a protracted legal battle.

As Omotejokwo’s business flourished, she became a beacon of inspiration in Effurun. Her success story was her ability to navigate the intricate network of business laws in Nigeria with the help of her highly esteemed lawyer. Omotejokwo’s commitment to legal compliance and her obedience to biblical instructions ensured her business prosperity and set a standard for ethical and law-abiding entrepreneurship in the vibrant city of Effurun.

Do you intend to start up a business like Omotejokwo?

You must understand that starting up a business is not a one-size-fits-all solution.

There is a vital need to consult with a legal practitioner to guide you in the process.  The guidance goes beyond the start-up; it flows throughout the existence of the business.

Learn from Omotejokwo’s story.

It is wise to get a lawyer.

The notion of having a lawyer only when you are in trouble is erroneous.

Lawyers are your friends; they are there to take you through the startup process.

It is also their joy to see that you are making progress on the business front.