Lezy:
Before your background statue change to "we are processing your background..." What was written there before

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Submitted a Visitor's visa application on Feb 4, 2022.
No BIL request since i have a record already.
MEP on Feb 18.
Background changed to "we are processing...
Waiting for a decision

Entrepreneurship is a strongly toed path and on the break out in every nook of Nigeria. With the failure rate of start-ups which is a notch to high, it is imperative that entrepreneurs amongst others have legal considerations in setting up their start-ups.

But on the contrary, many entrepreneurs disregard the importance of having a lawyer right from the conception of an innovative idea. Legal issues are more or less an afterthought for budding entrepreneurs who are burdened with financing, product development, hiring, etc.

In as much as focus should duly be placed on the delivery of proposed product/ service, it would however be prudent to consult a lawyer right from the conception of an innovative idea. This saves entrepreneurs the distress of pitfalls of booby trap clauses and cutthroat agreements, legal and regulatory disregard and consequent penalties. Founding a start-up is tasking but having a lawyer working with the entrepreneur right from the start simplifies the process.

Decisions such as picking a name and logo for your start-up and choice of entity are not ones to be made whimsically. Entrepreneurs must have legal consultation to ensure they have not picked out an already registered name or mark. Start-up owners most times make the wrong choice of business entity. Having to decide between registering as a business name, Limited Liability Company or an incorporated trustee is a really crucial decision dependent on certain factors. Most entrepreneurs will ordinarily settle for a business name because it is cheaper and involves less onerous requirements and documentations. This choice could however be fraught with several grave consequences chief among which is that in the event of a lawsuit, an aggrieved litigant can proceed against the personal assets of the proprietor of a business name.


Budding entrepreneurs are equally saddled with venture financing and capital prospecting. Most start-ups lack the requisite capital to sail off. Raising the right capital seems to be an uphill task in every start up formation and seeking financial support usually spots an entrepreneur negotiating with a power imbalance. How many entrepreneurs know to protect their ideas, inventions, innovations before pitching the same to investors for possible financing? How many entrepreneurs know to protect their interest with iron clad agreements when in partnership with already existing companies or individuals? With the assistance of a lawyer in the structuring and negotiating terms for capital financing, entrepreneurs’ interests are protected and value created thereby reducing the possibility of a legal tussle in the future.

Running a business requires a lot of grit and top notch decision making. It is very important for start-ups to carry out its business activities with guidance from a lawyer. These activities could span from basic operational legal work, corporate compliance and policies, employment matters, board advisory to business consulting. Lawyers are very resourceful persons and can as a matter of fact pave the way in transactions without so much hassle. Secret is in addition to taking care of the legal issues surrounding a start-up, most lawyers know a lot of relevant people and can assist budding entrepreneurs make informed business decisions.

A lawyer is the most important person on an entrepreneur’s team. A budding entrepreneur who has a good lawyer counselling him can never get it wrong. The role of a lawyer never becomes obsolete. In fact, experience has shown that as a start-up grows, its legal team expands.

Question then would be: Does having a lawyer all the way in a start-up not increase the financial burden on an entrepreneur?

This question will be addressed in my subsequent article.

toprealman:

Professor indeed he is!

The boy just keeps showcasing his ignorance.... Mtchew

Nycnora@yahoo.com
Thanks a lot

Please who knows an Abuja based Fashion designer that is reliable, affordable and can turn out at least one Ankara for me every week.

Nycnora@yahoo.com.
Thanks a lot