Legal Business

Beware of Oral Contracts

 

Welcome back to the Chronicles of Becky (insert soundtrack lol)

Last time out, we learnt how a simple waiver clause can protect your business from unwarranted liabilities. In case you missed it kindly follow #LegalBusiness to get updated.

BeWise Digital Limited had only recently started engaging with some major international partners and Becky had come to realise that she needed a website to properly portray her corporate image to the world. She was scheduled to speak at an international conference in 6 weeks and needed her website to be up and running before then. Continue reading “Beware of Oral Contracts”

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Legal Business

The ultra vires rule.

Welcome back!

A short while after Joseph left, Becky put in a bid to a fairly large consumer product company called Maximus Inc. for a print and outdoor marketing campaign to launch their new product. Along with the bid, she was required to submit a copy of her company’s Certificate of Incorporation and Memorandum and Articles of Association (MEMART).

The bidding process was quite tough with a lot of lobbying but Becky’s company (BeWise Digital Limited) eventually won the bid and was chosen to execute the contract. Becky put in a lot of time and resources to make sure the quality of her work was of international standard.

Continue reading “The ultra vires rule.”

Legal Business

Legal structure for your business

Case study.
Becky, the vibrant and highly skilled Head of Digital Marketing for an upscale advertising firm, had long dreamt of going to the Maldives on vacation. She planned to go on the trip in June 2016 and had already saved about N700,000.00 to cover travelling expenses.

Her dream went up in smoke when her contract of employment was suddenly terminated in January 2016. The usual reasons were given: economic crunch, dropping revenues, etc., etc.

Her priorities instantly changed. She decided to take her destiny into her own hands. She pooled her severance package with the vacation cash she had stashed away and decided to start a business. She was confident she had the skills and intelligence to succeed.

This was her time to take charge… her time to shine!

Case analysis
If you find yourself in this kind of situation, or you just feel it’s time to start up your own business then fret not! I will take you through steps you need to take to build a #LegalBusiness.

Firstly, you need to decide what kind of business you want to go into and get clarity on your strategy. If undecided, you might need to seek the help of a coach.

When you are clear on what business you want to operate, the next thing is to choose the #legalstructure your business will operate under.

Now this is the most important decision you will make for your business as it will determine;
• The type of documents you are to file
• The amount you pay as tax
• The extent of your liability
• Your ability to raise money for your business and so on.
Tomorrow, we shall be looking at the various ‪#‎legalstructures‬ available and analyzing which one of them suits your business.

Are you in this situation? Have you given any thoughts to the legal considerations of starting your business? Please share your insights.

Thank you!.

 

Legal Business

Welcome to my blog!!!

Hiya! Welcome to my blog😁.My name is Ronke Omorodion. I am a Legal Practitioner (not charge and bail lawyer o! Lol) I would describe myself as a legal consultant with a passion for helping entrepreneurs build structured businesses that are legally sound.

Now I know you might think once you register your business name or company you are done. News flash! That is so wrong. Depending on the kind of business you operate, there are other legal factors you need consider to make sure you do not put yourself or your business at risk, lose money or crash your enterprise.

I will be dishing out my signature ‪#‎LegalBusiness‬ series which will be targeted at exposing to you the various steps you can take to give your business a sound legal footing and structure.


Don’t worry I promise to make my snippets brief and straight to the point. There will also be lots of ‪#‎storytelling‬ *wink wink*. Please let me know if you have any questions by dropping a comment below.
I look forward to interacting with you all! Bye for now