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!
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.