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Law is required in registering a business, taking advantage of funding opportunities in Nigeria, relating with third parties, clients and customers, and all activities involved in having a great brand. With a good legal presence, your chances of success and scaling upwards is very assured. The perception of most business owners in Nigeria is that they do not engage lawyers or have legal representation, especially when they believe they are in no immediate danger. But the reality is that all the money made in a business can be lost in one deal gone wrong. The goal of a successful business is not just to make money, but not to lose money. Engaging the services of a lawyer will help you prevent any expense that will take money out of you. This includes ascertaining the right percentage for work rate, the right kind of business relationship to engage in, ensuring that all the terms are fair and clear with no room for ambiguity. Due to the important nature of SMEs to the economic growth in Nigeria, there is always the tendency that policies will be brought to improve its state at every time. So, while it is great to know that your business has been registered and the rights accrued to your business in that right, it is also very important to keep tabs on the different improvements made to businesses per time by the Government. Your knowledge of relevant taxes, agencies for law compliance, banned goods, payment systems among other things might be difficult to fully grasp, along with managing a business. Keeping tabs with law improvements is as important as keeping account records for your company. You can spot new and viable ventures, and also no-go-areas in your business venture.
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The untold aspect of a business that the law opens the eyes of the business owner to is the assets in a business. There is always an existing asset in a business, even before any sale is made. Assets include the business idea, business trade secret, logo, patented invention. These assets belong to the business and can be exchanged for money at any point in the business. The more propensity a business has to succeed, the costlier its assets would be. At inception, the business assets have to be protected by the owners, but more often than not, it is not even known or recognized by them. As the business assets appreciate over time, you can sell aspects of the assets. You could sell the goodwill, client list, even leverage the brand and generate revenue via this. Copyright law and brand protection are some of the most crucial parts of every business, and legal representation will protect SMEs against making mistakes to their detriment. Great business operations are largely dependent on careful planning, prudent governance and trusted legal guidance. Whether you are selecting an appropriate entity for your start-up company; structuring contracts, anti-competition construction, employment, supplier or licensing agreements; or acquiring, merging or dissolving a business, the expertise of the lawyer you choose can make a significant difference in your business relationships. Featured Image Source: Britannica
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