Startups are springing up in every corner but have you wondered why many do not last long?
It’s because they are ignoring the following legal tips;
• Registration of business: when venturing into a new business, ensure that you register the name you intend to use or at least find out if the name is still available by running a search on the CAC portal. Putting in a lot of effort into your brand name only to realize that it has been registered by another person is a painful, avoid this by registering your business name early.
• Non-disclosure agreements: in the early stages of business, you consult so many people in a bid to know which business formula works best for you. It’s advisable to get every party you discuss your business plans with to sign a non disclosure agreement to prevent the possibility of a leak. That way you are legally protected and can sue anyone who breaches the agreement
• Consult professionals: don’t wait until things go wrong before you engage the services of your lawyer. A lawyer will help you avoid pitfalls that could bring down your business. Involving a lawyer in your start-up will reduce your chances of being crippled by legal complexities and protect you from legal sanctions.
Adequate preparation sure makes everything a lot easier. Imagine going headlong into a business without the requisite knowledge, it’d be doomed to fail before it starts. The above tips will eliminate the chances of failure and help you build a business that is legally compliant.
Don’t bother to thank me, just like this post and share it with any Startup founder you know!