I trust we all had a splendid Easter Holiday. Let’s begin the next quarter of the year on a high with the STRUGZ TIPS and some AMAZING ARTICLES. This legal check list for start- ups, will enable you to know the important steps required to set-up a business in Nigeria; Remember that, the Strugz Tips is here to help business owners, career persons and young entrepreneurs on all the legal requirements needed to own and run a business in Nigeria.
However, we welcome you back from the holidays with another legal tips to help you strategize, legalize and monetize your business. Below are the legal check list that every start-ups must consider before setting up a business.
1. Business name and legal structure- You are required to come up with a unique before carrying out a name search availability. Then consider the entities mentioned in our pervious post, before selecting a legal structure suitable for your business
2. Business plan- Ensure that you make a comprehensive business plan
3. Register the business- Your business or company has to be registered to enable such business run legally within the country
4. Open a company bank account- Ensure the account is separate from your personal account, this helps in accountability and in paying of your taxes
5. Lease an office, warehouse or retail space. Although some start-ups will prefer to work from their houses, but this depends on the type of business or what is suitable for you at that point in time
6. Obtain the legal licenses and permits suitable for your kind of business. The licenses/permits includes Federal permits, state licenses, sales tax permit and others
7. Hire employees if applicable. If applicable, ensure that you register with the appropriate State Agencies, and obtain Workers Compensation Insurance
8. Set up an accounting and record- keeping system for your business
9. Obtain business insurance
10. Systemize and organize your business structure in such a way that someone else can take over and run it in your absence.
11. Develop a business identity. Brand your business properly; make your business look professional and established. Order business cards letterheads, promotional materials, professional logo
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