FROM THE VERY BEGINNING!….We could just end this article right here, but we won’t. I’ll expatiate a bit further to make this point clear.

You need legal support to help you articulate your ideas and to guide you on how best to execute them. A good legal adviser will advise you on what form your business should take to foster your intentions for that idea. Should you adopt the form of a sole proprietor, a limited or general partnership, a corporate (limited or unlimited) establishment, an NGO or a private or public trust? Each of these forms has its different features, pros and cons; and you need to be informed about these in order to make the right decision.

When you’ve decided on the form, your legal adviser will go ahead to recommend the appropriate legal structure to implement and register. The entrepreneur needs to be deliberately informed when making these decisions so he does not end up with a business vehicle that is not suitable to take him on the journey he wishes to embark on. (I used the male descriptive term here to refer to both male and female entrepreneurs for an easier flow of thought and words, please forgive my gender generalization). Do not fall for the common trap of choosing the most affordable option available to you at the relevant time – this might end up costing you so much more in the long run both in terms of money and other valuable resources, such as time and efforts.

Engaging a legal adviser at the very conception of your business or entrepreneurial idea will ensure that your financial investments and personal interests are protected from the very start. For instance, if you are thinking of partnering with other individuals or getting funds from investors, it is important to clearly state the terms of such arrangement which is assented to by all involved. Doing this will prevent any possible ambiguities and ensure that every stakeholder is clear as to their rights and obligations; this will in turn reduce possible conflicts and disputes in the course of the business relationship.

Other areas that prior legal advice will help cover includes helping you understand the tax implications of your idea and proposed venture; other legal and compliance requirements such as NAFDAC regulations, pension requirements for your employees and SON standard requirements for your products; protecting your brand identity and other intellectual properties, among others.

Its highly imperative to understand the legal implications of your ideas and business venture even before you commence, preparedness is key. Be informed, seek proper legal advice so you’re equipped to make the right decisions and take the right steps.