SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home SME

5 Legal Mistakes Every Small Business Owner Should Avoid

Contributor by Contributor
June 15, 2020
in SME
0
5 Legal Mistakes Every Small Business Owner Should Avoid
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Setting up a business is one of the most tedious parts of every entity. You can be excited that sometimes you forget to consider some first steps, mostly those that need legal backings.

Join our communityJoin our communityJoin our community

If you’re starting a new business or have started a one, take time to review certain legal issues to protect your company in the long term.

Incorporate Early

There are many advantages to setting up your company. Some business owners see it as the first step in opening their enterprise. But others don’t think about the advantages of incorporation until it’s too late. Most times, small business owners lost a corporate name and logo to others. 

Get a Business License as quickly as possible

Quickly get a business license and mingle with those in your line of business. Get local, state, or federal regulations as applicable to your business. Operating a business without a license can be expensive—there may be costly fines.

Prepare Contracts, Including a Non-Disclosure Agreement

Even if you do most of the work yourself, eventually you’ll probably hire some help or subcontract some work. Make sure you’re ready when that situation arises by having standard contracts prepared ahead of time. Your contracts should state the basic terms of the job and the payment details. You can talk to some business lawyers or a lawyer friend to help you put some perspective on this.

Protect Your Logo

A logo is more than just a graphic image—it’s a unique part of your company’s identity. As your business grows, your logo grows in value because it represents your company’s promise to your customers. Make sure you build that value for your own business and not someone else’s. If you don’t legally protect your logo, a competitor can use it to gain business that you earned.

Also, make sure the contract you enter with your graphic designer specifies that you will own the rights to the logo and will be entitled to trademark it.

Get an Employer tax records

It’s a good idea to obtain tax records. It will help you get some business deals and contract from government agencies and some big companies. It shows you are running a serious business and not some portfolio entities.

Tags: SME legal mistake
Previous Post

Best Practices For Small Businesses

Next Post

How SMEs Can Get GTBank Loan

Contributor

Contributor

Related Posts

Here’s Why Businesses Will Benefit when CBN’s Cashless Infrastructure Comes Through in 2025
SME

Here’s Why Businesses Will Benefit when CBN’s Cashless Infrastructure Comes Through in 2025

by Blessing Osazuwa
January 5, 2023
0

The Central Bank of Nigeria recently disclosed in a document that cash-based transactions would reduce by 2025. According to the...

Read more
How Panaramic founders grew a business out of cartooning Nigeria’s history
Brand Insights

How Panaramic founders grew a business out of cartooning Nigeria’s history

by Ruth Okwumbu-Imafidon
January 3, 2023
0

Many Nigerian millennials grew up reading comic books watching tv animation shows that featured toon characters that looked nothing like...

Read more
76 % of African exports rejected annually due to poor quality – Professor Oramah
Trending News

Fuel supply crisis to end soon – IPMAN

by Ruth Okwumbu-Imafidon
December 29, 2022
0

The President of the Independent Petroleum Association of Nigeria, IPMAN, Mr. Chinedu Okoronkwo, has assured that once all independent marketers...

Read more
76 % of African exports rejected annually due to poor quality – Professor Oramah
Trending News

76 % of African exports rejected annually due to poor quality – Professor Oramah

by Ruth Okwumbu-Imafidon
December 29, 2022
0

President and Chairman of the Board of Trustees (BoT) African Export–Import Bank, Afrixembank, Prof. Benedict Oramah, has said that about...

Read more
Gates Foundation equips women farmers through agro marketing workshop
SME

Gates Foundation equips women farmers through agro marketing workshop

by Blessing Osazuwa
December 27, 2022
0

No fewer than 500 women farmers have been equipped with commodity and grading skills for competitive marketing of their produce,...

Read more
Lekki Port ready for commercial operations
Trending News

Lekki Port ready for commercial operations

by Ruth Okwumbu-Imafidon
December 22, 2022
0

Managing Director of the Lekki Port LFTZ Enterprise Limited, LPLEL, Mr. Du Ruogang has said that newly completed Lekki Deep...

Read more
The New CBN Cash Withdrawal Policy; What will happen to MSMEs now?
Trending News

CBN raises weekly cash withdrawal limit for individuals & corporate bodies

by Ruth Okwumbu-Imafidon
December 22, 2022
0

The Central Bank of Nigeria (CBN) has raised the weekly cash withdrawal limits set for individuals and Corporate Organisations to...

Read more
Load More
Next Post
SME Invoice Discounting Finance (SME IDF) This is a short term borrowing facility which provides a quick cash flow solution to your business needs. Your business can draw money against invoices (receivables) issued before your clients pay for products supplied or services rendered. >>> Maximum of N 50Million (subject to 70% of invoice value) >>> Tenor is 60 days (maximum waiting period of 30 days) >>> Bullet repayment upon maturity of the facility with monthly interest >>> Irrevocable domiciliation of discounted invoice proceeds with GTBank >>> Competitive interest rate Quick Credit Get More Out of Your Account with Quick Credit Whether you are a salary earner or self-employed, you can now get the cash you need instantly, and pay back over 6 - 12 months. Quick Credit gives you funds up to N5million at an interest rate of 1.75% monthly. No Hidden Charges. What's In it for You >>> Up to N1 - 5 Million >>> Convenient repayment plan spread over 6 - 12 months >>> At an interest rate of 1.75% per month Premium Advance Always there, when you need funds the most, Premium Advance is a revolving overdraft facility placed on your Debit Naira MasterCard. What's in it for you? >>> Up to N1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days). >>> Very Competitive interest rate. 2% flat fee on N1million upon first utilization. >>> Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchase and web payments). >>> Monthly repayment of interest with bullet payment of principal at end of cycle. Overdraft At Guaranty Trust Bank, we are desirous of supporting your business by providing you with the required funds to support your working capital. It is a line of credit that allows a customer write cheques for more than the actual balance on the account with a finance charge on the excess. It is an open credit which can be used repeatedly until the balance on the account reaches a certain pre-arranged limit with a specific repayment date, usually one year. The funds is usually available for your use for a tenor of one year but it can be renewed upon satisfactory performance. Hub Advance Let's Grow Your Business together With Hub Advance, you get the right kind of inventory financing that your business needs to grow. Loan Dynamics >>> Maximum Loan Amount - N500k to N2million >>> Maximum tenor of 3 months >>> Irrevocable Domiciliation of inflows is required >>> Repayment for the loan shall be equal monthly repayment of principal and interest >>> No Equity Contribution >>> Interest rate: Competitive >>> No Collateral Food Industry Credit The Recipe for Growth Looking to grow your food business? Now you can get all the financing you need with the GTBank Food Industry Credit, which offers you a single digit interest rate loan of just 9% per annum. What's in it for You >>> Up to N2 Million >>> 9% per annum interest rate (0.75% monthly) >>> Flexible repayment plan spread over 180 days >>> Zero Fees Fashion Industry Credit Tailored to your Fashion business, designed for growth. Building a fashion business is one of the most exciting things you can do, when you have the right support. That is why we have created a single digit interest rate loan at 9% to provide entrepreneurs in the fashion industry with all the financing they need to grow their business. Fashion Credit Web >>> What's in it for You >>> Up to N5 Million for your fashion business >>> Single digit (9% per annum) interest rate at 0.75% per month >>> No fees >>> Flexible repayment plan spread over 360 days >>> Customers can access up to 50% of average annual turnover

How SMEs Can Get GTBank Loan

Please login to join discussion

Recent News

5 Key Takeaways from Spotify's Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

5 Key Takeaways from Spotify’s Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

January 26, 2023
Borrowing From Friends & Family Made Easy With These Four Steps

Borrowing From Friends & Family Made Easy With These Four Steps

January 26, 2023
Business ideas that Nigerians could develop that will appeal to both local and international customers

Business ideas that Nigerians could develop that will appeal to both local and international customers

January 25, 2023
Do not do these 5 things when you’re behind schedule in delivering orders to customers

Do not do these 5 things when you’re behind schedule in delivering orders to customers

January 25, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur