Urgent Labour Law Overhaul: What Small Businesses and Startups Must Do to Survive Nigeria’s Economic Crisis
In a critical call to action, Nigeria’s Attorney-General, Lateef Fagbemi, has urged for an overhaul of the country’s labour laws to address the growing economic crisis and industrial unrest. This proposed reform will likely impact businesses of all sizes, including small businesses and startups. Here’s what it means for small enterprises and how they can […]
Understanding the Proposed Withholding Tax Regime for Small Businesses In Nigeria.
In a recent development, stakeholders have emphasized the need for a revised withholding tax regime aimed at providing relief to small businesses in Nigeria. This proposal suggests a turnover threshold of N100 million, which is expected to significantly impact how small businesses handle their tax obligations. Background and Rationale The withholding tax system in Nigeria […]
Differentiating a Contract and a Memorandum of Understanding (MOU)
Differentiating a Contract and a Memorandum of Understanding (MOU) In the world of business and legal agreements, understanding the nuances between different types of documents is crucial. Two such documents that often come into play are Contracts and Memorandums of Understanding (MOUs). While they may seem similar at first glance, they serve distinct purposes and […]
The Key Elements Every Business Contract Should Have
Key Elements in Business Contracts In the world of business, contracts are the foundation of all professional relationships. They ensure that all parties involved have a clear understanding of their rights and obligations. Whether you are drafting a contract for services, sales, employment, or any other business arrangement, there are several key elements that every […]
How to Keep Your Business Ideas Safe from Copycats
In the fast-paced world of business, protecting your innovative ideas from copycats is crucial. Here are key strategies to safeguard your intellectual property and maintain a competitive edge: 1. Secure Intellectual Property RightsRegister patents, trademarks, and copyrights to legally protect your ideas. This legal framework can deter potential copycats and provide grounds for legal action […]
Professional liability:Who, When and Why
Who, When, and Why You Should Consider professional liability and Insurance In today’s fast-paced business environment, professionals across various industries face numerous risks that can lead to legal claims and financial loss. Professional liability insurance, often referred to as Errors and Omissions (E&O) insurance, is a crucial safeguard for individuals and businesses alike. This blog […]
Conducting Risk Assessment: Business Guide
Step by Step Guide in Conducting Risk Assessment for Your Small Business Running a small business comes with a variety of risks, from financial uncertainties to safety hazards. Conducting a thorough risk assessment is essential to safeguard your business and ensure its longevity. Here’s a step-by-step guide to help you through the process. Step 1: […]