5 important legal documents every startup in Nigeria must have
These documents helped to outline some core legal bases and operations of the business.
In an interview with Business Insider Sub-Saharan Africa, Odunoluwa Longe of DIY Law and Longe Practice outlined some of these important documents.
Odun said, "As a startup one of the first things you need to consider is the Act that regulates doing business in Nigeria. The Act is CAMA. The Act tells you how to run your business, what you need to put in place and other vital information."
Other documents include:
1. Memorandum of Association and Article of Association
This tells you what business you can do and what sub-businesses you are authorised to do.
It also talks about appointments and board of directors as well as the general day to day running of the business.
2. Contractual documents
3. Employee arrangement, outsourcing contract template, confidentiality clauses and other operational agreements
4. A confidentiality agreement, intellectual agreements (Creativity agreements and other important documents)
5. Founders' agreements (Not a solo founder)
It regulates the relationship between the founders, principles of investing and shares as well as the role of founders.
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