TEN (10) LEGAL DOCUMENTS ESSENTIAL FOR YOUR BUSINESS AS A GOING CONCERN

As a business owner who values the growth and development of his business, it is important to understand the significance of taking cognizance of some legal implications with respect to running a successful business.

Guiding your business within the ambiance of legal provisions will not only help the business grow but will also help the business owner operates smoothly and maintains a harmonious, well-managed environment.

As we all rightly know that where there is no law there will be no orderliness, so also is a business that is not guided by rules and regulations.

Hence, the following are the necessary legal documents every business must own:

1. Incorporation Document: The foundation of a thriving business begins with incorporation. Incorporation establishes the legal identity of a business, granting it access to various privileges and protections under the laws that are exclusive to incorporated entities.
2. Confidentiality/ Non-Disclosure Agreement: This is a vital agreement to have with your partners, co investors, employees, etc. This agreement is useful for safeguarding and protecting vital information and secrecy of your business and to forbid anyone from disclosing same without your consent.
3. The Independent Contractor Agreement: This is used in cases where you employ contract staff for your business. You will need this agreement to state expressly the terms and conditions that govern their relationship with your company.
4. Employment Agreement: This is essential where you have full time staffs working for you. You need to have a well detailed agreement stating necessary terms 

relating to their job description, payment terms, targets, leave conditions, resumption and closing hours, exit from employment, etc.

5. Shareholders Agreement: This Agreement is essential and cannot be avoided in a partnership business or firm involving multiple shareholders. It is important to state in express terms and conditions the principle that will guide profit and sharing loss, liabilities of the partners, death of partners/shareholders/directors, retirement of partners/shareholders/directors, and a lot more.
6. Memorandum Of Understanding: This document is referred to as a pre-contract agreement document, and it is used by parties to a business to state the principles,  terms and conditions of the contract, contract amount, etc
7. Memorandum and Articles of Association: This is a legal document required of a company before registration. It defines every bit of the objectives of the company, its relationship with the shareholders, and the structural organization of the company.
8. Statutory Report:  A company is required by law to hold its first statutory general meeting 6months after incorporation. Statutory Report is expected to be availed to each member at least 21days before the meeting and same should be filed with the CAC within the stipulated time.
9. Privacy Policy: Establishing a privacy policy that aligns with data protection regulations is essential for building a successful business, particularly if your operations involve collecting data from employees or customers. Additionally, implementing an online data privacy policy is crucial when gathering information from visitors to your website.
10. Vendors Agreement: It is essential to clearly outline the terms and conditions governing vendor and supplier relationships, particularly in matters involving the supply of goods and services. 

OLAITAN FEYISETAN

LEAD PARTNER

MORNAIQ O&A SOLICITORS

08057497116

mornaiq@gmail.com