M.J.B. BAMIGBOLA & CO.

A contract may be defined as a legally binding agreement between two or more persons by which, rights, are acquired by one party in return for acts or forbearances on the part of the other. See EMORI V. ESUKU (2012) LPELR-9797(CA) and ORIENT BANK (NIG.) V. BILANTE INT'L LTD. (1997) 8 NWLR PT.515 PAGE 37. An agreement or contract is a bilateral affair, which needs the ad idem of the parties as was held in ODUTOLA V. PAPERSACK (NIG.) LTD. (2006) 18 NWLR PT.1012 PAGE 470. In ADEDOYIN V. IGBOBI DEVT COMPANY LTD (2014) LPELR-22994(CA) the Court of Appeal held that "It is also an established rule of law that contracts may be in writing, oral or implied. Consequently, a contract between parties may be expressed by words or by an agreement in writing signed by the parties. Also a contract could be implied by the conduct of the parties themselves…” See also NATIONAL BANK OF NIGERIA LTD. (1978) 3 SC 119 and B. STABILINI & CO. LTD. V. OBASI (1997) 9 NWLR (PT.520) 293. Also i...

LAW AND BUSINESS TIPS SOME LEGAL TIPS FOR YOUR BUSINESS There are many legal issues which may make small businesses thrive. Here are a couple of tips to ensure your business entity works as easily as could reasonably be expected: Form a Separate Entity Determining the proper entity structure for your business matters a lot. A business entity may be formed as a company limited by share, a company limited by guaranty, an unlimited company, sole proprietorship or partnership. Your choice of entity influences operation, borrowing, and taxation. It is advisable to create a business entity which has a distinct legal personality from that of the owner. This is to protect the owner’s personal assets. Otherwise, the owner may be personally responsible for the debts and obligations the business may incur. Maintain Proper Records A business entity is required to create and maintain proper records which may include passed resolutions which document business decisions, documents relatin...

LAW AND BUSINESS TIPS INTELLECTUAL PROPERTY RIGHTS RELEVANT TO ENTREPRENEURS Managing a business entity is not only about compliance with relevant regulations, but also includes protection of your intellectual property (IP). IP rights are exclusive proprietary rights under the law which a person has over intangible assets that are products of intellectual works as opposed to personal or real properties. IP rights include copyrights, trademarks, patents and designs. COPYRIGHTS:  Copyright is a protection given to literary and artistic works.  Works like music, books, etc are protected under copyright. Copyright protection is automatic upon creation of the work. TRADEMARKS: This right protects the brand of a business. Brand name is what distinguishes the products of a firm from the products of another firm. Thus, every business owner would prefer to have a brand name with reputation, hence the need to register the brand name as a trademark.  Registering a brand ...

LAW AND BUSINESS TIPS REGULATORY COMPLIANCE FOR YOUR BUSINESS One of the fundamental mistakes being made by many startups is what I have tagged "let just do it after all na 9ja we dey syndrome/attitude." By this attitude, many startups do believe that they do not need to comply with the core rules needed to be complied with before floating a business, because they believe we are in Nigeria where laws are not really being enforced (let just assume without conceding that it is so that laws are not really being enforced in Nigeria). This is a fundamental error and it goes to the root of the business. In fact, it is a self-deceit which may ultimately lead to self-defeat. It is a mistake that will definitely tell on the business as time goes on. For instance, many business entities have folded up today due to non-compliance with relevant rules. Another factor to consider is the high possibility of unconsciously making bad deals as a result of lack of access to legal advice. Also,...