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.

Also from Business Insider Sub-Sahara Africa:

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Twerking Wendy Shay threatens to snatch someone's man with her slim waist in 'wild' video

Twerking Wendy Shay threatens to snatch someone's man with her slim waist in 'wild' video

20-year-old lady who sued doctor for allowing her to be born has won the case

20-year-old lady who sued doctor for allowing her to be born has won the case

Stormzy: British-Ghanaian rapper finally meets lookalike Romelu Lukaku at Wizkid’s concert (Video)

Stormzy: British-Ghanaian rapper finally meets lookalike Romelu Lukaku at Wizkid’s concert (Video)

Angry man attempts suicide inside banking hall after his money was given to fraudsters (video)

Angry man attempts suicide inside banking hall after his money was given to fraudsters (video)

Doctor and nurse suspended for having sex, moaning and disturbing patients who're in pain

Doctor and nurse suspended for having sex, moaning and disturbing patients who're in pain

Women, this is why you should learn to initiate sex more in your relationship

Women, this is why you should learn to initiate sex more in your relationship

5 things guys should never tell their girlfriends

5 things guys should never tell their girlfriends

Iran women’s goalkeeper accused of being a man after saving two penalties

Iran women’s goalkeeper accused of being a man after saving two penalties