Updated: Apr 10
It may be difficult to distinguish between a business lawyer and a corporate lawyer in Nigeria. Both lawyers frequently cover the legal aspects of a company in terms of acquisitions, mergers, formation, and shareholders' rights. Corporate lawyers, on the other hand, typically represent larger corporations and are sometimes referred to as transactional lawyers. Only large corporations can afford to hire both a corporate lawyer and a business lawyer.
In general, corporate lawyers in Nigeria regularly advise clients on corporate mergers, acquisitions, and takeovers. In-House Counsel, Staff Attorney, General Counsel, or Chief Legal Officer are all terms for them. Corporate lawyers advise multinational corporations looking to expand their investments in Nigeria. They also provide legal advice on company incorporation in Nigeria.
Business lawyers in Nigeria, on the other hand, educate clients on applicable laws and best practices and represent them in legal matters. They assist businesses in remaining legally compliant. Business lawyers can also create systems to monitor operations and reduce risks.
How do business lawyers in Nigeria help in company incorporation?
During company incorporation in Nigeria, you may experience a range of anxious and excited emotions as you strive for a smooth and successful operation. Unfortunately, problems and uncertainties arise, and you will require the services of an attorney to protect yourself from liability and legal consequences. A good business lawyer will give you peace of mind and add value to your company. When starting a business, consider the following reasons for hiring a business lawyer.
Choosing a proper business structure for your company is critical because if you do not structure properly from the start, you may end up with unnecessary legal issues during company incorporation in Nigeria. Consider hiring a business lawyer in Nigeria to assess your company and assist you in understanding liabilities, tax obligations, employee inquiries, and setup costs so you can determine which business structure is best for you.
Hiring a business lawyer can reduce your company's exposure to lawsuits, including employment lawsuits. A business lawyer will assist you in putting your company in compliance with state and federal employment laws.
It is critical to safeguard your intellectual property in order to keep your company distinct and competitive. A patent, copyright, or trademark can be filed depending on the type of intellectual property you have. A business lawyer can assist you in preserving and protecting your legal right to your intellectual property.
Unless you run your business from home, you will need to find an office building, warehouse, or other commercial space. Whether you are purchasing or leasing space, you should have a business attorney review all contracts, terms, and agreements.
How business lawyer in Nigeria help in debt collection?
As a business owner, you have almost certainly dealt with customers/clients who have failed to pay for goods, labor, and/or services that you provided for their benefit. You may have also encountered difficulties in debt collection in Nigeria for those outstanding debts on your own.
Insecurity caused by not knowing what collection measures are legally permitted to use, as well as a lack of responsive communications with these types of customers/clients, frequently leads small business owners to give up collecting past-due accounts. Having a lawyer in Nigeria for debt collection can be a very effective way to collect these past-due accounts. Here are some points on how business lawyers in Nigeria can help in debt collection.
First and foremost, there are federal and state laws that protect consumers by limiting the amount of debt collection in Nigeria effort that can be made. Attorneys are in the business of knowing the law and the ramifications of breaking it.
It is far more proficient to focus heavily on an expert who is familiar with debt collection in Nigeria than to spend time that should be spent on growing and improving your business and figuring out which laws may affect your collection efforts. It will also give you peace of mind knowing that you will not be unintentionally breaking the law and opening yourself up to potential debtor claims.
Experienced business lawyers in Nigeria have knowledge and tools that the average small business owner does not. This knowledge enables them to evaluate each business debt collection issue you have, determine the assets available for collection, and devise a strategy for the most effective recovery options.
Business lawyers in Nigeria are usually able to get your money faster than self-help methods. When an attorney's name appears on a letter, most people are afraid that they will face legal action, and that fear leads to you getting paid faster.
We at Kafui and Partners have skilled lawyers in Nigeria who comes with years of experience and have knowledge of all laws regarding various services including debt collection in Nigeria and company incorporation in Nigeria.