• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Digital Media Podcast

Common legal mistakes small businesses make and how to avoid them – Expert

Zainab Iwayemi by Zainab Iwayemi
December 14, 2022
in Podcast
Business
Share on FacebookShare on TwitterShare on Linkedin

The Chief Executive Officer of Lawboxng, Olusola Adegoke, has highlighted some common legal mistakes people make when starting a small and medium-scale business in the country. 

Some of these mistakes include involving one’s family unnecessarily in business, and failure to seek legal advice, amongst others.

Adegoke stated this recently while speaking to Nairametrics during our Business Half Hour programme. 

RelatedStories

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 

July 6, 2025
Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025

 

The common mistakes: Commenting on the major mistakes people make when tying the legal end of a contract, she explained that some people often assume that the other person understands their vision or knows where they are heading. 

She added that people also make the mistake of involving family and friends in businesses which can get very emotional when things are not going on well, thus causing issues in the family. 

  • “So I always advise finding a partner that you’re not having blood ties with, then you go into business and you do your research on who they are, what they do, the kind of experience they have, financial standing and all,” she added. 

Adegoke added that signing contracts without seeking legal advice considering that certain clauses could be implicated in business is also a be a big deal. She said:

  • “There’s a particular clause that people take for granted and that is the exit clause. you realize that when one partner wants to walk away, another person disagrees with some of his terms and it becomes an issue. 
  • “If the business has no exit clause, you see them going to court, So clauses are very important in business to address questions of; when one party is leaving, what happens? what’s in your exit plan? are you giving out a percentage of the business to this person? Is this person leaving with you know a particular compensation?” 

Advice/recommendations: Adegoke said that in addition to an exit clause, business partners should also indicate a Force Majeure clause in case of unforeseen circumstances or anything that could hinder the party from fulfilling the terms of the obligations of the contract. 

She advised against attending meetings alone, noting that it is also a big mistake that every business-minded person should avoid. 

  • “Try not to attend meetings alone. If you cannot afford to go with a lawyer, Please go with an intelligent person or somebody in your circle. when you go to meetings alone, there’s always that likelihood that you could be manipulated into thinking that something works right, but when you have somebody with you, the other person is seeing things differently because this person is neutral, so I always tell people to go to meetings in the company of your lawyer or go with just like a neutral person,” She said.  

 


Follow us for Breaking News and Market Intelligence.
Zainab Iwayemi

Zainab Iwayemi

For further inquiries about this article, contact: Email: zainab.iwayemi@nairametrics.com Twitter: @IwayemiZainab LinkedIn: Zainab Iwayemi

Related Posts

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 
Business News

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 

July 6, 2025
Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 
Companies

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 
Business News

LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 

July 6, 2025
President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  
Agriculture

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

July 6, 2025
Top MD/CEOs of Asset Management Companies in Nigeria 
Equities

Top MD/CEOs of Asset Management Companies in Nigeria 

July 6, 2025
President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  
Business News

Nigeria Immigration opens visa amnesty for foreigners with expired documents, sets September 30 deadline 

July 6, 2025
Next Post
BREAKING NEWS: Nigerian Stocks post 4% gain after Emefiele suspension

NGX closes positive with market cap up N73 billion 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • $1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 
  • Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 
  • LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 

Follow us on social media:

Recent News

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 

$1M on the line as CAF increases WAFCON prize money, now it’s up to the Super Falcons to cash in 

July 6, 2025
Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics