The Lagos State Employment Trust Fund (LSETF) emphasized the critical role of legal structures in sustaining the growth of Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria at a recent Lagos event. The seminar, titled “The Purpose of Business Entity for Small Business Owners,” focused on how understanding and implementing proper legal frameworks are essential for business success.
LSETF highlighted that the effectiveness of small businesses in Nigeria hinges on adopting the right legal structures, such as sole-proprietorships, partnerships, corporations, limited liability companies, and cooperatives. Key factors for business sustainability include registering with the Corporate Affairs Commission (CAC), maintaining stable financial resources, and engaging in networking with other entrepreneurs.
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Oyeyemi Aderibigbe, a senior associate at Templars, led the event and addressed common challenges faced by MSMEs, particularly market vendors. She stressed the importance of entrepreneurs gaining thorough knowledge of their business before registration and choosing the appropriate business entity to enhance legal protection and prevent fraud.
Michael Nwabufo from the CAC announced that the new Special Registration Portal (SRP) now allows for business registration within 24 hours via mobile banking apps. Aderibigbe also warned against hiring based on emotions rather than qualifications, and advised on understanding necessary licenses, taxes, and funding opportunities.
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