Before going into partnerships in Nigeria, it is important to watch out for the following:
- Trust: Ensure that your partner is trustworthy and has the same level of commitment to the partnership as you do.
- Business goals: Ensure that both partners have clear, aligned, and realistic goals for the partnership.
- Legal agreements: Have clear and comprehensive legal agreements in place to avoid any disputes or misunderstandings.
- Division of responsibilities: Clearly define each partner’s responsibilities, rights, and obligations in the partnership.
- Capital contribution: Determine how much capital each partner will contribute and how profits will be shared.
- Exit strategy: Agree on a plan for ending the partnership, such as a buyout or dissolution, in case one of the partners wants to leave.
- Communication: Establish open and effective communication channels to avoid misunderstandings and resolve conflicts.
It is important to seek the advice of a legal professional to ensure that your partnership agreement is in line with Nigerian laws and that all potential risks are considered and addressed.