4 Legal Things You Must Know And Do For Your Startup in Ghana.
Startups are fun yet it’s one of the hardest things to do. One of the first things to avoid when starting a business is Legal Issues because it is financially and physically draining.
To prevent going through the hassle of being dragged to court, these are some legal obligations you must satisfy for your startup in Ghana this 2021.
Register your business with the state registrar
Registering your business with the state registrar does not only give you the recognition you want but it also gives you legal protection against your business name and corporate image.
It gives your business the status of a recognized legal entity that can acquire assets in its name so that your personal assets are protected in case of legal or financial related issues.
Registering a business can be quite a lengthy procedure but once you are done with it, it comes along with lots of benefits.
All you may need is your personal details, TIN or Ghana Card, the name of the business (which will be confirmed if not already taken), the registration fee or any other business detail required in accordance with the laws of the country. Your new startup in Ghana needs all the attention you can give. Start by registering it.
Tax obligations
Fulfilling tax obligations should be a priority to you.
It is one way the state is able to perform its role in managing the country. Sometimes we may ask ourselves why the state queries business owners who refuse to pay their taxes. The answer is that they need the money to perform civil operations so when you refuse, they have no option than to sue you.
However, you must not wait to be sued and dragged to court before paying your taxes. The financial constraints that tax issues bring is more than the tax you would have paid over years. Just avoid this by paying your tax.
For those who may not know already, you are supposed to file your tax returns yearly and pay the tax accrued on your business. For more information, you can visit the Ghana Revenue Authority website.
Get employee contracts written
Contracts are very important especially if it’s a good one that protects both the employee and the employer. A good employee contract sets the working relationship, roles and obligations of an employee and also the employer.
Unfortunately, most retailers do not properly draft contracts or mostly they just have verbal contracts with their employees which have no terms and conditions and are obviously unavailable for reference when needed.
In such cases, there is no protection for the employee or the employer and one party may act in their own dispensation. In most cases, employers are dragged to court for employee issues. 2021 is definitely not a year to be summoned by the court over employee contract issues. You should make it a point to issue a formal and legal contract to every employee on your team.
Use legal disclaimers
Legal disclaimers are one way you can protect your business from legal issues surrounding the use of products or services obtained from you.
A disclaimer simply means that you are aware of some risks your products or services can pose to your consumers and thus you are disassociating yourself from the outcomes that may lead to a legal suit.
This informs your customers of the risks associated with your product before use. Some consumers also may use your products for other purposes it wasn’t designed for or may not have used properly and a legal disclaimer is going to save you from that liability. Disclaimers will usually prompt consumers on risks and inform them of the correct usage of the product.
You’ll usually find such disclaimers when you buy electronic gadgets such as mobile phones, TV sets, air conditioners and the likes.
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Conclusion
2021 is supposed to be the year where businesses, especially E-commerce businesses grow tremendously after a terrible 2020. However, beginning a startup in Ghana requires that you are ready to fix some legal requirements to keep your business going, several years after starting it.
We hope that this article was helpful to you in identifying some legal obligations to fulfill as a startup in Ghana. Kindly leave your comments below in the comment box and don’t forget to share this article with other business people on your list.