Hello Zainab,

I currently run a Media Agency with my co-founder.  We are looking to scale by representing various Content Creators, and platforms, that is while they create the shows, songs, or content, we would be the ones to handle the business aspect of things

We have been doing business on a month-to-month basis, what legal structure do we need to put in place to handle all our deals as a Media Agency?

Thanks

Do-it-right Business Owner

Hi Do-it-right Business Owner,

I’m always glad to hear of people creating solutions and doing it well, so I owe you a smile. Starting with your question on a recommended legal structure, the first thing you need to do is to incorporate your business. You shouldn’t confuse this with registering a business name. An incorporated company differs from a business name as it is a separate legal entity while in the case of a business name, there is no separation between the proprietor(s) and the registered business.

Also, you should get a founders agreement that governs the relationship between founders. It defines all the roles, obligations, and benefits of each founder. It’s always better to sort this out at the early stages of your business. You should also have terms and conditions which indicate intellectual property usage and rights with the content creators. You should also look at having a privacy policy for the use of all the personal information you will gather.

With all this said, you should still seek legal advice from a lawyer who can help you out with more intricate details. You can find one here

As an additional resource, you can read up these articles:-

Types of business entities, Setting up a legal entity for your business in Nigeria.

These videos could be helpful too-

Diylaw Video 1, Diylaw Video 2

Keep succeeding Do-it-right Business Owner