The Practice Of Entrepreneurship And Its Legal Issues By Prof. Amuda-Kannike Abiodun (SAN)

A PAPER PRESENTATION BY PROF. AMUDA-KANNIKE ABIODUN (SAN) AT THE GRADUATION/MAIDEN ENTREPRENEURSHIP CONFERENCE/INDUCTION/AWARD CONFERMENT CEREMONY, OF INSTITUTE OF ARTS, MANAGEMENT & PROFESSIONALS, HELD AT COVENANT UNIVERSITY, OTA, OGUN STATE OF NIGERIA ON SATURDAY, 21ST OF JULY, 2018 Presenter’s E-mail address: amudakannikeabiodun@gmail.com INTRODUCTION The issue of entrepreneurship and its legal issues has not only become important to Nigeria, but it has become important to the entire World in order to move the economy and the World economies forward. There is the need for this knowledge in order to avoid various acts of illegalities in our quest to be enterprising in our various fields of human endeavours[1]. It will be of great value to us to define the two key terms[2] associated with this presentation which terms are;

• Entrepreneurship
• Legal issue/issues

Entrepreneurship means, the introduction of new economic activity that leads to change in the market place[3]. This involves creating enterprises that shape practices in novel ways. Furthermore, it is also said that entrepreneurship is not just only about innovation, but it also involves the creation of products or services within a business model that embraces the inherent financial risks of success-or failure-of the enterprise.[4] Legal issue is a legal question which is the foundation of case. It requires a court decision. It can also be referred to as point on which the evidence is undisputed, the outcome of which depends on the court interpretation of the law. [5] Furthermore, legal issue is defined as a legal question which is usually at the foundation of a case, and requiring a court decision. Legal issue is further defined as a point on which the evidence is undisputed, the outcome depending on the court’s interpretation of the law.[6] It is pertinent to understand that we have searched for an appropriate definition to fit into this paper presentation and because, we couldn’t find anyone, we have decided to define legal issue as the important aspect of the law, whether in dispute or not, which is required, proper analysis of such laws, arising from a given fact, whether in dispute or not, which is required, in order to arrive at a conclusion, decisions or recommendations. They are the essential aspect of the law, distilled from a given fact or set of facts which requires proper analysis of such laws, to those facts in series, in order to arrive at a conclusion, decisions or recommendations. They are the essential aspect of the law, distilled from a given fact or set of facts which requires proper analysis, construction, critisms, and summation.[7] Accordingly, in this presentation, the important legal issues as they relate to entrepreneurship, shall be examined constructively, we shall summarize the presentation, make useful recommendations vis-à-vis conclusion. THE ISSUE OF REGISTRATION OF BUSINESS NAME OR FORMATION OF COMPANY, ETC. It should be noted that many small business outfit are formed with the intention to become a large firm later and the path towards achieving this aim involves a lot of business form and capital structure (liability exposure). One of the most serious differences between small and large firms lies in the degree of personal liabilities for business risks by their respective owners. It is common knowledge that a larger majority of small firms are unincorporated, which means, that the owners are usually subjected to personal as well as business liability risk. It is however advisable that an entrepreneur should register his or her business as follows;

• Business name [8]
• Partnership [9]

 

• Co-operative[10]
• Company (private)[11]
• Company (public)[12]
• Incorporated trustees[13]

The whole essence of advising any entrepreneur to register the business is to give it legal backing not only in being able to do business properly but to also be able to sue or be sued. The position of the law as stated in REGISTERED TRUSTEES OF THE AIRLINE OPERATORS OF NIGERIA VS NIGERIAN AIRSPACE MANAGEMENT AGENCY[14] is that it is now well settled that a non-existing person, natural or artificial cannot institute an action in court, nor will an action be allowed to be maintained against a Defendant, who as sued, is not a legal person. Juristic or legal personality can only be donated by the enabling law. This can either be the constitution or a statute. If the enabling law provides for a particular name by way of juristic or legal personality, a party must sue or be sued in the name. He cannot sue or be sued in any other name. We are not saying that an individual entrepreneur cannot do business as a human being but what we are saying is that the business will be more enhance if he register as a business name and where he combine his business with others, the statues is likely to require him to form, a co-operative, partnership, or company with others. Therefore, where the statutes requires, compliance with the law and there is no compliance, the effect of such non compliance may be enormous. No wonder in the case of REPTICO .S.A. VS AFRIBANK[15], the supreme court of Nigeria stated that generally, the law recognizes, two categories of persons who can sue and be sued in court. They are natural persons, with life, mind, brain and physical body and the other artificial persons or institutions having juristic personality. In other words, no action can be brought by or against any party other than a natural person or body of persons, unless such a party has been given by statute, expressly or impliedly either (a) a legal personality under the name by which it sues or is sued or (b) a right to sue or be sued by that name. Also in the case of ALHAJI AFIA TRADING & TRANSPORT COMPANY LTD VS VESITAS INSURANCE COMPANY LTD[16], the court stated that a party who should commence action in court must be a person known to law, that is, a legal person. ILLEGAL BUSINESSES AND ENTREPRENEURSHIP It is important that an entrepreneur must look at the business he or she is involved in and look at the laws of its operational base or the states/country because any activities which is prohibited laws cannot and should not form the basis of entrepreneurship activities. For example, can you because of entrepreneurship, be involve in cocaine, heroin, and other illicit drugs activities? Can you be involved in banned business activities or in oil bunkering businesses? However, to trade illegally is not just a function of willingness to accept and manage risk. There is the implication that the person finds the illegal process ethically and morally acceptable. Morality differs from individuals and societies. There are countries where illegal actions are widespread and accordingly acceptable to the social majority. Moral acceptability of illegal action can occur especially where a minority considers themselves oppressed by those at the helm of affairs (in government)[17]. It is important to state that existing studies show a positive relationship between entrepreneurs performance and their conventional human capital as measured by previous business experience[18]. The whole essence is to explore whether illegal entrepreneurship experience (IEE), an unconventional form of human capital, is related to the performance and motivation of entrepreneurs operating legal businesses in a transition context using regression techniques on a sample of 339 private business owners in Lithuania, it was discovered that generally, IEE is significantly and positively associated with subjective measures of business motivation. Also, younger entrepreneurs benefit from their IEE in terms of business performance, indicating that they have been more successful than older entrepreneurs in transferring their IEE to a market oriented setting. Furthermore, IEE and business performance are positively related to entrepreneurs who started completely new legal business. ENTREPRENEURSHIP AND CRIME A study by Karan F. Parker from the University of Delawaie’s Department of Sociology and Criminal Justice explores the connection between the rise of African-American-owned businesses and the rate of violent crime among black youths. The research primarily analised whether the increase in both African-American-owned businesses and paid job opportunities is associated with a decline in Black youth violence in cities. Central to this hypothesis is previous research discussing the role model function that African-American business owners have embraced by serving as examples of economic success, especially in disenfranchised communities, which may potentially guide adolescents away from crime through seeing a stable pathway for the future. This progression, which may seem overly idealistic, is most often observed in urban neighborhoods when accompanied by actual job opportunities and social networks that minority businesses provide to those just entering the job market [19] ENTREPRENEURSHIP AND CONTRACT Many new business owners find themselves in need of some kind of written contract or agreement to use with customers or clients, vendors and perhaps others as well, so your question is a good one. first, a word about attorney who understands your need to keep initial start-up costs low and will be willing to work with you in a way that suits your needs and your budget. For example, you might bring the attorney a rough draft of your proposed contracts and the attorney would review and revise what you created for a small fee. One of the best ways to locate attorneys who are accustomed to work with start-up in this way is to obtain a referral list from your local small Business Development Center (SBDC). SBDCs are located on many college or university campuses throughout the country. Another good approach is to ask other business owners in your industry for recommendations[20]. The essential elements of a business agreement are;^20a

• The parties to the agreement. In other words, your business name and the name of the other party, whether that’s a customer or a vendor.
• What each party is going to gain from the agreement this is referred to in legal vocabulary as consideration.
• The main terms of the contract. For example, what each party is promising to do. Obviously, it’s extremely important this part of the contract be very specific and include such things as the work to be performed, the price to be paid for the work, how and when payment will be made, when the work will be in effect and whether either party is “Warranting” anything.
• Additional terms should probably include; conditions under which either party can terminate the contract, whether either party can transfer or assign the contract to another person or company, whether disputes arising from the contract may be arbitrated or mediated, payment of attorney’s fees if one party breaches the contract, an address where legal notices can be sent to each party and which state Law applies if questions about the contract arise.
• Execution; Be sure both parties sign the contract and the person signing (if he or she is representing a company) has the authority to sign.
• Delivery; Make sure each party receives a copy of the finally signed agreement.
• Date: This is the date the contract is signed.[21]

INTERNATIONAL BUSINESS International business consist of trades and or transaction around the world. These trades or transaction includes the trade of goods, services, technology, capital and or knowledge.[22]  International business Law, also refer to as, international commercial Law, is a body of Legal rules, conventions, treatise, domestic Legislations and commercial customs or usages that govern international commercial or business transactions. A transaction will be termed international if the elements of more than one country is present[23]. Many business transactions are regulated by Order, Act and Contract Law which governs contract enforcement. It is very important for international business people to have good understanding of the country they do business with especially as it concerns such country’s Law of contact/contract Laws[24]. As at today, we are living in global economy where we use goods which are manufactured in one country and packaged in another country. Businesses have cross-boundaries of different countries and expanded themselves across the world, in search of availability of different raw materials, cheap Labour talent and markets for their goods. However, doing business internationally is totally not the same as doing such businesses in one’s home country. Therefore, anyone doing business in any country, must as a matter of necessity have the knowledge of such country’s culture, people, behaviour, country’s Legal system, the Political environment, vis-à-vis its economic condition. The Legal system of a particular country is therefore significantly important to international business. It must be understood for the purpose of emphasis that International business is all business transactions-private and governmental-that has to do with two or more countries. What is the reason behind being interested in studying international business? The answer is that international business deal with large and increasing level of the world’s total business. Appreciating international business culture is one of the major factor responsible for global organizations. If you intend to take a company into new markets, you need to not only study the regulatory requirements; there is the need to also know your audience. As a result of the impact of various aspects of legal System in international business, it is very necessary for businessmen to have good exposition of legal systems of countries they do business with. As at today, almost all companies, be they large or small, are affected by global activities and competition since most sell output to and/or secure suppliers from foreign countries and/or come in competition against products and services that are bought from abroad.[25] It is to be noted that there are more companies that engage in some form of international business who are involved in exporting and importing business compared to any other type of business transaction. There are lots of the international business experts who argue that exporting is a logical process with a natural structure, which can be viewed specifying as a method of understanding the target country’s environment, using the appropriate marketing mix, developing a marketing plan based upon the use of the mix, implementing a plan through a strategy and finally, using a control method to ensure the strategy is adhered to. This exporting process is reviewed and evaluated regularly and modifications are made to the use of the mix, to take account of market changes impacting upon competitiveness. This view tends to suggest that much of the international business theory related to enterprises, which are internationally based and have global ambitions. This often change, depending on the special requirements of each country. Legal system of a particularly country is significantly important to international businesses. Difference in legal systems can affect the attractiveness of a country as market or investment site. A country’s law regulate business practices, defines business policies, rights and obligations involved in business transactions. The government of a country defines the legal frame work within which firms do businesses. The laws differ from country to country. For example, China has communist government where business laws are strictly controlled by government, to “controlled business sectors”. Whereas India has democratic government and business laws are made to protect small businesses and consumers. Although different countries have different laws and regulations, knowledge of common law, civil law, contract law, and laws governing property rights, product safety and liability for a country helps business people to make business decisions.[26] The common law system is commonly found in former Great Britain Colonies and is based on country’s legal history, past court rulings on cases and ways in which laws are applied in specific situations. Judges in a common law system have power to interpret the laws under unique circumstances for an individual case. Countries like United States, Australia, India uses common law systems. In civil law system, laws are based on detailed set of written rules and codes. Judges have less flexibility and have power only to apply the law. France, Germany, Russia operate with a civil law system. Some counties have legal system, which is based on religious teachings. Countries like Pakistan, Saudi Arabia, Iran and Middle Eastern nations follow Islamic laws, which is based on holy principles of Quran. It is very important for international business to interpret laws according to country and its impact on their commercial activities[27]. ENVIRONMENTAL LAW AND ENTREPRENEURSHIP Although many environmental law regulation business were shaped with an eye toward regulating large companies, there are several reasons to expect firm size to be an important consideration in formulating and evaluating environmental policy[28] Compliance. Compliance with environmental regulations can require firms to respond in several ways, such as installing pollution control equipment, monitoring and reporting waste streams and pollutant releases, and developing emergency response plans. Small firms might be at a disadvantage due to the cost of pollution control equipment or the resources needed to complete required paperwork. High initial compliance costs may also make it more difficult for small firms to enter the industry[29] STATUTORY VARIATION. The requirements of environmental regulations frequently vary by firm size; this so-called “tiering” means that small firms are exempted from certain requirements or are required to meet less stringent emission or treatment technology standards. In addition, the regulations themselves are often tailored to the experiences and capabilities of large firms[30] ENFORCEMENT. There is currently no consensus on whether government enforcement practices have favoured or worked to the disadvantage of small firms. Policy questions of interest regarding the differential effect of environmental law on small business includes: xCompliance with and enforcement of current laws How have recent trends in environmental regulation, enforcement, and liability affected businesses along size dimensions? Which aspect of environmental regulatory and liability policy cause the greatest problems for small firms? What are the benefits of reducing environmental damage caused by small firms?[31] NEED FOR NEW APPROACHES. Given that many environmental initiatives were originally shaped with large firms in mind, is a different approach to source control, pollution prevention, compliance assistance, and enforcement needed to deal with small firms?[32] EFFECT OF GOVERNMENT-INDUSTRY AGREEMENTS. How have different public-industry negotiated agreements (such as the Common Sense Initiative, which aims to make environmental regulation and performance “cleaner, cheaper, and smarter”) been used by small firms, and what types of modifications to these programs would make them more attractive to small firms?[33] EMPLOYMENT LAW AND ENTREPRENEURSHIP Employment laws, regulations, and policies, which can range from minimum wage laws and anti-discrimination laws to non-compete agreements and regulations on workers’ compensation and unemployment insurance, can protect or benefit one party (usually employees), but typically impose some cost on the other party. In designing employment laws and regulations, policymakers strive to strike a balance between costs and benefits, which often means adjusting the application or enforcement of employment-related regulations according to firm size. The impact of employment law is likely to vary by firm size for several reasons. Administrative Enforcement of government regulations.[34] Firms of all size are/potentially at risk of a civil action in response to claims that the firm’s actions have harmed an employee. This risk is increased due to regulations that invest government agencies with the authority to investigate firm behavour and take legal action. Very small firms falling under the employment threshold for a regulation to take effect may face a lower risk of legal action. It is therefore plausible that very small businesses might consider the implications of growth that would carry them over the employment threshold to avoid the reporting requirements and related administrative costs as well as the threat of fines or legal action[35]. COURT ENFORCEMENT POLICIES. One of the key differences between small and large firms is the level of resources available to them to spend on litigation, either as plaintiffs or Defendants. Large firms with deep pockets might be more frequent targets of employee discrimination, wrongful discharge and other suits. Large firms might also have a stronger incentive to spend substantial resources aggressively defending any one suit so as to deter further suits. On the other hand, small firms may be more vulnerable to breach of a non-compete agreement or violation of trade secrets rules as the entire business may depend on that trade secret. As a result, they may be more likely to prosecute, in spite of the costs and the risk of bankruptcy. Costs of providing worker’s compensation and unemployment insurance. Employers are required either to purchase workers’ compensation insurance to cover potential workers’ compensation losses or to demonstrate sufficient financial resources to self-insure. Large firms typically have a greater ability to self-insure and thus opt-out of the system. In addition small firms often face higher insurance premiums due to the imperfect application of experience rating. Unemployment taxes are typically determined by a firm’s experience with unemployment, although new firms are assigned a flat rate, which will change over time based on the stability of their labor force and the number of layoffs they experience. As a result, small firms may have less potential relative to large firms in reducing their rate because of less flexibility in response to changing economic conditions and or the potential of layoffs. These issues lead to a number of questions of potential interest to policy makers involving small business. HEALTH INSURANCE REGULATIONS AND ENTREPRENEURSHIP Health insurance regulations are generally targeted to insurance companies that sell group health insurance products to firms, rather than toward the firms that offer health insurance to their employees. Nonetheless, these regulations might have differential effects for small versus large firms. Health insurance coverage and premiums. Health insurance regulations that affect small firms differently from large firms might be expected to impact the likelihood that small firms will offer health insurance coverage or lead to changes in health insurance premiums. Studies to date, however, have not found evidence of either of these effects.[36] BUSINESS SIZE. The explicit size thresholds in many health insurance regulations suggest that firms considering changing their workforce size might be influenced by health insurance regulations. In the case of small group health insurance regulations, small firms that can obtain health insurance that is protected by these regulations might choose not to expand beyond the upper size threshold. On the other hand, if the regulations result in higher premiums and lower availability, small firms might prefer to expand to a size that is beyond the reach of small firm regulations. Other regulations such as state-mandated benefits may also affect business size, since larger firms can self-insure and avoid state regulation[37] THE ISSUE OF PATENT, TRADE MARKS AND COPY RIGHT Patent right in law means the set of exclusive rights granted by a government or an inter-governmental organization to an “inventor” or “an assignee” of an invention, for a limited period of time in exchange for detailed public disclosure of an invention.[38] A patent is a proprietary right granted by the Federal Government pursuant to laws, passed by the congress, patents which convey to the owner exclusive rights to the claimed invention, are granted to inventors who file an application with the Trade Marks patents and Designs Registry.[39] To register a patent in Nigeria, someone must conduct search to show that the invention has not been registered before, a petition or request is made, signed by the Applicant or Agent with names and address, a specification including claims in duplicate plans and drawings, a declaration signed by the true inventor, signed power of Attorney or agent authorization and address within Nigeria for service and payment of prescribed fees. Trade Mark is a recognizable sign, design, or expression which identifies products, or services of a particular source from those of others, although there are trademarks use to identify services which are called service marks.[40] To register, the name of the company who owns the trade mark, its address, a simple power of Attorney appointing the Trademark Agent to act as its Attorney for the purpose of registration of the mark and a copy of the device or mark to be registered in Nigeria. This registration is done at registry of Trade Marks, Commercial Law Department, Federal Ministry of Trade and investment.[41] Copyright means the exclusive and assignable legal right given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.[42] This is a form of intellectual property, applicable to certain type of creative work. Copyright covers not only books but also advertisements, articles, graphic designs, labels, letters (including emails), lyrics, maps, musical compositions, product designs, etc. It can be registered with NCC (Nigeria copyright commission). Submit a completed registration form, two (2) copies of the work, and evidence of payment. This can even be done on line or at NCC office. According to the major international intellectual property protection treaties (Berne Convention, Universal Copyright Convention, and WIPO Copy right Treaty, the right recognized are;

• To reproduce the work in any form, language or medium.
• To adapt or derive more works from the copyright material.
• To make and distribute the copies.
• Perform the work or idea in the public.
• To display or exhibit it in the public

It should be noted that to obtain a valid copyright, the work must be original with some medium of creativity. What is protected is the “expression” or “embodiment” of an idea and not the “idea” itself. For example, plagiarism is unethical and unprofessional conduct but it is not an offense. It should be understood that both Patents[43], Trade Marks[44], and Copyrights[45] are recognized by Law in Nigeria and are important to the entrepreneur. SUMMARY Manifestation of law over the development of entrepreneurship can be expressed through profound and significant effects. Depending on the form and nature of the prescribed. They may aim to inhibit the entrepreneurial process or aim to incite, strengthen and create conditions for achieving maximum results in entrepreneurship. The question about the connection of entrepreneurship with legal regulations has always been discussed and numerous trials have been conducted, but the issue remains open just because of the variability of the legal system, the variety of regulations in different countries and the specifics of each of them including the impact they have on entrepreneurship as a separate issue worthy of attention. THE RELATIONSHIP BETWEEN LAW AND ENTREPRENEURSHIP Traditionally, legal norms are treated as a limiting factor. They impose certain frames that can be experienced as narrow for certain types of behavior, as well as for the entrepreneurship. This gains even more weight considering the fact that entrepreneurs by nature are seen as someone who violates established rules, takes risk, and deviates from common behavour, etc. Starting from this mind-set, entrepreneurship could be considered a kind of creative anarchy, where the legal regulations would hamper innovation processes, something which could call even the entrepreneurship in question. However, the relationship between law and entrepreneurship is much more complex. Namely, the impact of legal regulations on entrepreneurship can be contained in three different types of relationships, such as; Legal regulations can encourage development of entrepreneurship (reducing entry barriers to markets, protection of property rights, guaranteed enforcement of contractual arrangements, etc.). The relationship between these two components can be neutral Legal regulations can limit innovation (eg. Implementation of too strict and restrictive laws and legal acts regulating labour relations). Despite the national context, the connection between entrepreneurship and legal regulation is obvious and necessary. The successful conduct of business requires knowledge and adherence to the prescribed legal legislation. The most common legal issues (which are of general nature regardless of the national system and national context) that directly affect the entrepreneurial business are taxation, insurance, civil and criminal liability, etc. the right is not a static concept; it is strictly because of its feature of dynamism and constant change that results in potential threats, as well as opportunities for the business and if such threats or opportunities are recognized and overcome, i.e. utilized by the entrepreneur in due time, they would be of great benefit to them. FIGURE 1 (ONE) The life Cycle of an Entrepreneurship Business Start-up Growth Maturity The relationship between the prescribed legal and the development of business can be followed in detail by monitoring the development stages of the business, their characteristics, needs, and their links to the relevant legal issues specific to each stage of the life cycle of the company separately. Start – Up Phase The primary goal of the entrepreneur in the start-up phase is to provide sufficient necessary resources which will help them utilize given opportunities for the establishment and development of business. This phase involves creation of a new product of service typical of established business. Therefore entrepreneurs in this part of the life cycle of business usually need quality legal solutions to directly and indirectly protect the creative work of man, i.e. the businessman. For such purpose, there is a multitude of heterogeneous provisions governing the issue of the right of intellectual property. In this sense, one of such provisions is the Law on protection of rights of intellectual property, in order for an invention to be patented, protected and, in future, to be used for the competitive advantage that would be derived from it. Regardless of the nature of the business, every entrepreneur who has founded their own business, needs to have at least basic knowledge of the functioning and implementation of legislation in the field of establishment of companies, their development, models for their management, and of course, models of entering into obligatory legal relationships that directly reflect on the growth and development of the business environment in the company. Essentially, this refers to the proper implementation of the provisions in the area of contract law and statutory commercial law. Companies, on the other hand, must take care of the type of product or service offered to the market. In this respect, over the past decades, much emphasis is put on consumer policy and legislation, aimed at consumer protection. This is particularly evident when it comes to the role contractual clauses played that often become part of the contractual practices of companies. For this purpose, the aid that is generated within provisions of the Law on consumer protection is of great benefit. GROWTH PHASE Along with the growth of the company, the number of legal issues governing the business increases, too. Namely, as the enterprise is becoming bigger and the business is growing, such situation imposes a need for knowledge of labor law matters. This situation is especially prominent in the area of protection of the rights of workers arising from inventions, patents and regulation of relations between the company and the worker particularly in the area of the rights on inventions. Also, it requires knowledge in the field of recruitment and successful selection of staffs, management of human resources and so on. In order to increase motivation, the entrepreneur may allow participation of employees in the share of the firm, which entails knowledge of subtle issues in the field of law. In order to provide the necessary growth of the company, at this stage the entrepreneur may need additional funds. In the growth stage companies often are not sufficiently attractive to banks because they are not always able to provide a positive cash flow, but in those instances, there is the interest of business angels or other types of investors with venture capital, something which will require appropriate expert assistance. At this stage generally, entrepreneurs also meet with specifications stipulated in International trade agreements. In fact, company business runs outside the borders of the national economy, therefore, knowledge of international conventions (Vienna convention of the International Sale of Goods), and other regulations, directly affects the growth and development of companies. Each company has a thorough quantum of knowledge in the field of its business and the institutional and functional structure, provides participation in the international market and thus capitalization of its production. We equally refer to Gill, J., (2005) Business Law for the entrepreneur”, Arima Publishing ASK House, P. 16 Hristina Serafinmovska et al. 266. MATURITY PHASE Once the company has reached the desired level of growth, it is time for the maturity phase, which the company tends to strengthen itself. At this stage, the entrepreneur may have a need for innovation of new products/services or to seek a full financial realization of what he had already invested in order for him to retire. Namely, the entrepreneurs are faced with two options either to sell the business to interested investor/competitor, or to put the company on the stock exchange. Both options include complex knowledge and experience in many different areas of law, including several Laws such as the Law on protection of competition and Company Law. Although it seems that the company Law regulates status issues, in fact, having knowledge of such law plays a major role in company management hence, the creation of strategies for economic growth and development. PHASE OF DECLINE The stage of phase of decline is characterized by reducing the demand for products/services, reduce income, as well as by reducing the need for manpower. At this stage, the entrepreneur often could face the necessity of bankruptcy Law, although bankruptcy as a form can happen to the company at any stage. The entrepreneur is required to have at least basic knowledge in the field of administration, voluntary agreement and the process of liquidation, which will enable him, with the help of expert in the field of law, to successfully close down. RECOMMENDATIONS

1. It is recommended that an entrepreneur should register the name of his business with the appropriate registering authority, CAC, the Ministry or Trade and Industry, including security and exchange commission (SEC) among others.

2. It is also recommended that an entrepreneur must know and have access to business Law such as, business licenses, Labour Act, Federal Character commission Laws, family and medical Leave Laws, occupational safety and Health Act, workers compensation Act, Tax Laws, Advertising and marketing Laws, online business Laws, international sales Laws, privacy Law, Health Care Law, intellectual property Law, finance Law, vis-à-vis, bankruptcy Laws, etc

3. It is further recommended that the federal and state Governments should place more emphasis in encouraging entrepreneurship and this can be done by creating Ministry of entrepreneurship instead of lumping it together with Ministry of Trade, industry and Commerce because entrepreneurship is completely a different aspect of business

4. It is recommended that there should be more publications especially in books, articles in journals and more conferences, all on entrepreneurship and the Law. This will give opportunity to the entrepreneurs to have knowledge of the Law dealing with entrepreneurship.

5. It is also recommended that there should be an amendment to our constitution, allocation of ten percent of the budget for the year to support entrepreneurship in Nigeria.

6. There should be law giving opportunity of soft loans to entrepreneur which should be able to compete with “bank of Industry” and this should be called “bank of entrepreneurship” with offices in all part of the federation.

7. The employment law in Nigeria found as labour Law commencing from sections 1 to 92 of the Labour Act, LFN 2004, including other employment laws, requires amendment especially, as at today, it is more favourable to the employer than the employee and this affect entrepreneurship in terms of development if same is not amended.

8. The law makers, the executors of the laws, should always call a stake-holders meeting of entrepreneurs before laws touching on entrepreneurial activities are amended or made in order to see whether such laws will encourage or discourage entrepreneurship. If laws, are made against the development of entrepreneurship or which discourage the development of entrepreneurship, then we can say emphatically that such law “is a useless and valueless law”. The National Assembly and state House of assemblies are to take note.

CONCLUSION   As could be seen from above discussion, the intersection of the Law and entrepreneurship is a topic of increased interest all over the World, and that it is important for an entrepreneur to adhere to the Law in dealing with his or her activities and also for the Law to be re-sharpened in order to encourage entrepreneurship. BIBLIOGRAPHY BOOKS/INTERNET MATERIALS

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11. INTERNATIONAL BUSINESS; WWW.MONSTERCRAWLER.COM/RESULT ACCESSED ON 11/7/2018 AT 2PM

12. INTERNATIONAL COMMERCIAL LAW-WKIPEDIA HTTPS.//EN.WIKIPEDIA.OR.WIKI. INTERNATIONAL ACCESSED ON 11/7/2018 AT 3PM

 

13. INTERNATIONAL BUSINESS AND LEGAL SYSTEM/ALL ABOUT BUSINESS AND – HITTPS://BUSINESSMANAGEMENTWORDPRESS.COM ACCESSED ON 12/7/2018 AT 3:15PM

 

14. INTERNATIONAL BUSINESS LAW; WWW.PONDIUM.EDU IN DEC.IBII.IBI ACCESSED ON 13/7/2018 AT 4AM

15. ENTREPRENEURS AND ENVIRONMENTAL LAW, HTTPS://WWW.HERALD.CO.ACCESSED ON 5/7/2018 THROUGH THE INTERNET AT 4 AM

 

16. ENVIRONMENTAL LAW: REGULATIONS EVERY BUSINESS SHOULD KNOW. HTTPS://WWW.PRIORILEGAL.COM. ACCESSED THROUGH THE INTERNET ON 5/7/2018 AT 5AM.

 

17. EMPLOYMENT AND INDUSTRIAL RELATIONS LAW CONFERENCES. ALL IBA ANNUAL CONFERENCES -2017: HTTPS://WWW.IBANET.ORG ACCESSED THROUGH THE NET ON 6/7/2018 AT 1PM
18. HEALTH INSURANCE DEFINITION-ENTREPRENEUR SMALL BUSINESS ENCYCLOPEDIA. HTTPS://WWW.ENTREPRENEUR.COM. ACCESSED THROUGH THE INTERNET ON 14/7/2018 AT 6 AM

19. BLACK LAW DICTIONARY, 8^TH EDITION BY BRAIN GARNER PAGE 849

20. GILL, J., (2005) BUSINESS LAW FOR THE ENTREPRENEUR”, ARIMA PUBLISHING ASK HOUSE, P. 16 HRISTINA SERAFINMO VS KA ET AL. 266

  CASE LAWS

1. REGISTERED TRUSTEES OF THE AIRLINE OPERATORS OF NIGERIA VS NIGERIAN AIRSPACE MANAGEMENT AGENCY. (2014) 57 (PT 2) NSCQR PG 659

2. REPTICO .S.A. VS AFRIBANK (2013) 54 (PT 1) NSCQR PG 600 AT 645

3. ALHAJI AFIA TRADING & TRANSPORT COMPANY LTD VS VESITAS INSURANCE COMPANY LTD (1986) 4 NWLR (PT 38) PG 802.

4. ORIENT BANK (NIG) PLC VS BILANTE INTERNATIONAL LTD (1997) 8 NWLR (PART 515) PG 375,

5. OPARA VS D. S. NIG LTD (1995) NWLR (PART 390) PG 440 AT 4606;

6. BALFOUR VS BALFOUR (1919) 2 K.B. PG 571;

7. UGBOMA VS UGBOMA, (1940) 15 NL PG 78.

STATUTES

1. PATENTS AND DESIGNS ACT, LFN 2004
2. TRADE MARKS ACT, LFN, 2004
3. COPYRIGHT ACT, CAP C38 LFN, 2004
4. SECTIONS 569, 573, 574, 575 AND 576 OF CAMA LFN 2004
5. SEE SECTION 19(1) OF CAMA LFN 2004
6. SEE SECTION 22 OF CAMA LFN 2004
7. SEE SECTION 24 OF CAMA LFN 2004
8. SECTION 590 CAMA LFN 2004

[1]    Most nation states, whether in Africa, Europe, Asia and other continents are encouraging entrepreneurship in order to grow the economy. As a result of this encourage, new laws and enforcement of existing laws becomes inevitable. [2]    This definition is important in order to understand the topic better. [3]    U.S. cencus Bureau, accessed through the internet at http://www.censsus.gov/epcd/www/small us.html.xiiion 2/7/2018 at 1am [4]    Jordan For long; Legal Entrepreneurs-More than just innovators; accessed through the internet at https//money inc. com on 2/7/2018 at 2 am [5]    Legal issue Law and legal definition https//definitions us legal.com: legal issue; accessed through the internet on 2/7/2018 at    about 3 am [6]   Blacks law Dictionary; 8^th Edition by Brain Garner page 849. [7]   Prof. Amuda-Kannike .A. (SAN); “Legal Issues in Higher Education” in the 21^st century; being a paper presented at the National Conference on Higher Education Studies (NACHOES) Hosted by faculty of Education, Institute of Education, University of Port –Harcourt held at Ebitimi Banigo Auditorium, University Port Harcourt, Rivers State ojf13/6/2018, PAGES 1 & 2. [8]      Sections 569, 573, 574, 575 and 576 of CAMA [9]      Most states have partnership Laws, e.g, Lagos State partnership Law 20^th (as amended) defines a partnership as the relationship which subsists between persons carrying and business in common with a view for profit. See section 19(1) of CAMA [10]    Cooperative is a private business organization own by people who use its product, supplies or services. There exist co-operative registry in most states by co-operative law. [11]     See section 22 of CAMA [12]     See section 24 of CAMA [13]     Section 590 CAMA [14]     (2014)  57 (Pt 2) NSCQR P. 659  at per J. I.  Okoro J.S.C [15]    (2013) 54 (pt 1) NSCQRP. 600 at 645 per .O. Ariwoola J.S.C. [16]    (1986)  4 NWLR (part 38) p. 802 [17]     Widespread issue of illegal business entrepreneurship U.K. Essays. https.//www.ukessays.com. accessed through the internet on 3/7/2018 at 4am [18]     Aidisa .R. “Illegal entrepreneurship Experience. Does it make it. https.//www.sciencedirect.com. accessed through the internet on 3/7/2018 at 5 am [19]   Parker, Karen F; The Atrican-American Entrepreneur-Crime Drop relationship; Chikago policy review .org Accessed on internet on 2016/03/03  at 4 am [20]   Contract basics; Entrepreneur.com  https.//www.entrepreneur.com accessed through the internet on 4/7/2018 at 6 am. 20a  Orient BANK (NIG) PLC VS BILANTE INTERNATIONAL LTD (1997) 8 NWLR  (Part 515) Pg 37; OPARA VS D.S. NIG LTD (1995) 4  NWLR (part 390) Pg 440 AT 460; BALFOUR VS BALFOUR (1919) 2 K.B. Pg 571; UG BOMA VS UGBOMA, (1940) 15 NLR Pg 78. [21]   Ibid [22]   International Business; www.monstercrawler.com/result  accessed on 11/7/2017 at 2pm [23]   International Commercial Law-Wkipedia https.//en.wikipedia.or.wiki. international accessed on 11/7/2018 at 3pm [24]   International business and Legal system/All about business and – hittps://businessmanagementwordpress.com accessed on 12/7/2018 at 3:15pm [25]   Most young Nigerians apart from big business outfits are involved in international business and must know the Laws of the host country or countries dealing  with such business or businesses. [26]   International business Law; www.pondium.edu in dec.Ibii.Ibi accessed on 13/7/201 at 4am [27]   Ibid [28]   Entrepreneurs and environmental law,  https://www.herald.co.accessed on 5/7/2018 through the internet at 4 a.m [29]  Environmental Law: Regulations Every Business should know. https://www.priorilegal.com. Accessed through the internet on 5/7/2018 at 5am. [30]   Ibid [31]   Ibid [32]   Ibid [33]   Ibid [34]   Employment and Industrial Relations Law conferences. All IBA Annual conferences -2017: https://www.ibanet.org accessed through the net on 6/7/2018 at 1pm [35]   Ibid [36]   Health Insurance Definition-Entrepreneur small Business Encyclopedia. https://www.entrepreneur.com   accessed on the internet on 14/7/2018 at 6 a.m [37]   Ibid. [38]   Patent; https://en.m.wikipedia.org accessed through internet on 14/7/2018 at 12 noon. [39]   Patent right meaning in Cambridge English Dictionary: https://dictionarycambridge.org [40]   Trademark; https://www.uspto.gov accessed through the internet on 14/7/2018 at 1 pm. [41]   Ibid [42]   Copyright; https://en.m.wikipedia.org: accessed through the internet on 14/7/2018 at 2 pm [43]   Patents and Designs Act, LFN 2004 [44]   Trade Marks Act, LFN, 2004 [45]   Copyright Act, Cap c38 LFN, 2004]]>