LPM AND INCORPORATION MANAGEMENT

When an individual or group sets out to start a business, they are quickly met with a flurry of decisions, requirements, and timelines. From raising capital to determining profit-sharing ratios (especially where shareholders or partners are involved), it’s easy to get overwhelmed. Amidst all this, the task of formally incorporating the business can feel like an added burden—particularly when the parties involved are not fully aware of what incorporation entailsThis is where Legal Project Management (LPM) becomes a vital tool.

Before diving into registration and compliance, a Legal Project Manager (LPM) works with stakeholders to clarify the foundational aspects of the business. These include:

  1. Nature of the Business :What product or service will the entity offer?
  2. Business Objectives : What problem does the business solve, and what are its short- and long-term goals?
  3. Budget & Timeline :What resources are available, and what is the expected timeframe for launch?
  4. Proposed Business Structure : Is it a sole proprietorship, partnership, or limited liability company?
  5. Preliminary Steps Already Taken :Have the founders begun any part of the process (e.g., name search, logo design, MOA drafting)?

Once these elements are defined, the LPM can prepare a Project Initiation Document (PID) which is the document that outlines the full scope of the incorporation process and may include:

  1. Key tasks and deliverables
  2. Budget allocations
  3. Practical and realistic timelines
  4. Reporting and communication structures

This can be shared as a printed or digital document and forms the basis for collaboration between the project manager and stakeholders.

Once tasks are identified and funding is in place, the incorporation process proceeds in a structured, timely fashion. Updates are shared at agreed intervals, ensuring that all stakeholders are kept in the loop and that risks or delays are managed proactively.

Therefore , tasks involved in incorporation may include (but are not limited to):

  1. Branding: Business name registration, logo development, letterheads, business cards, and onboarding kits
  2. Business Registration: Corporate Affairs Commission (CAC) filings, TIN acquisition, regulatory approvals
  3. Permit Acquisition: Licensing or sector-specific approvals
  4. Contract Management: Drafting shareholder agreements, employment contracts, vendor agreements
  5. Policy Documentation: Whistleblower policy, confidentiality and data protection policies, code of conduct, etc.

By leveraging LPM tools and techniques, founders can delegate the complexity of incorporation to experienced professionals. This not only unburdens them from administrative stress but also ensures that their business begins operations on a strong, well-structured, and compliant foundation—on time and within budget.

This post is dedicated to my dad on his posthumous birthday (which is today ) I pray God continues to give you all the rest you need daddy.

Please don’t forget to like , comment and share and feel free to post any questions you may have so we can learn together !

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