Charles Osuji, the Owner and Managing Partner of Osuji & Smith Lawyers
Osuji expressed his joy, saying, “Business Law is one of the popular areas of practice within the firm, and for a reputable company such as ThreeBestRated®, to raise their hand and say, look, these guys are doing great, and they've been doing that since 2019. It is such a pleasure to have such recognition and appreciation of the work that we do in the community. That's fantastic.”
A Legacy Of Excellence
Osuji's legacy on ThreeBestRated® dates back to 2017 when the firm was established. He was first acknowledged for his expertise in employment law. Surprisingly, the accolades have expanded to include litigation in 2018, and business law, divorce law, wills & estate law in 2019. Over the past six years, Osuji has been honored to be recognized for five different areas year after year, which serves as a testament to his commendable contributions to both the legal industry and the community.
Three Major Challenges Of Startups
As an authoritative voice of business law, Osuji feels pleased to address the three major challenges that startups struggle with and explains how they can overcome those difficulties to succeed in their business.
>> Legal Structure: Startups often struggle to choose the right legal structure, whether it should be a partnership, sole proprietorship or corporation. Osuji said that this is where the lawyers come into play to advise them on selecting the right structure and making the most beneficial option that is suitable for their business.
>> Funding and Investors Agreement: “It is not necessarily a legal challenge, but it is a challenge that many startups have,” said Osuji. When thinking of funds, startups often turn to investors. This raises a question of how these investors will be rewarded for their credit and how their security will be protected. It is important to determine whether they should be equity shareholders or creditors. “Lawyers help businesses assess the big picture, ensuring fair investor agreements are structured properly that go in line with the business’s long-term goals.”
>> Shareholder and Partnership Agreements: Another legal challenge is determining the relationship among the initial shareholders. Generally, startups agree based on a unanimous shareholders agreement or a written partnership agreement, neglecting to formalize their relationship, because of the trust they have in each other. Osuji warns that this will lead to disputes among the shareholders and challenges in evaluating the shares.
“I've seen businesses that have very high prospects crumble overnight because of the deficiencies in the legal formalization or structuring or documentation of the relationship.” It is good to go with the help of a lawyer to structure everything and document everything before actually kicking off their business.
Legal Advice for Entrepreneurs in Calgary
>> Professional Support — Professional support means not only legal support but also tax support and accounting support. In the early days, Osuji himself relied on a lawyer who was objective and could guide him about what and what not to do.
Trying to handle everything alone can lead to costly mistakes, he said. “Invest in mentorships. Find people who have succeeded in their space and have them in your corner. Get advice, humble yourself, take notes and learn from these folks.”
>> Be Optimistic — No one should be pessimistic–because no one knows everything. As uncertainty comes with the opportunity to learn, entrepreneurs, regardless of their business size, need to be optimistic and open-minded.
>> Be Realistic About Outcomes — When it comes to running a business, it is important to be realistic about the expectations and business prospects. A great idea may not necessarily work in a specific locality or market environment—but it can be a great success elsewhere. What Osuji advises is that business owners should understand the viability of their idea at a particular time and be prepared to adapt accordingly.
>> Protecting Business Ideas — Protecting business ideas as early as possible is crucial for an entrepreneur. For this, businesses can rely on lawyers who can help them with trademark registration, copyright applications, and applying for intellectual protection of their ideas as soon as possible.
“I've seen young business entrepreneurs talk too much about what they're looking to do, and by the time they know someone else is running with it. You have to be protective of your ideas. So in summary, get legal support, be optimistic, have good mentors and protect your ideas.”
About Osuji & Smith Lawyers
Charles Osuji is the owner and Managing Partner of Osuji & Smith Lawyers, which is one of the largest full-service law firms in Canada, specializing in employment, civil litigation, real estate, family & divorce, immigration, personal injury, wills & estate and business & corporate law. They offer a modern and progressive approach tailored to each business’s goals and needs to support businesses in navigating complex legal concerns and making informed decisions. The law firm has offices in two locations in Calgary, which ensures the convenience of their clients. Get to know more about the firm and their services at osujismith.ca.
Charles Osuji
Osuji & Smith Lawyers
+1 403-283-8018
c.osuji@osujismith.ca
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