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22 Tips to Partner With Oando Plc Nigeria

 Partner With Oando Plc: Oando is regarded as Africa’s largest independent and privately-owned oil trading company.

Involved in the large scale export and import of a broad range of refined petroleum products and crude oil.

It all started in 1956, when ESSO commenced business operations in Nigeria as a petroleum marketing company.

Oando is one big energy resources company and Wale Tinubu who is a nephew to Bola Tinubu is the chief executive officer of Oando.

  • Address: Stallion House (8th-10th floor), 2, Ajose Adeogun Street, Victoria Island, Lagos.
  • Phone: +23412601290-9
  • Website: www.oandoplc.com
  • E-mail: info@oandoplc.com
Partner With Oando Plc

Partner With Oando Plc: https://dailypost.ng

See also: How to Start Food Processing Business in Nigeria at a Small Scale

Partner With Oando Plc

An effective partnership can be run with a level of efficiency that few other types of business organization can match.

However, there are risks associated with a partnership structure that are unique to the form.

If you’re thinking about starting a partnership.

You need to be knowledgeable about the costs and benefits of that structure.

And how the start-up process works.

A partnership is a single business where two or more people share ownership.

And each owner contributes to all aspects of the business.

As well as shares in the profits and losses of the business.

See also:8 Tips to Promote Computer Assembling Business Online in Nigeria

Partner With Oando Plc

1. Choose your partners wisely.

You want to be able to articulate with specificity why this particular person.

Or people are necessary components of building a successful business.

The prospective partner should have financial resources, connections, or vital skills you lack.

This might be the most important step of all.

Because the answer will determine what type of partnership you create.

And the terms of your partnership agreement.

Read on: 6 Secrets to Successfully Increase Your Productivity.

Partner With Oando Plc

  • For example, if the only reason you need a partner is to gain access to capital that you wouldn’t otherwise be able to gain access to, you will want to strongly consider a limited partnership (LP).
  • The other forms of partnership are legally going to give your partner a say in management.
  • Which you probably won’t want.

    See also: How to Export Palm Oil from Nigeria

  • If cost sharing is your primary motivation for entering into a partnership, consider a limited liability partnership (LLP) if that form is legally available to you.
  • For example, an attorney might consider it necessary to have a secretary.
  • One secretary might be able to easily do the clerical work for two attorneys.
  • So it is more cost effective for them to form a partnership to share costs.
  • Consider the intangibles. You are going to be financially intertwined with your partners for the life of the partnership. Things like work ethic, character, and personal compatibility are going to influence the ability of your partnership to be successful, so think carefully about these types of issues.

See also: 7 Tips to Improve Your Products Sales in Nigeria

Partner With Oando Plc

2. Make sure all the partners know what the other partners are expecting.

You will want to discuss the roles and responsibilities of each partner prior.

To writing up the partnership agreement, and certainly prior to going into business.

You need to know what your partners expect from you, and they need to know what you expect from them.

Make sure that the reasons they want to form the partnership are compatible with the reasons you want to form the partnership.

  • While you don’t need to iron out every detail, make sure that you and your partners also go over your initial business strategy before you take the plunge.
  • Starting a new enterprise is always difficult.
  • There’s no need to add a major conflict about management and strategy to your difficulties.

Read on:6 Consideration for Errand service business in Nigeria

Partner With Oando Plc

2. Choose a name.

When you choose a name, you’ll need to make sure that there isn’t another business of the same type that has that name.

Otherwise, you could run afoul of trademark law down the road.

3. Do an internet search.

This should be your first step, and it’s probably going to be the easiest.

If something that you wanted pops right up, then you’ll know you need to think of another name.

See also: 6 Tips to Organized Rapid Business Success in Nigeria

4. Check with your state’s Secretary of State’s Office.

In most states, corporations, LLCs, LPs, and LLPs file with the Secretary of State.

These days, there’s usually an easily searchable database that can tell you if your desired name is already taken.

5. Check a fictitious name database.

Sometimes a business will use a fictitious name instead of the formal company name.

Usually if they plan on starting several ventures under one company.

Fictitious name databases are usually also kept by the Secretary of State.

But can be kept by other state and county entities.

See also: 5 Ease Ways to Manage Your Business in Nigeria

Partner With Oando Plc

6. Write up a partnership agreement.

If you partner up as an LP or LLP, you’ll be legally required to do this.

Even if you’re partnering up as a general partnership (GP).

It’s best to have the terms and conditions of your venture in writing.

There is a fantastic article covering the details of writing up an agreement here:

Write a Partnership Agreement, but the basics of what to cover are straightforward.

  • Make sure that your partnership agreement enumerates the initial financial contributions each partner.
  • How profits will be distributed, and who is responsible for the various managerial roles.
  • A good partnership agreement will cover what happens to the partnership going forward. You will need to explain how members can enter and exit the partnership, grounds for expulsion, and under what circumstances the partnership is dissolved.

    Partner With Oando Plc

  • It is especially important to create a detailed partnership agreement if you are partnering with a close friend or spouse.
  • Marriages and friendships end, and if your partnership is going to end along with it, you need to have ironed out the terms of dissolution and division of assets in advance.
  • Just as responsible spouses draw up wills and buy insurance policies to guard against the worst.
  • Responsible partners will draw up an agreement that covers the terms of their business partnership.
  • It will save you and your partner an expensive legal battle if the worst happens.

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7. Register your partnership.

If you are using the LP or LLP structures, you will be required to register your partnership with your state government.

Although GPs are usually not required to register with state government (beyond registering the name), a few types of businesses (think alcohol, tobacco, and firearms) are required to register with the federal government.

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Partner With Oando Plc

8. Get a federal Tax ID number.

Although the income from a partnership is taxed as personal income, you will still need to file a statement with the IRS called an Annual Return of Income.

For that, you will need a Tax ID number or Employer ID number. These are fairly simple to get.

You can apply online with the IRS at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online.

9. Obtain the necessary licenses.

Most businesses are going to need state and local business licenses.

The licenses needed are highly specific to each state, locality, and type of business.

To find out what permits and licenses you need locally, call your city and county governments.

You can find information for state licensing requirements at https://www.sba.gov/content/what-state-licenses-and-permits-does-your-business-need

Partner With Oando Plc

10. Get the advantage

It’s generally pretty easy to form a business partnership, and it doesn’t tend to be super expensive, either.

Having two or more people equally invested in the business’ success allows you to pool resources.

It also means you have access to more than one person’s skill set and expertise.

See also: Methods to Starting Cement Business in Nigeria

11. Get the Cons of the business

Just like a sole proprietor, partners have full, shared liability if the business goes south.

That also means that partners aren’t just liable for their own actions, but also the actions of their partner(s).

There is a variant on partnerships called a limited liability partnership, or LLP, that protects against that.

Which is how most law firms are organized, for example.

Finally, when more than one person is involved in decisions, there’s room for disagreement.

Which means it’s important to have an explicit agreement over how the obligations.

And earnings will be split, especially if/when things go wrong.

See also: 17 Tips about Baby’s Food Production Business in Nigeria

12. Know How taxes work:

To form a partnership, you have to register your business with your state.

A process generally done through your Secretary of State’s office.

Partner With Oando Plc

13. Take care of business.

Once you have decided on partners, written a partnership agreement.

And completed the necessary registration and licensing, you’re almost ready to get to work.

Every business will have a few remaining requirements that are specific to that business.

But almost everyone is going to need business cards and a website.

Get your cards printed and your website up and running.

And go out and conquer the world of business.

Partner With Oando Plc

14. Articulate why this business form is right for you.

People start businesses every day, under a variety of organizational structures.

Your partnership is far more likely to be successful if you understand why it is that a partnership is preferable for your situation.

  • While a sole proprietorship is probably the leanest and most efficient business structure in terms of turning conception into action, there are drawbacks.
  • The sole proprietor is personally liable for the business’ obligations.
  • That means that your own personal assets, like your house or car, can be confiscated to satisfy the debts of your business.

    Partner With Oando Plc

  • For this reason, it is often very difficult for sole proprietors to raise capital.
  • C corporations and S corporations provide the most protection from personal liability.
  • But they also have the highest start up costs.
  • They are more attractive to lenders, but subject to more regulation than the other business structures.
  • In addition, C corporations are double taxed–subject to corporate income taxes and capital gains taxes on the dividends paid to shareholders.
  • Limited liability companies (LLC) offer many of the same liability protections as corporations.
  • However, in some jurisdictions, businesses like insurers or banks are prohibited from organizing as LLCs.
  • In addition, LLCs often dissolve when a member leaves the company.
  • And unlike partnerships and corporations, the role of each member is often unclear.

Read also: 7 Tips to Start Wireless Device Management Business in Nigeria

Partner With Oando Plc

15. Gain access to capital with a limited partnership.

A limited partnership (LP), has at least one managing partner, or general partner, who will be personally liable in the same way that both partners in a GP are.

The crucial difference is that an LP will also have at least one limited partner, or non-managing partner.

Who provides funding in exchange for a return on investment.

As you might guess, the limited partner’s liability is limited to financial investment in the partnership, and not their personal assets.

If your biggest goal in partnering with someone is access to capital, then this might be right for you.

16. Think about whether a limited liability partnership is a good fit.

In most jurisdictions, a limited liability partnership (LLP) limits the liability of both partners to their investment in the partnership itself.

Protecting their personal assets. Unlike LPs, both partners in an LLP have a say in the management of the business.

Income from the partnership in an LLP is only taxed once, as personal income.

  • In a lot of jurisdictions, LLPs are limited to certain classes of business.
  • Usually, this means professional firms, like lawyers, doctors, or architects.
  • LLPs are sometimes subject to reporting requirements, and are generally more costly to start than the other types of partnerships.
  • LLPs work especially well in businesses that are heavily reliant on the specific skill set and client base of the partners. The structure allows them to share costs, and, because ownership and management cannot be separated, maximize the amount of income the partners take home.

See also: 10 Tips, Options, and Advice to Investing for Retirement.

17. Get their Code of Conduct

The requirements of the Code are consistent with the Company’s values and all Business
Partners.

Including their affiliates, subsidiaries, sub-contractors or agents, must adhere
strictly to the spirit and letter of the Code.
This Code is applicable to all transactions, operations, projects, bid processes,
procurement, negotiations, arrangements, documentation processes, applications,
activities, agreements, contracts, awards, decisions, practices and other business
dealings of the Company.
For the purpose of the Code, “Business Partner” means all vendors, brokers, suppliers,
intermediaries, dealers, resellers, distributors, bankers, insurers, service providers,
teaming partners, joint venture partners, contractors, sub-contractors, grantee, subgrantee, consultants, agents, intermediaries and any other third party with whom or
through whom Oando does business.

See also: 16 Tips to Keeping Your Business Secured

Partner With Oando Plc

18. Know their Health and Safety

Oando is committed to the highest standards of health and safety at all levels of its
operations. Our Business Partners must comply with all relevant statutory legislation;
regulations, approved codes of practice on health and safety including Oando’s Health
and Safety standards and policies.
2.2.2 Business Partners who are on-site at an Oando location or at an Oando customer location
on behalf of Oando, shall amongst other things:
(i) comply with Oando’s Environmental, Health and Safety Policy and any sitespecific requirements;
(ii) ensure a safe work environment and minimize physical and chemical hazards
through employing proper design, preventive maintenance and safe working
procedures;

See also: 16 Tips to Keeping Your Business Secured

(iii) provide its employees and agents with appropriate personal protective
equipment and/or ensure that its employees always use personal protective
equipment where provided by Oando.
(iv) provide occupational health and safety training to its employees and agents.
(v) provide adequate and appropriate safeguards and protective measures to
prevent injuries to themselves and others and damage to the property and
equipment of Oando and other third parties.

19. Know their Business Environment

At Oando, protection of the environment and the health and safety of the public form an
integral part of our business practices.

They expect their Business Partners to comply with
all applicable environmental laws and regulations.

Such compliance shall include,
amongst others:
(i) obtaining and maintaining all required environmental permits, licences and
approvals and following the operational and reporting requirement of such
permits where applicable;
(ii) elimination or reduction (to the barest minimum) of solid waste, wastewater and
air emissions by the adoption and implementation of appropriate measures
including conservation, materials substitution and recycling in their production,
maintenance and processes;
(iii) proper identification and management of hazardous materials, solid waste and
wastewater to ensure their safe handling, movement, storage, use, recycling,
reuse and disposal as may be required contractually or by applicable laws and
regulation.

Read also: 10 Tips, Options, and Advice to Investing for Retirement.

20. Intellectual Property

Business Partners must use trade information and intellectual property of the Company
or third parties only in a manner that is permitted under their contracts with the Company
and may not misappropriate or infringe upon the trade information, trademarks, or
copyrighted works of others.

In the course of their engagement with Oando, Business
Partners must not misuse trade secrets or proprietary or confidential information of others
or disclose such information to unauthorized third parties.

21. Confidentiality

Business partners shall protect confidential information, including personal information
collected for or from the Company, and act to prevent its loss, misuse, theft, fraud,
improper access, disclosure or alteration; including unauthorized communication and/or
publication of information acquired from or on behalf of the Company.

22. Certification and Attestation

Each of our Business Partners covered by this Code shall have an authorized
representative certify that he or she has read and understood the Code of Conduct and
commits to these standards. On an annual basis, each existing Business Partner shall
be required to attest to the fact that it has and will continue to comply with the
requirements of the Code in all its dealings with the Company.


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