HOW THE NEW COMPANIES AND ALLIED MATTERS ACT 2020 AFFECTS REGISTERED ASSOCIATIONS IN NIGERIA

HOW THE NEW COMPANIES AND ALLIED MATTERS ACT 2020 AFFECTS REGISTERED ASSOCIATIONS IN NIGERIA

Where a community of persons, bound together by a common objective such as; customs, religion, kinship, sporting, scientific, religion, education, e.t.c unite to form a corporate body so as to promote their objectives such as those mentioned above, they are registered as incorporated trustees with powers to acquire property, sue and be sued. Some of the essential features of organisations registered as incorporated trustees include; registered trustees obtain legal personality and not its members, the name of such organisation must start with the words “Incorporated Trustees of …” and such organisations are not established to do business or distribute profits....

HOW DOES A LAWYER HELP WITH MY TAX ISSUES?

HOW DOES A LAWYER HELP WITH MY TAX ISSUES?

  There appears to be a mistaken notion (especially among small business owners) that when it comes to the subject of taxes, an accountant or tax accountants is the only professional to resort to for solutions. No doubt, tax accountants have a significant role to play as it concerns tax preparation on the one hand, but the relevance of a tax lawyer to any business cannot be undermined. However, knowing which of these professionals is right for you and your business, is largely dependent on several factors such as; the stage of your case with the revenue service (if any)...

CAN A CIVIL SERVANT BE A DIRECTOR OF A COMPANY IN NIGERIA?

CAN A CIVIL SERVANT BE A DIRECTOR OF A COMPANY IN NIGERIA?

With the current state of the economy in Nigeria, many persons (including civil/public servants) currently see the need to create an additional means of income for themselves, and in some cases, there is an urgent need to set up structures for such businesses while maintaining their employment as either employees of private organisations or civil servants. Our concern today however is as regards civil servants. Can they take up positions as directors of a private company in the course of employment? Please note, a civil servant and a Public Servant are the same. Part 2 of the Fifth Schedule of...

MEASURES NIGERIAN PROPERTY OWNERS SHOULD PUT IN PLACE TO SECURE THEIR REAL ESTATE INVESTMENTS

MEASURES NIGERIAN PROPERTY OWNERS SHOULD PUT IN PLACE TO SECURE THEIR REAL ESTATE INVESTMENTS

INTRODUCTION Acquiring landed properties in Nigeria (as well as all over the world) is generally expensive, but with the right security measures put in place, it could become a worthwhile investment. However, over the years, I’ve come across property owners who develop their properties for commercial purposes by putting out such properties on lease or tenancy with little or no turnover on their investments. This could largely be as a result of numerous factors such as; Inability of property owners to manage such properties individually alongside their personal engagements, Not staying updated on re-curing legislative changes as regards property ownership/management,...

CHANGES TO LOOK OUT FOR IN THE NEW COMPANIES AND ALLIED MATTERS ACT (CAMA)2020

CHANGES TO LOOK OUT FOR IN THE NEW COMPANIES AND ALLIED MATTERS ACT (CAMA)2020

Introduction Companies and Allied Matters Act (CAMA) is one of the most important piece of legislation that impacts the Nigerian business and micro, small, and medium scale enterprise. The companies and allied matters Act 1990 was promulgated to repeal the companies Act 1968. The new CAMA 2020 is made up of 870 section compared to the 1990 CAMA of 613 sections and its sections are divided into parts, part A-G. The new CAMA is Nigeria’s most significant business legislation in three decades and it introduces new provisions that promote ease of doing business and reduces regulatory hurdle as that of...

AN EFFECTIVE MEANS OF RESOLVING BUSINESS DISPUTES MSMEs IN NIGERIA AREN’T CONSIDERING.

AN EFFECTIVE MEANS OF RESOLVING BUSINESS DISPUTES MSMEs IN NIGERIA AREN’T CONSIDERING.

Mr Akpan is CEO of KAY’S LOGISTICS, a small but fast rising logistics company in Lagos, Nigeria. Through hardwork and consistency, KAY’s LOGISTICS has grown to be a household name for families and entrepreneurs. KAY’S LOGISTICS has a number of high profile clientele across various parts of Nigeria. On 23rd November 2019, Mr Elvis of CDE FARMS, a regular and high profile client to Mr Akpan placed an instruction for twenty tonnes of recently ordered fresh fruits and vegetables to be delivered to the fomer’s client in Calabar, Cross River State. Mr Elvis was assured by Mr Akpan that the...

THREE BENEFITS THE PROPOSED FINANCE BILL WILL PROVIDE FOR MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA IF SIGNED INTO LAW.

THREE BENEFITS THE PROPOSED FINANCE BILL WILL PROVIDE FOR MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA IF SIGNED INTO LAW.

In October 2019, President Muhamadu Buhari presented a Finance Bill to the National Assembly, to amend the various tax laws in Nigeria. The bill was presented with the following objectives; Promote fiscal equity Reform domestic tax laws to align with global best practices Introduce tax incentives for investments in infrastructure and capital markets. Support MSME’s and Raise revenues for the government. In November 2019, the Bill (after a public hearing) was passed by the Senate of the Federal Republic of Nigeria after the third reading.  According to legislative procedure, the Bill must in addition, be passed by the House of...

LET’S TALK ABOUT FRANCHISING.

LET’S TALK ABOUT FRANCHISING.

Starting and running a business from scratch can be rewarding, but that doesn’t eliminate the risks involved. However, if you are an entrepreneur looking to leverage on existing business brands and models for profit as against creating a new business, running a franchise might be just the right venture for you.   WHAT IS A FRANCHISING? According to business dictionary, it’s an arrangement where one party (the franchiser) grants another party (the franchisee), the right to use its trademark or trade name as well as certain business systems and processes, to produce and market a good or service according to...

MUST MY WORK BE REGISTERED TO ENJOY COPYRIGHT PROTECTION IN NIGERIA?

MUST MY WORK BE REGISTERED TO ENJOY COPYRIGHT PROTECTION IN NIGERIA?

I believe that business owners must be proactive in protecting their creative works from competitors. Some of the ways such works could be protected are by trademark and copyright registrations (as the situation provides). Before i address this question, let me define what copyright is. A Copyright is simply an exclusive right granted by law to an author of certain works to do certain acts in relation to the work. An author in this context could be; an artist, writer, publisher, musician, performer, photographer, architect, film maker, sculptor, etc. Now in response to the question above, the answer is No....

FIVE LEGAL MUST HAVES FOR YOUR BUSINESS WEBSITE

FIVE LEGAL MUST HAVES FOR YOUR BUSINESS WEBSITE

If you run a business, you’ll agree with me that location is key to getting customers to do business with you. Whether you opt for a brick and mortar business or an online store, there are legal factors every business owner must take into consideration when doing business on either platform. However, for today’s post, i’ll beam my “guide light” on online businesses who trade through a website. In no particular order, below are what i call “must haves” for business owners with websites; A REGISTERED BUSINESS AND DOMAIN NAME. Like every business, you need a name with which your...