Property transactions, whether for buying or selling, are important financial and legal processes that require careful attention and diligence. In Nigeria, these transactions are governed by intricate laws and regulations designed to ensure their legitimacy and protect the interests of all parties involved. Each step of the process, from conducting due diligence to drafting and signing contracts, demands meticulous attention to detail and legal expertise. Some individuals attempt to handle property transactions on their own or depend on non-lawyer agents. However, this can often result in costly mistakes, disputes, or even fraudulent deals. By hiring a qualified lawyer, you can...

The Beneficial Ownership Information (BOI) reporting requirement, introduced under the Corporate Transparency Act (CTA), was designed to increase transparency in corporate ownership and combat illicit activities such as money laundering, tax evasion, and terrorist financing in the United States. The rule mandated that certain businesses disclose information about individuals who own or control the entities, ensuring accountability and compliance with federal regulations. However, the U.S. District Court for the Eastern District of Texas, recently issued a nationwide preliminary injunction, effectively halting the enforcement of Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA). The argument was that...

Nigeria’s Tax Reform Bills, 2024, is a transformative legislative effort designed to modernize and harmonize the taxation framework in Nigeria. As a cornerstone of President Bola Ahmed Tinubu’s fiscal reform agenda, the bill consolidates multiple tax laws, introduces new levies, and enhances compliance measures to improve the overall efficiency of the tax system. The four bills to wit: the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, the Joint Revenue Board (Establishment) Bill, and the Nigeria Tax Bill aim to simplify tax laws, foster compliance, enhance economic growth, and maintain fairness in the distribution of tax system in...

In Nigeria, any lease agreement that lasts more than three years must be registered with the State Government where the property is located, and the Governor’s consent is required. The procedure for registering a lease agreement can vary slightly between states due to different administrative structures. In this article, we will provide a step-by-step guide on how to register a lease agreement in Cross River State. WHAT IS LEASE AGREEMENT? Also referred to as a deed of lease, this legal document formalizes the agreement between a lessor (property owner) and a lessee (tenant) for the rental or lease of a...

Are you considering how to close a non-operating company in Nigeria? In Nigeria, assuming that your company has been shut down or automatically struck off due to non-operation could be a costly mistake if not handled properly. This process is referred to as voluntary striking off. Understanding the legal framework and procedures for striking off a company in Nigeria can help you avoid costly mistakes, protect your interests, and navigate the process smoothly. With insights on voluntary striking off, administrative strike-offs, and the differences between striking off and winding up, you will have the knowledge to handle these challenges effectively....

In today’s competitive business environment, many individuals and organizations face challenges executing large-scale projects that require diverse expertise, resources, and funding. Without collaboration, achieving these goals can seem impossible, limiting opportunities for growth and success in your business and vision. Imagine losing out on lucrative contracts or groundbreaking projects simply because your resources or skills are insufficient. Worse still, entering into informal partnerships without proper legal recognition can lead to disputes, credibility issues, and loss of trust with stakeholders. In Nigeria, registering a consortium provides a formal legal identity, ensuring credibility and compliance with regulations. By forming and registering a...

Starting a non-profit organization in Ghana—also known as a Company Limited by Guarantee (CLG)—might initially seem like a daunting process. As someone looking to expand their non-profit operations into Ghana, you may find yourself facing confusion about the legal framework, regulatory requirements, and the various steps involved in establishing your organization. These complexities can sometimes make the process feel overwhelming, especially if you’re new to the country’s regulatory environment. But here’s the good news: while the registration process involves specific legal steps, with the right knowledge and guidance, it can be straightforward and manageable. In this article, we’ll walk you...

Starting an investment club in Nigeria offers an accessible way for individuals to pool resources, share knowledge, and invest collectively. The recent surge in financial literacy has given rise to an increase in investment clubs within Nigeria. So much so that Nigeria’s first domestic dollar bond recorded an oversubscription. Investopedia defines an investment club as; An investment club refers to a group of people who pool their money to make investments. Usually, investment clubs are organized as partnerships—after the members study different investments, the group decides to buy or sell based on a majority vote of the members. Club meetings may...

Are you a business owner in Nigeria operating under a registered business name but dreaming of expanding your reach and accessing greater opportunities? Converting to a Limited Liability Company (LLC) could be the gateway to a more secure and profitable future for your business. But where should you begin, and what benefits await you on the other side? Imagine having the confidence that your assets are safeguarded from business liabilities. Picture your business thriving, backed by the credibility and prestige that only a limited liability company (LLC) status can provide. Converting your business to an LLC is not just a...

Starting a nonprofit in the U.S. can be a complex process, especially when it comes to understanding the various types of organizations recognized by the IRS. Many aspiring founders often feel confused by the different classifications and which one best fits their mission. Whether you are looking to start a charity, a social club, or an advocacy group, selecting the wrong type of nonprofit can lead to unexpected tax liabilities and legal issues down the road. The IRS code outlines numerous classifications, each with its own rules, benefits, and restrictions. If your organization is categorized incorrectly, it could limit your...