Blog – Page 13 of 17 – Lex-Praxis Legal Solicitors

October 7, 2021October 7, 2021

WHAT TO DO WHEN ASKED TO PAY TAX OR LEVY YOU AREN’T AWARE OF

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Do you operate a business in Nigeria? Ever been confronted by revenue officials at your business premises to pay taxes or levies you weren’t aware of? The fact is that in most State and local government areas, there is yet to be a unified tax payment system for taxpayers. That explains situations where certain levies are signed into law with little or no public notification to that effect. On the other hand, we have cases of fraudsters who extort unsuspecting business owners with levies unknown to law. There’s however no need for alarm. Here’s what to do in situations where...

October 4, 2021October 5, 2021

WHY TRADEMARK REGISTRATION IS IMPORTANT FOR STARTUPS

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By Cynthia TishionIn Intellectual Property Law

Few days after publishing our article on how to register a trademark in Nigeria (click HERE to read previous article), a reader asked “Is a trademark registration important, considering the fact that I have just registered my company with the Corporate Affairs Commission”? This article would address this question. But before we do that, it is important to define a trademark. WHAT IS A TRADEMARK? A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services. It’s how customers recognize you in the marketplace and distinguish you from your competitors. Having...

September 30, 2021October 4, 2021

HOW TO REGISTER A TRADEMARK IN NIGERIA

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By Cynthia TishionIn Intellectual Property Law

A Trademark is a recognizable name or design, which is legally registered and used to identify and distinguish a product or service from others. It’s serves as indication of origin and quality. They represent the “goodwill” or reputation a business and its products/services enjoys with the public. Wherein, businesses rely on their marks to identify their products and services and distinguish them from those of their competitors. The public relies on marks to distinguish among competing producers and as guarantees of quality. Some of the trademarks that can be registered include symbol, word, set of words, logo. The trademark is...

September 13, 2021September 13, 2021

HOW TO REGISTER A LIMITED PARTNERSHIP AND LIMITED LIABILITY PARTNERSHIP IN NIGERIA.

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By Cynthia TishionIn Business Law

One of the highlights of the new Companies and Allied Matters Act, which was signed into law in 2020 was the introduction of the Limited Partnership and Unlimited Liability Partnership structure for business organizations. However, since the coming into effect of the Act, members of the public have been unable to take advantage of this new structure on the Company Registration Portal (CRP) of the Corporate Affairs Commission, until recently. The introduction of the Limited Partnership and Limited Liability Partnership structure to the CRP is a welcome development as these structure enables us enjoy numerous benefits this structure affords us...

September 2, 2021September 3, 2021

HOW TO UPGRADE A REGISTERED BUSINESS NAME TO A PRIVATE COMPANY IN NIGERIA

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By Cynthia TishionIn Uncategorized

Yes, you can upgrade your registered business name to a limited liability company. To do so however, you are required to; 1. Ensure the business name has filed its annual returns with the Corporate Affairs Commission since registration and it is up to date. The purpose of filing annual returns regularly is to inform the Commission with which it was registered, that such business is a going concern. 2. Apply to the Registrar General of the Commission, requesting to upgrade your registered business name to a Limited Liability Company. You would also be expected to submit your business registration certificate...

August 20, 2021August 20, 2021

HOW TO DETECT PONZI SCHEMES IN NIGERIA

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By Cynthia TishionIn Uncategorized

Sometime in July 2021, the Vanguard newspaper headline bore the caption “ Victim of Ponzi Scheme commits suicide”. According to the article, the man the young man in question was a student who borrowed money from his friends in addition to his school fees to secure his investment in what turned out to be a fraud. It would interest you to know that the investment company in question, was registered with the Corporate Affairs Commission and as a result, the unsuspecting investors had no reason to question whether or not the activities of the company were legitimate. But when it...

July 29, 2021July 29, 2021

DUTY OF DISCLOSURE OF PERSONS WITH SIGNIFICANT CONTROL – WHAT SHAREHOLDERS AND OFFICERS OF PRIVATE COMPANIES SHOULD KNOW.

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By Cynthia TishionIn Business Law

The new Companies and Allied Matters Act, 2020 has made it mandatory for substantial shareholders of new and existing private companies or limited liability partnerships, as well as persons with significant control to disclose details of such control to the company within seven days of acquiring such control. In addition, the company in question must inform the Corporate Affairs Commission within one month after receipt of such information. Prior to this Act, the obligation of disclosure was restricted to public companies alone, but the increased abuse of corporate governance as well as shielding of assets in private companies has given...

July 26, 2021July 26, 2021

CAN A DIRECTOR OF A COMPANY BE APPOINTED BY A WRITTEN WILL?

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By Cynthia TishionIn Business Law

Mr Itam in his life time was the founder and Chief Executive Officer of Fank Ventures Limited, a private company duely registered in Nigeria. Before his demise, he left instructions in his will appointing his only surviving son Mr Emmanuel Itam, to take his position as Director and CEO of Fank Ventures Ltd. He passed on in 2018, and upon reading his will, other directors of the company became aware of his intention to include his son as a member of the board of directors. Mr Emmanuel Itam (his son) has been unable to assume his role as director and...

July 2, 2021December 15, 2022

CBN LICENSING REQUIREMENTS FOR OPERATING A FINTECH STARTUP IN NIGERIA.

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By Cynthia TishionIn Startup Law

The late 20th century has witnessed the rise of Fintech companies in Nigeria that offers financial services which were originally exclusive to traditional financial institutions. Taking bearing from the likes of Remita, Paystack, Flutterwave, PiggyVest, Kuda Bank, etc fintech companies are primarily known for using technology to improve financial services and increase access to finance. The Central Bank of Nigeria is the apex body responsible for regulating the formation and operation of Fintech companies in Nigeria. There are other agencies that regulate the operations of Fintech companies based on the nature of services carried out such as the Securities and...

June 18, 2021June 18, 2021

HOW TO RECOVER DEBT IN NIGERIA

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By Cynthia TishionIn Debt Collection

When it comes to business dealings, it is almost impossible not to encounter situations where goods and services will be given out with hopes of it being paid on a given date or loans being advanced to a person to be paid on a stipulated date. Where such dealings take place, the persons who receives the goods or services or the loan, to pay at a specified date, is called the debtor while the person advancing the loan or giving out such goods and services on credit, is the Creditor. Debts are meant to be paid back at the actual...