Blog – Page 16 of 17 – Lex-Praxis Legal Solicitors

November 27, 2019November 27, 2019

LET’S TALK ABOUT FRANCHISING.

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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...

October 23, 2019October 23, 2019

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

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By Cynthia TishionIn Intellectual Property Law

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....

October 10, 2019October 10, 2019

FIVE LEGAL MUST HAVES FOR YOUR BUSINESS WEBSITE

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By Cynthia TishionIn Startup Law

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...

October 2, 2019October 2, 2019

WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING IN NIGERIA.

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By Cynthia TishionIn Family Estate Planning

Mfon is a twenty year old undergraduate of a prestigious university in Nigeria. Her father before his death was a wealthy business man with landed properties purchased across various cities. However, five years after her father’s death, Mfon’s uncles are unwilling to give up custody of their late brother’s assets since there was no will stating otherwise. Mfon is faced with the responsibility of taking care of her four young siblings alongside her mother who is unable to take care of them alone. What hurts most is the fact that they can’t have access to their father’s assets which...

September 24, 2019September 24, 2019

BUSINESS NAME VS COMPANY, WHICH DO I REGISTER?

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By Cynthia TishionIn Legal Advice

There’s no doubt, that a lot of business owners in Nigeria are beginning to appreciate the need to have their businesses registered with the Corporate Affairs Commission. But just in case you are one of the few who are still skeptical about it, permit me to highlight what you are obviously missing out on; You’re looking to apply for funds from the government or private investors, you must be a registered business or at least have intentions to get your business registered before you can be attended to. You want to avoid mingling your personal funds with that of your...

September 16, 2019September 18, 2019

SIX QUESTIONS YOU MUST CONSIDER BEFORE GOING INTO PARTNERSHIPS.

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By Cynthia TishionIn Legal Advice

So you came up with a business idea that would make you ‘blow’. But you had a problem, this idea requires someone with a good background in tech, which you didn’t have. You reached out to your college buddy who is a good software developer, and you shared your idea with him. He sees the huge financial prospects in the idea and he signs up with it. Both of you agree to work as partners with 50% equity split each. A year down the line, you are questioning your decision to form a partnership with your college buddy. The reason...

September 4, 2019September 4, 2019

HOW TO AVOID TAX CHARGES IN NIGERIA AS A REGISTERED BUSINESS WITH NO OPERATIONS.

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By Cynthia TishionIn Uncategorized

As a lawyer, i’ve met people who have raised the above concern. If you recently had your business registered in Nigeria, and you have similar concerns please take the following steps; Obtain your tax identification number from the relevant tax authority immediately after having your business registered. Notify the relevant tax authorities of your intentions not to commence business operations for the time duration you have in mind. Keep an acknowledged copy safe for future references. However, it is important that you take note of the following points; Your notice of non – commencement should be done immediately after registration....

July 22, 2019July 22, 2019

CONSIDERING OUTSOURCING? NEED A LAWYERS OPINION? HERE ARE MY THOUGHTS!

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By Cynthia TishionIn Civil Rights, Legal Advice

Within the context of business, outsourcing entails obtaining goods or services from an outside supplier (i.e. an individual or a corporate entity). Outsourcing may be a preferred option where your business lacks direct access to certain raw materials (for instance), essential to your business. Or lacks the needed in- house technical skill such IT expert, Legal, Accounting, etc. In addition, outsourcing could be a cost effective option as it limits payroll and overhead cost. THE CHALLENGE. As a business owner, you must bear in mind the fact that unlike employees, these suppliers or service providers have an already existing mode...

July 22, 2019July 22, 2019

ARE YOUR SHAREHOLDERS GOOD FOR THE MONEY? ARE YOUR DIRECTORS EQUIPPED WITH RELEVANT EXPERIENCE?

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By Cynthia TishionIn Civil Rights, Investment

As a lawyer, i’ve had the pleasure of receiving instructions from clients as regards getting their companies registered. While receiving their instructions, i’ve noticed a trend that is very common amongst most of them… It’s the trend of nominating company agents such as; directors, shareholders who in most cases have no business taking such roles in the first place! So, i ask. Dear founder, are your shareholders good for the money? Are your company directors experienced and capable of taking critical decisions on behalf of your company? Please forget sentiments when it comes to this issue. This is business! If...

July 22, 2019July 22, 2019

DEAR DEBT COLLECTOR, THE NIGERIAN POLICE FORCE IS NOT A DEBT RECOVERY AGENCY

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By Cynthia TishionIn Court Rules, Debt Collection, Law Enforcement

In the past two weeks, i’ve been approached by various persons seeking legal information on options available to them in respect to debt recovery. So, i’ve decided to say this here for the benefit of others who might have similar concerns in the future. If you’re considering using the Nigerian Police or any other form of military might to recover debt owed you by a debtor, i strongly recommend that you have a rethink or you stand the risk of having your table turned against you. Take it from a lawyer who has witnessed such situations repeatedly. There are more...