WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING IN NIGERIA.

WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING IN NIGERIA.

  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...

BUSINESS NAME VS COMPANY, WHICH DO I REGISTER?

BUSINESS NAME VS COMPANY, WHICH DO I REGISTER?

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...

SIX QUESTIONS YOU MUST CONSIDER BEFORE GOING INTO PARTNERSHIPS.

SIX QUESTIONS YOU MUST CONSIDER BEFORE GOING INTO PARTNERSHIPS.

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...

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

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

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....

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

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

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...

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

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

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...

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

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

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...

IF YOUR BUSINESS WAS SLAMMED WITH A LAWSUIT, WHAT WOULD YOU DO?

IF YOUR BUSINESS WAS SLAMMED WITH A LAWSUIT, WHAT WOULD YOU DO?

In over 6 years of experience as a lawyer, i know for a fact that resolving disputes through court proceedings can be tedious, time and money consuming if not properly managed. Few months ago, i was approached by a client with a court process asking him to appear in court in regards to a suit that had been filed against him. Apparently, the dispute arose from a business transaction between my client and the other party. From the little i knew about him, i knew for a fact that he didn’t have the luxury of time neither could his business...

WHAT TO DO WHEN CONFRONTED BY REVENUE OFFICERS.

WHAT TO DO WHEN CONFRONTED BY REVENUE OFFICERS.

Hello my thriving business owners!! I trust we’re smashing our BUSINESS goals? Our TAX SERIES would come to an end soon. But before then, I thought to drop a few hints to guide us when we get confronted by revenue officers and at that point we have no Cynthia Tishion or any other contact to call lol?. In no particular order, here are the tips; I. *DEMAND FOR PROPER IDENTIFICATION.* In this era of imposters posing as revenue agents, it’s your legal right to do so. What amounts to proper identification is subjective. However, your discretion and common sense comes...