Business Law

Bridgette  signified her interest to participate in the on -going makeup artist contest to be held at Transcorp Hilton, Abuja. She filled the application form and was eager to be amongst those to participate in the upcoming contest. However, she was not selected and one of the reasons for non-selection was that her business does not have a legal personal personality. The reasons for registering are numerous. Nonetheless, I will mention a few. 1. Its important for continuity sake Google, Microsoft and Facebook were businesses founded by individuals  Their businesses could live without them because the companies were registered.  Most Human beings live and die but businesses have the ability to last forever as they are transferred from one generation to another. 2. You look serious and attracts more customers In today's world, most companies will not do business with an unregistered business.  The reason is because it is against tax and regulatory l...

 It is no longer news that President Muhammadu Buhari signed into law the Companies and Allied Matters ( CAMA) Bill 2020 which replaced the operation of CAMA 1990. These provisions are geared towards enhancing the ease of doing business in Nigeria. For the benefit of doubt,  CAMA means the Companies and Allied Matters Act.  Below are the provisions beneficial to business owners; 1. Single Membership: minimum number of people ( Director)that can set-up a private company has reduced to 1 from 2. This also aligns with the realities of MSMEs who are owned by one person and restricted them from registering or forced them to use proxy cofounders/directors. 2. Introduction of Statement of Compliance The Statement of Compliance can now be signed by an applicant or his agent confirming that the requirements of the law to registration has been complied with. This serves as an alternative to the requirement to submit a Declaration of Compliance, which must be signed by a Lawyer or a...

The pandemic changed the world in a split of seconds. It showed us the interdependence of nations, connectivity and the need to embrace digitalisation in developing countries. Corporate organizations and individuals have embraced virtual trainings like Zoom, Google Meet, webinars for meetings and Conferences. Saving cannot be overemphasized. George Clason posited that you  must save ten percent of your income. There are no more luxury parties as everyone focuses on the essentials. Essentials are highly important this season. The pandemic resets priorities ( one of my biggest lessons this year). I and a friend were in a discourse last week and one of the things we discussed was that the basic needs of man has changed. It is now food, health and shelter as opposed to food, clothing and shelter. Health is wealth.  If there’s anything the COVID-19 virus made us realize, it’s that our health remains our most valuable asset. What good is your wea...

Gbemi and her cousin, Peju commenced business operations of their restaurant in 2018. Gbemi was involved in the day-to-day running of the restaurant, while her cousin provided the finance for the business. They both agreed orally that they would equally share the profits that accrued. Six months later, they fought over the profits and could not settle their differences amicably.  Thus, the partnership ended. __________ Even the best of friends or close family friends or relatives should create and sign a business partnership agreement to avoid stories that touch. ________ A Partnership Agreement helps to avoid conflict which may arise between the partners. Where the terms of a partnership are not clearly set out and recorded, disputes may arise over ownership division, the roles and responsibilities of the partners, and division of assets upon termination of the Partnership Agreement. Need to Draft a Partnership Agreement, click the link in our bio to get it sorted for you.

Ade registered his Company with CAC and obtained his certificate. He later went to the bank to the bank and he was told to provide his TIN No. He was surprised. This is what you should know about T.I.N. T.I.N is an abbreviated form meaning Tax Identification Number. It is an essential document in every individual and businessperson’s life. You will have to complete the application form for Tax Identification Number in Nigeria and submit it to the Nigeria Federal Inland Revenue Service (the 4-letter abbreviation stands for the Nigerian Federal Inland Revenue Service). How to apply for TIN number in Nigeria For businesses Here is a detailed instruction on how to get TIN number in Nigeria: Fill out the TIN application form. Provide your business registration number: Business Name Registration Certificate or Certificate of Incorporation. Provide the company’s business address, location and commencement’s date as well as other information required. For individuals ...

What are the benefits of registering my business? This is a question many business owners ask and a lot of times, most entrepreneurs are yet to register their business with Corporate Affairs Commission. Fasten your seat belts as I take you through this for some days. Normally, the first thing to do when you want to start your business in Nigeria is to get it registered with the Corporate Affairs Commission. Number one is Opening of a Corporate Account. A Business bank account is an important asset to a small business because you can separate your personal activities from your business activities. It is also more professional to give your clients / customers a business account details that carries your business name for payment instead of your own full name. Need to register your business. Call/WhatsApp 08067543059 for details. Maximise social distancing as you go out about your work and businesses. Stay safe and have a productive work day.