On Monday, one of the most unexpected things happened. Key Social media platforms; WhatsApp, Facebook and Instagram just stopped functioning!!

We worried especially for buisness owners who had and operated their business solely on these platforms and for customers who had commenced business transactions but hadn't received the value for their money. The need for a proper business structure became more apparent.

We advice you to register your business, set up websites and diversify your marketing portfolio.

We are here to assist in putting some structure around your buisness, one that will serve you in unprecedented time and improve your customers perception of you. Don't do business anyhow!

We are currently running discounts packages for all our services. Send us a direct message or visit our website at www.businesslegal.ng

Remember to reach out to us at www.businesslegal.ng for your business registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development, among other services.

As a business dealing in consumer goods such as packaged food stuff, cosmetics and the likes, you will need the National Agency for Food and Drug Administration and Control (NAFDAC) and Standard Organization of Nigeria (SON) certificates.

The Business legal team is readily available to undergo the hassle and bottlenecks for you and assist you in obtaining the certificates.

Send us a message today or visit our website at www.businesslegal.ng to join our growing list of awesome clients

Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better."

-- Jim Rohn

It's true that the difference between a successful person and an unsuccessful or less successful person usually seems small. It may just be a small decision at the time, or an extra effort towards something.

These seemingly small strides, which may be unpopular, have a way of aligning one's course towards the path of success.

What's that extra step or decision you need to take today? We encourage you to take it. Put that extra effort towards your work and your buisness. Overtime, it definitely will make a world of difference.

The entire business Legal team wishes you the best week ahead.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

SCUML means Special Control Unit Against Money Laundering. As a Designated Non-Financial Institutions (DNFIs) your business needs this certificate at the point of account creation.

Does your business deal in jewelry, cars and luxury goods, Precious stones, Real estate, Estate developers, Chartered accountants, audit firms, tax consultants, hotels, casinos, supermarkets, Non-Governmental Organizations (NGOs), among others?

A few weeks back, we assisted one of our valued customers in applying for his SCUML certificate. As a Non-for-Profit organisation, he can now easily proceed to open a bank account with his desired bank.

Thank you Shehu Shagari Central Mosque Islamic Centre for trusting us with your application.

For SCUML applications, send us a direct message or visit our website at www.businesslegal.com

As a business owner, do you have employment contracts for some or all of your employees? And as an employee did you sign an employment contract upon employment? Do you even consider them important or a mere formally?

In our experience, Contract are very important for all kinds of employment. The contents and structure of the contract can be altered based on the employment but it is necessary to have a formal agreement clearly laying out the terms of the engagement. Some common terms include the responsibilities of both parties, duration, termination clauses, benefits, confidentiality obligation etc.

Many times, you find that some specifics for the job are lost in time and the contracts become a good reference to the initial engagement. It is also important to ensure that the employee keeps working solely with in the scope of work stated therein.

There are hardly any downsides to having an employment contract because you protect yourself through contracts.

One of our pristine services for you is contract drafting and review. Upon engagement, we help examine all the existing contracts of your business, if any, and where none exist, prepare agreements perfectly mirroring the various engagements. We also review your contracts to ensure that you accede to terms that will not adversely affect you and your business.

Don’t wing it! Reach out to us today. Send a direct message or visit our website at www.businesslegal.ng

Yesterday, we talked about Compensation for an employee’s mental stress. There are a lot more compensations accruable to an employee under the Act in the course of his employment.

Did you know that employees are also entitled to compensation for injuries gotten even outside the work environment?

Yes, by Section 11 of the Employee Compensation Act, where the injury to an employee occurs while the employee is working outside the normal workplace, which would otherwise entitle the employee to compensation under this Act if the injury occurred in the workplace, compensation shall be paid to the employee.

There are some conditions for the compensation:

(a) if the nature of the business of the employer extends beyond the usual workplace;

(b) if the nature of the employment is such that the employee is required to work both in and out of the workplace; or

(c) The employee has the authority or permission of the employer to work outside normal work place.

The point being that there must be a nexus between the activities outside the work environment and the employment.

I hope this proves helpful to you.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

We started talking about employment relationships on Monday and we decided to continue today.

Did you know that under the Employee Compensation Act, an employee is to be entitled to compensation for mental stress? Yes, it’s true!

By Section 8 of the Act, there should be compensation when there is mental stress because of an acute reaction to a sudden and unexpected traumatic event in the course of the employee's employment or because of the nature of work.

There should also be compensation where there is mental stress as a result of the decision of the employer to change the work of the employee or the working conditions of the organization in such a way as to unfairly exceed the work ability and capacity of the employee.

The Act creates a Board to ascertain whether there is a compensation liability and to determine the amount of compensation payable.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

As a business owner, have you ever thought about the kind of business environment you create and how it impacts your staff and your operations. Are your workers respected; Are their efforts, however small, towards the growth of your business recognized and appreciated? Do you create a sense of loyalty in them by first being loyal to them?

Many times, once remuneration is paid, there is the tendency to thoughtlessly make demands. This week think about the kind of work environment and relationships you create. Endeavor to put a human face to your business interactions and ensure that your workers are adequately remunerated for work done.

It was Ranbir Kapoor that said “I believe that working with good people matters because then the work environment is good. If there is a sense of respect and belief among the people you work with, that is when good work is done.”

The Business Legal team values you and wishes you the most productive week ahead.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

We love reviews and love to share ours with you.

‘The service delivery at Business Legal is top-notch. The team kept giving regular updates on incorporation of my company until the documents were ready. The whole process was seamless and straightforward. I would recommend Business Legal to anyone seeking excellent business services.’

Felix Nyikwagh
CEO, Agriwaves Media

Be like Agriwaves media LTD, reach out to us today!!

Send us a direct message or visit our website at www.businesslegal.ng

To register a professional service business or company, your application needs to be supported by your professional qualification to operate that business.

For example, for engineering companies or law firms, the Commission requires, as a procedure, for the COREN certificate or Call to bar certificate to be uploaded. This also applies to Accounting and Audit firms and Pharmacies, among others.

It is necessary to get your objects right at the stage of incorporation with the required qualification to prevent constraints later. Eg. When applying for SCUML license.

However, where the objects have been improperly stated, there is also the room for ammendment by a post incorporation application. The Commission allows you to remove and alter your objects of association after incorporation.

Let us register your company today.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

Resilience. The capacity to withstand and recover from unexpected shock without a permanent deformation, distortion and impact.

Resilience is a fundamental tool to be wielded as we journey through life. The unpredictability of life remains one of its major appeals as well as its biggest challenge. It is therefore imperative that we consistently develop our capacity to withstand the numerous and unexpected blows life throws despite our perfectly laid out plans.

As you journey through the new week, we wish that you remain resilient in your personal and business endeavors. We must remember that everyone is quick to start but only resilient people finish. In the words of Angela Duckworth, "Enthusiasm is common, Endurance is rare”.

From all of us at Business Legal, have a productive week!

Our contact lines remain open. Visit our website at www.businesslegal.ng

We did a post a few weeks back on Annual returns and the need to file up to date returns with the Corporate Affairs Commission.

For clarity, Annual returns are mandatory monetary returns to be made to the Corporate Affairs Commission yearly by every enterprise, company and incorporated trustee.

The returns indicate to the Commission that the business is still in active operation. Failure to pay annual returns as at when due attracts a default fee to be paid alongside the actual returns.

The Commission requires that annual returns be up to date before any post incorporation applications can be made e.g. change of director or shareholding structure.

We thank all our valuable customers that have trusted us with their compliance needs, particularly their annual returns filling. Likewise, we are here to cater for all your Corporate needs.

Visit our website at www.businesslegal.ng or send us a message today

One of our prisine services to you remains our Business Registrations.

Be it a company, Business name or an Incorporated Trustee, Business Legal got you. We ensure that you get it right in your buisness from the very beginning

We just registered this innovative company for one of our amazing clients. Thank you Agriwaves Media Ltd for trusting us with your Registration.

What are you waiting for?
Send us a message today!!

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

Yes, the Section 55 of the Company and Allied Matters Act allows companies change from:

(a) a private company to a public company;

(b) a public company to a private company;

(c) a private limited company to an unlimited company;

(d) an unlimited company to a limited company; or

(e) a public limited company to an unlimited company.

You do not have to do a new registration with the Corporate Affairs Commission but can convert the existing company as you please. This is also applicable for business names which can be changed to companies.

For conversion and re-registration of your existing business name and companies, send us a direct message or visit our website at www.businesslegal.ng

Tax as we know is a compulsory levy to be paid by businesses or an individual to the government. Tax is a major source of revenue for the government and we know that the failure to pay tax as at when do is Tax evasion which is punishable by the law.

Have you also heard of Tax avoidance?

It’s simply the use of legal methods to reduce the amount of tax payable. For example, by engaging in tax deductible ventures and activities. Tax consultants, as we always advice, should be a vital part of your business operation to give accurate tax advisory even before certain business decisions are taken.

You should not be reactive to the extant tax regime; be proactive, know the various taxes that are payable in your sector and set up internal structures for compliance.

Business Legal has a competent team of professionals including tax advisors and Accountants, ready to provide all the support you need for your business. Do not hesitate any longer, reach out to us today by a direct message or through our website www.businesslegal.ng

I am sure you must have heard the words “subsidiaries” and “holding companies”. Today you find out what they really mean.

Section 381 of the Companies and Allied Matters Act* describes a subsidiary to be a company who:

a) Has another company as its member that controls the composition of its board of directors, and

b) That company holds more than 50% in nominal value of its equity share capital.

Two things are paramount; control and ownership of more than 50% of the equity shares. The company that possess both the control and owns the shares is called a holding company.

In some cases, ownership of over 50% of the nominal shares may not in themselves give control, hence (a) as well.

The companies will usually prepare group financial statements at the end of the financial year except:

(a) it is impracticable, or would be of no real value to the members, in view of the insignificant amounts involved;

(b) it would involve expense or delay out of proportion to its value to members of the company;

(c) the result would be misleading, or harmful to the business of the company or any of its subsidiaries; or

(d) the business of the holding company and that of the subsidiary are so different that they cannot reasonably be treated as a single undertaking

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

Let's talk money!

Money is absolutely necessary for your business. You make more money by the equity or debt capital you employ into your business.

Equity capital is in the form of personal finance and Debt capital in the form of short term or long term borrowings.

How you manage your finances determines the growth and success of your business, even in a non-financial business.

Is money management something you think about in your business or you just spend as you earn? Do you have proper financial management strategies in place?

We leave you with this apt quote by Idowu Koyenikan:

'When money realizes that it is in good hands, it wants to stay and multiply in those hands'

Likewise, with poor financial management, the adverse becomes the case.

Have the best week ahead.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

You have heard of life hacks and know of their ability to maximize time and resources and ensure that activities are done in the most efficient way possible. Today we are bringing you 5 (five) simple Business hacks that will guarantee the success of your business.

1. For business growth, prioritize suitable virtual marketing strategies like social media publicity, website etc. Why? Because everybody is online these days.

2. Keep proper records of your clients and transactions. This is an essential management policy.

3. Analyze your competitors and be creative in your business. Think out of the book and then destroy the box!

4. Have professionals on your team; lawyers, accountants etc. You need their advice and expertise in your business.

5. Make each customer feel important and valued. Don’t underestimate the impact one seemingly unimportant customer can have on your business.

Do you have more hacks? Please share with us, we would love to hear yours.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

The Business Legal team offers its awesome clients the ‘Contractor package’ at the most affordable rates you can find?

At greatly discounted rates, we assist intending contractors to procure their PENCOM, ITF, NSITF, BPP and Tax Clearance Certificate(TCC).

These certificates are required by the Government at the bid stage of Government contracts.

It's our job to ensure you are ready to take advantage of every opportunity that presents.

Stop missing out on opportunities! Reach out to us today and join our growing list of happy customers.

Send us a direct message or visit our website at www.businesslegal.ng

Logos are a huge part of brand identity. They are not merely decorative but they give a distinctive and memorable image to your business.

They create a perception in the minds of your potential clients about your business, the quality and the expected experience to be had.

A typical example of this is the Nike logo. It speaks of uniqueness, simplicity, professionalism and quality.

An investment in a good logo design is never a wasted cost. On the other hand, a poorly designed logo adversely affects your brand and will ultimately cast aspersions in the minds of your customers about your ability to deliver in comparison with your competitors.

Can you tell all the different company logos from the picture above?

Reach out to us today for your standard and unique branding services, among others, for an affordable cost. Visit our website at www.businesslegal.ng or send us a direct message today!

A customer who maintains a deposit account and demands the payment of his deposit and was refused by the bank can institute a claim for breach of contract in respect of that deposit account.

Yes!!! The logic behind this is that, the relationship between a banker and customer, where a bank accepts money either in current or deposit account from its customer, is a relationship of debtor and creditor.

It is therefore a breach of contract when the bank refuses to pay over the sum demanded, so far as the sum is equivalent to or less than what the Bank holds on behalf of that customer.

Business Legal comprises competent professionals readily available to providing bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng

I was thinking earlier about human capital in business. We find that many businesses majorly focus on the financial objectives and the utilization of financial resources. In reality, there are many more objectives that are non-financial and can go a long way in affecting the overall financial performance of the business.

How do you deal with the employees in your organization? How do you train them, cater to their needs and aid their productivity?

I am reminded of the quote by Sir Richard Branson that says “Train people well enough so they can leave. Treat them well enough so they don’t want to”. Your employees need your attention too. To get the best out of them, you need to see the potential in them and hone it to reality.

Think on these words of Ken Robinson “Human Resources are like natural resources; they’re often buried deep. You have to go looking for them. They’re not just lying around on the surface”. This is often the case.

The entire Business Legal team wishes you the best week ahead.

As a business dealing in consumer goods such as packaged food stuff, cosmetics and the likes, you will need the National Agency for Food and Drug Administration and Control (NAFDAC) and Standard Organization of Nigeria (SON) certificates.

The Business legal team is readily available to undergo the hassle and bottlenecks for you and assist you in obtaining the certificates.

Send us a message today or visit our website at www.businesslegal.ng to join our growing list of awesome clients

Honest Reviews make us very excited.

We registered 36 Spice Store Ltd for Ashia a while back and we loved working with her.

We ensured that her incorporation documents reflected her instructions accurately, from the name and objects of the company to its officers and owners. The company was also registered in good time. Receiving this review from her make us very pleased.

So tell us, why haven't you reached out to us yet?

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng

It’s very important to put agreements in writing through contracts. However, more important is the need to review the contracts before signing to ensure that the final draft reflects the true intention and concessions of both parties.

Contracts are to bind parties to their agreement and mitigate against risk or disputes that may arise. However, if the contract doesn’t reflect the true intention of parties, it becomes counterproductive and a burden to either party.

Although the law allows contracts to be set aside for mistakes, misrepresentation, fraud, illegality and undue influence, upon proof, it is always best to do a proper due diligence before contracting and ensure that the contracts drawn up are properly reviewed.

Business legal comprises competent professionals readily available to aid you in negotiating, drafting and reviewing all kinds of contracts. Remember, it is better to be safe than sorry! Visit our website at www.businesslegal.ng or send us a direct message today.

Ultra Vires simply means ‘beyond the powers’. Acts by a company “ultra vires” are acts beyond the powers given to the company in its memorandum and articles of association. For example, a food production company engaging in petroleum contracts.

Section 44 of CAMA prevents a company from carrying out any business in excess of its powers. In cases of such violation, proceedings in court can be instituted against the company.

Interestingly, the law further states that the ultra vires acts will not be invalidated simply because the company exceeded its objects or powers. These acts include conveyances and transfer of property to or by the company.

The objects of the company define the scope of operations of the company and the articles of association define how the company will be managed to achieve the set out objectives.

It is important for companies to always act in reference to their incorporation documents and if the need for expansion arises, the company can alter its objects by removing or adding new objects in the memorandum of association. This process is quite straightforward and easy.

For all your post incorporation applications and changes, reach out to us today at www.businesslegal.ng or send us a direct message. We are here for you!!

We always try to start the week with some positivity and encouragement for you.
Today we are reminded of a quote by George Benard Shaw that reads:

"Imagination is the beginning of creation. You imagine what you desire, you will what you imagine, and at last, you create what you will"

This week, be create. Come up with new and innovative ways to do the things you do. This will affect your zest for work and invariably your productivity.

Creativity is really not as hard as some may thing. Like Mr Shaw said it simply starts with imagination. Think about what you do and imagine it done differently.

You can share your creative experience with us.

Have the best week!!

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng

A charge is simply an interest or right created on the assets of a Company as security for a debt. It can be registered at the Corporate Affairs Commission and upon satisfaction by repayment of the debt, it can be discharged.

Section 203 of CAMA 2020 explains two types of charges

1. A “floating charge” which is charge over the whole or a specified part of the company’s assets both in the present and future. The charge doesn’t stop the company from dealing with the assets until it is time to enforce the charge.

2. Once the time to enforce the charge arises and certain conditions are met, it becomes a “fixed charge”.

A fixed charge on any property has priority over a floating charge, unless the terms of the floating expressly prohibits a subsequent charge on the assets.

We registered the satisfaction of a charge for one of our amazing clients recently and were given a letter of satisfaction from the Commission.

Did you know that a company by *Section 43 of CAMA 2020* is generally given all the powers of a natural person of full capacity?

The company can however limit their powers by their memorandum. Likewise, some provisions of the law may in some specific circumstances limit the powers of a particular company, but this will be clearly stated.

More interestingly, the Section also prevents the company from making donations and gifts for political purposes or to fund political parties. If found in breach of this, the officers and members in default will have committed an offence liable to a fine equal to the value of the donation.

I found this, particularly the second part, quite interesting.

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng

What do you think?! Let’s hear your thoughts.

Well, by Section 20 of CAMA 2020, some persons are restricted from joining in the formation of a company. These persons are:

1. Persons under the age of 18 years of age

2. Persons of unsound mind and have been found so by a court in Nigeria or elsewhere

3. An undischarged bankrupt

4. Persons that have already been disqualified under the Act from being a director

That’s not all, these persons may still be allowed to form the company if there are already two qualified persons in the company.

Also for corporate members, a corporate body in liquidation cannot join in forming the company.

Hope you learnt something.

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng

Have you heard of a Promoter in the Corporate context or even wondered what their roles are? Today is all about Promoters!

Section 85 of CAMA describes them to be people that help in forming a company and take the necessary steps to accomplish the purpose. They may or not intend to be part of the company. For example, people that help in raising capital for the company. People acting in their professional capacity to form the company are not promoters.

The promoter is in a position of trust and must act in good faith towards the company in any transaction with it or on its behalf. If it fails to and there is any loss suffered, the Promoter must compensate for the loss suffered. The Company can sue the Promoter for a breach of the trust relationship at any time.

He is to account to the company at all times and disclose any profit made from the promotion. The relationship is likened to an agency relationship but is not an agency because the company cannot have agents before it is formed.

Note that transactions entered between by the promoter for the company will be binding on the company if the transaction was approved by the company (its directors or members).

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng

We took a short break and we are back!! We definitely missed interacting with you and sharing knowledge.

Today, we are reminded of the insightful quote by Lao Tzu that says,

"To attain knowledge, add things every day. To attain wisdom, remove things everyday."

Knowledge is progressive. It must be attained with consistency and intentionality.

Make a decision to add to your knowledge everyday this week. The evidence of your efforts will be revealed when life assuredly places a demand on it.

The entire Business Legal Team wishes you the best and most productive week ahead.

We still remain your one stop shop for all your business support needs. Our services span company registrations, trademarks, Patent and designs, ITF, NSITF, PENCOM, BPP, CMD and Tax Clearance Certifications, brand management and website development. Reach out to us today or visit our website at www.businesslegal.ng