₦airaland Forum

Vomm:
The millitans be like,
Food dey my bakyard, directly or indirectly, I no fit chop from am, na some bufoon from the north come carry cutlery dey enjoy the food. Even federal government chop chop chop no remember to clean the floor and the dinning table. We go kuma pour the food troway with the pot.

UNTRUE!

the 13% derivation that the FG pays to oil producing states, how is it spent?

These boys should hold their own political and communal accountable.

Bombing the pipelines will not solve their problems.

Hadez:
D way u shaded everything made it disgusting n boring 2 read. I hv always known ekiti girls r loosed girls. Mtchwww

seriously? How many Ekiti girls have you met? You just jump on a public forum to display crass ignorance. Get rid of the prejudice before it consumes you.

Seek God's forgiveness in church tomorrow.

kcnwaigbo:
They have listed reasonable demands.The government should negotiate with them!

Like the Americans and other serious governments around the world, the Nigerian gov't should not and will not negotiate with terrorists.

In the heydays of bh. GEJ said they bh are "our siblings" and so should not be attacked by the military until the rascals killed and sacked entire communities and annexed Nigerian territories. Thank God for President Buhari. The militants must now face the consequences of their actions.

Kingkamal:
Osama is still alive... Dont get decieve by USA. Osama is a CIA member.. Bin laden family and bush family are allies this is just a common sense war against muslims. They declare Osama dead because they want approval to enter libya.

conspiracy theorist alert. Cynism is not a good thing

malton:
Imagine! How many mouths does this guy have?

Clowns in government!

It beats me how someone who cannot put his own mouth in one place pilots the affairs of his state.

Yoruba people can talk, very outspoken and erudite people...only, they are not known to talk nonsense! Well, except for Fayose and the other one.

Fayose, who is your father, again?!

confused tribal bigot. You disparage Yoruba people because of what a double mouthed politician said about your hero. In another paragraph you single him out as a positive exception. You're the one yarning nonsense.

The police is your friend

A twin 4bedroom duplex for sale at plot 1745 Block 77 Federal Government Layout in Aboru Abesan Lagos.

Contact: 08189051347; 08037653364

ritababe:
is that attention or what? guys look at his trouser very well I think something is rising there

Shows he's virile and ok .

Dunno why you're acting amazed.

Menace2Society:
Why would a right thinking person judge a country thru movies

simple. Movies (read arts) is a reflection, a mirror of society.

Kapish!

The importance of registering a business can never be over-emphasized. For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.

Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.

People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.
• REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.

The steps for incorporating a new company at the nation’s registry, The Corporate Affairs Commission, can be summarized in the following 10 steps:
i. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc.

ii. Details of Directors: Long story short, you will be required to provide the biodata of the Directors of the proposed company. This information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.

iii. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company

iv. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors’ responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company.

v. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.

vi. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “Negative List”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.

vii. Valid Identification. Although this requirement has been stated earlier, it is worthy of mention here again. A photocopy of Identification of all the directors is required. (E.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).

viii. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10, 000:00 (Ten Thousand Naira only) However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1, 000,000: 00 (One Million Naira only) share capital company. A company’s share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized share capital must be subscribed and paid for.
Once the issue of share capital has been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.

ix. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.

x. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.

These are the basic requirements for incorporating a private limited liability company in Nigeria.


If you need professional service to register a limited liability company, please contact the writer via the email address or phone number supplied below. If you have any questions on the content of this article, please do not hesitate to send a mail.
https://deolumike./
Adeolu Adesuyi Esq.
08037653364
deolumike@gmail.com

Happy Birthday Adigun!

@lalasticlala I have informative and enlighning topics. Pls do well to move at least 1 of them to throw FP. I'm sure members and guests on Nairaland will appreciate it

https://www.nairaland.com/2759904/what-need-know-registering-company

https://www.nairaland.com/2762077/rights-duties-landlords-under-lagos

The importance of registering a business can never be over-emphasized. For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.

Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.

People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.





REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.
The steps for incorporating a new company at the nation’s registry, The Corporate Affairs Commission, can be summarized in the following 10 steps:
1. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc. It takes an average of 5 business days to get availability results.
2. Details of Directors. Long story short, you will be required to provide the biodata of the Directors of the proposed company. This information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.
3. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company.

PS – the shareholders can also double as the directors of the company.
4. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors’ responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company. The company secretary could be an in-house person or an outside consultant. Some of the roles of a company secretary include:
a. Maintaining the Statutory Registers;
b. Liaison between the company and the CAC and other relevant government agencies;
c. Providing members and auditors with notice of meetings.
5. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.
6. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “Negative List”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.
7. Valid Identification. Although this requirement has been stated earlier, it is worthy of mention here again. A photocopy of Identification of all the directors is required. (E.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).
8. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10, 000:00 (Ten Thousand Naira only) However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1, 000,000: 00 (One Million Naira only) share capital company. A company’s share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized share capital must be subscribed and paid for.
Once the issue of share capital has been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.
9. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.
10. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.
These are the basic requirements for incorporating a private limited liability company in Nigeria. However, EXPATRIATES are subjected to additional requirements and laws – Nigerian Investments Promotion Act, Immigration Act, Investment and Security Act, and Foreign Exchange and Monitoring Act.

If you require professional assistance to register your company or business name.
deolumike@gmail.com
0818-905-1347

“A good man leaves an inheritance to his children's children.”
Book of Proverbs 13:22

Imagine a situation where your dependents (spouse and children) are not able to benefit from what you have spent years working for upon your death. To forestall such a situation, you have an obligation to protect and preserve what you have spent years working for by ensuring that, the assets you left behind do not fall into wrong hands and to ensure that your assets are distributed how you wanted it to be distributed in the event of death.

Below are three reliable ways by which you can fashion out your asset devolution strategy and prevent your assets from falling into wrong hands in the event of your demise.


a. By making a will; or
b. By creating a living Trust ; or
c. By making your dependents shareholders and directors in your company.

 BY MAKING A WILL

A will is a legal document intended to take effect after death which states how a person wishes his or her assets and dependents should be dealt with upon his or her death. The person making a will, called the testator, must have testamentary capacity, that is, must be of full age and sound mind and must act without undue influence by others.

In the will, a still-living person is named as the executor of the estate, and that person is responsible for administering the estate and is usually supervised by the Probate Registry to ensure that what is specified in the will is carried out.


• Probate Process

A will must pass though the probate process at the Probate Registry. Probate is the court process by which a will or an official copy of a will is proved valid or invalid and given to the executors. The probate process entails the following procedures –:


a. Search: A search may be conducted at the probate registry to ascertain whether the testator’s Will was deposited at the Probate Registry in the first place.

b. Application for the reading of the Will: This entails filing an application for the reading of the Will at the Probate Registry.

c. Reading of the Will – The Probate Registrar is to appoint a date, time and place when the Will would be read to the interested persons.

d. Application for probate – This is done by the executors to the Will by filling and completing the relevant forms and submitting certain documents to accompany the application to the Probate Registrar.

e. Granting of probate – Upon the satisfaction of the above requirements, the Probate Registrar shall grant Probate to the applicants with the Will attached to the probate or he shall grant the letter of administration.

f. Application Duration: Between 6 -8 months

g. Cost Implication: 10% of the value of the property or fund and administrative fees.

 BY CREATING A LIVING TRUST:

A living trust is an agreement between the party who creates the trust known as the settlor and another party called the trustee (a person or institution to whom legal title and possession to the trust fund or property is entrusted to for the benefit of another called the beneficiary).Unlike a will which comes into play only after your demise, a living trust takes effect during your lifetime.

When you create a living trust and transfer all your assets to your spouse and children, when you die, the trust property automatically passes to your spouse and children. If the children are minors the trust deed will stipulate that the trustee will be responsible for managing the children’s assets until they are adult or a particular age.



Creating a living trust entails the following:

a. No Consideration Requirement: No consideration is necessary to create a trust, and no writing or other formal document is required, except that trusts of real estate are required by the Statute of Frauds to be in writing.

b. No Probate Process: The advantage of establishing a living trust is that it allows easy transfer of assets without going through the process of probate which can be costly and take a lot of time. The successor trustee the person you appointed to handle the trust after your death simply transfers ownership to the beneficiaries you named in the trust.

c. Duration: Unlike a will that comes into play only after your demise, a living trust takes effect during your lifetime. It puts in place a mechanism to hold and manage your property both before and after your death, and provides how those assets, as well as any trust income are distributed thereafter. In many cases, the whole process takes only a few weeks and there are no court fees to pay save solicitor’s fees. When the property has all been transferred to the beneficiaries, the living trust ceases to exist.

d. Cost: A living trust actually saves you money and time by avoiding the probate process. The solicitor’s fees for creating a living will are paid up front.

e. Taxes: A properly drafted trust can help minimise taxes

f. Privacy: Unlike a will becomes a matter of public record when it is submitted to the probate court, the terms of a living trust need not be made public.

g. Testamentary Trust or Pour-Over Will: A living trust cannot assign a legal guardian for minor children; you would be required to add a pour-over will as a supplement to the trust where such a provision can be made. Assets that have not already been transferred to the trust at the time of death will be subject to probate unless such a supplementary will has been made at the time that the trust was established.


 SHAREHOLDERS AND DIRECTORS

You will not want your business to fall into the hand or hands of those who will not manage it well or use it to take care of the loved ones or dependents you left behind.

You can protect your interest and that of your family and dependents by restructuring your company to make them shareholders in your company. As shareholders they will have a share of the company’s dividends and as directors they will have a say in the running of the company.

Reference: http://akintundeesan..com.ng/2015/05/3-ways-to-secure-your-property-after.html


Email: deolumike@gmail.com

obiaguna:
Must one have a means of identification e.g National ID card, passport, license et al before they can register only a business name or obtain TIN for small one man business?

Yes. It is a requirement that you submit along with other relevant documents some means of identification e.g National ID card, passport, driver's license. It is to verify the identity of members of the company.

onyeogalu1:
Is it the same price if i want to register a company?

No. A totally different process . Here you'd be a shareholder and not a sole proprietor. The business becomes a separate legal entity capable of owning properties, obtaining loans and can sue and be sued in its own name without personally involving its owners.

https://www.nairaland.com/2759904/what-need-know-registering-company

blessedapple:
Business Name wey you go just log online and do sharp sharp with little or no money.
BROTHERS! why are we no longer our brother's keepers?

After you do the same search and reservation online, will you not purchase the forms and pay for the oath at the commissioner of oaths' office or notary public's office?

Then your transport to CAC is not free.

All that aside, can you quantify the "wahala" you will pass through in the hands of the CAC people before and during filing?

Even in the absence of the above, one is entitled to professional fees for services rendered.

Rightworld:
Do you mean other people can still use the company name if its private liability company?

They are fine. Thanks

The difference is that a limited liability company separates a owners and the business. The business is a legal entity on its own. Capable to own as assets and a bank account for corporate transactions. It can sue and be sued in its own name without getting it's owners involved in law suits brought against it

onyeogalu1:
A registered business name secures your brand name. Meaning no one else can use your registered business name.

How much does it cost to register business name?[/color]A registered business name secures your brand name. Meaning no one else can use your registered business name.




How much does it cost to register business name?

I'll do it for you for just N25,000. Only

The Lagos State Tenancy Law 2011 was introduced to regulate the relationship and in particular, the rights and obligations of tenants and landlords under Tenancy Agreements, and the process for the recovery of premises and other related purposes.
General Comments and Limitations of the Law:
While most of the provisions of the law are laudable, readers must bear in mind that the Law does not apply to certain types of premises. The premises exempted are: residential premises owned or managed by an educational institution for its staff and students, residential premises provided for emergency shelter, residential premises in a care or hospice facility; in a public or private hospital or a mental health facility; and/or one that is made available in the course of providing rehabilitative or therapeutic treatment, and the law is also not applicable in the following areas of the State; Apapa, Ikeja GRA, Ikoyi, and Victoria Island

Even though the law moderates certain discretions that landlords may ordinarily exercise (e.g. the provision that limits rent payable to a year), it is very explicit in guiding landlords not only as to their rights and duties, but also on how to enforce those rights.
Duties of a Landlord:
• Landlords have a duty to issue rent payment receipt to their tenants, it is however better to prepare a written agreement which can also serve the function of a receipt for the rent paid by the tenant.

• Landlords also have a duty not to receive rent in excess of one (1) year from a tenant that pays rent yearly, and six months for a tenant that pays his rent monthly. Where the tenant is a new tenant, the landlord may receive rent to cover a year, but not in excess of a year. The consequence of collecting rent in excess of what the law prescribes is that the landlord (including his agent) may upon being found guilty by the court be liable to a fine of One Hundred Thousand Naira or to three months imprisonment.

• The landlord has a duty not to disturb his tenant’s privacy, and exclusive possession of the leased premises. He must not cause any form of unreasonable disturbance to his tenants, seize any item or property that belongs to the tenant, interfere with the tenant’s access to the rented premises, terminate, or restrict the use of facilities or services that are provided in common to all occupiers. Furthermore, the landlord has a duty to pay all rates and charges as stipulated in any law, he ought to insure the premises against any loss or damages, and also repair and maintain the external and common parts of the premises.

• Where a landlord opts to collect service charge, facility, and security deposit from his tenant, the landlord will have a duty to issue a separate receipt to the tenant for the payments received, and he must always give a written account to the tenant at least every six (6) months of how monies paid by tenants were disbursed.

• Where the premises is a business premises, the landlord has a mandatory obligation to make sure that he does not do that which will result in loss of profit to the tenant (whether by way of an action or inaction). In particular, the landlord must not obstruct his tenant’s access and that of the tenant’s clients, and customers to the premises, he must put in reasonable efforts to prevent or remove any disruption to the property which is capable of resulting in loss of profit to the tenant, he must rectify within the shortest possible time any breakdown of plant or equipment under his care and maintenance, and he must also maintain or repaint the exterior of the common parts of the building (s). Any landlord reading this must be reminded that the landlord’s duties in respect of a business society are mandatory and cannot be moderated by Tenancy Agreement.
Rights of a Landlord:

• The rights of the landlord includes the right to receive rents from the tenant as at when due, and a restricted right to inspect the premises after a written notice has been given to that effect notifying the tenant about the proposed inspection. The inspection may be carried out at any reasonable hour of the day time only, and can be carried out for limited purposes including; to view the condition of the premises, and to carry out repairs in necessary parts of the building.

• In the event that the tenant does not observe any of his duties or obligations, the landlord has a right to engage a lawyer to institute court action to end the tenancy and repossess the premises. Before a landlord can do this, he must be sure that there is no portion of the Agreement or law stating otherwise, and that necessary notices have been given to the tenant to leave the premises and he has refused.

• Where a landlord exercises his right to go to court, he may ask the court to order the tenant to pay him rent that are unpaid but which have become ripe/due for payment prior to commencing the action in court, and he can further claim the value of rent for the premises per day until the tenant leaves the premises.

Words of Advice to Landlords:
The popular notion is that where a tenant renews his rent yearly, he will be entitled to six months’ notice before he can be ejected, but this notion is only true where a landlord fails to prepare a written agreement to regulate the length of notice that he desires to give the tenant. In order words, the length of notice will be regulated by the law in the absence of an agreement stating otherwise.
The benefit of preparing a written agreement in a tenancy relationship cannot be overstated. From my experience in managing properties and facilities, I have discovered that the first duty of every landlord is to make sure that his tenants have written agreements to guide his relationship with the tenants. This is essential because the law allows the landlord and tenant by way of a tenancy agreement to regulate their relationship in the areas of each person’s obligations, and length of notice to terminate the tenancy relationship. A landlord that therefore wishes to save himself some headaches may choose to regulate a substantial part of the tenancy relationship by way of a Tenancy Agreement and the best way to do this is to consult a competent lawyer for proper guidance.

“Freedom is no doubt the greatest gift or heritage of man. Omnipotence created man and accorded him with divine freedom. Men are born free with liberty to think what he will, to say what he will and to go where he likes, all in a lawful manner, without let or hindrance from any other persons, private or governmental authorities. It therefore follows that, generally, detention of a man by a fellow man is a violation of the law of God and man. I am not oblivious of the fact that there are checks and balances to the series of freedom given to man. To the extent to which a man must not do his things in a way calculated to injure or adversely affect the exercise of the freedom of another man, his own freedom is limited. The whole of Article 7 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act, Cap. 10 laws of the Federation of Nigeria 1990 is in tune with the universal concept of criminal law in a civilised society that upholds the rule of law as a way of life; by it, accessibility to the court and even to the highest court is guaranteed. to the citizen whose fundamental rights are threatened; his right to presumption of innocence until he is proved guilty by a court of competent jurisdiction is assured; his right to defence which includes the right to be defended by a counsel of his choice is offered to him on a platter of gold and his right to be tried within a reasonable time by an impartial court or tribunal remains sacrosanct. That is the continental law Nigeria voluntarily subscribed to. It came into force on the 17th day of March 1983.”
Oguntade J.C.A (as he then was) in the case of Comptroller of Nigerian Prisons v. Adekanye (1999) 10 NWLR (Pt. 623) 400 held at 426 – 427 paras G-B


In order to preserve the liberty of an accused person especially with the presumption of the law in Nigeria that, an accused person is innocent until he is proved guilty by a court of competent jurisdiction, a legal instrument called bail was evolved in tune with the universal concept of criminal law, in a civilised society that upholds the rule of law as a way of life.
A bail is a security required by a court for the release of a prisoner as a guarantee that the prisoner would appear in court at a set date, it includes security provided for the release of an accused person in the custody of the Police or a law enforcement agency as a guarantee for his or her future appearance. The security is usually in the form of a cash deposit or a bond, while cash bail is applicable in some jurisdictions, it is not applied in Nigeria.

In practice, the accused person is only required to enter into recognisance in the sum fixed by the Court or law enforcement agency. It is not a requirement of law in Nigeria that he should deposit money before bail is granted. A Recognisance is a promise to pay a sum of money by way of security if the accused fails to appear in court. Additionally, instead of Recognisance the accused may be required to provide a surety i.e. a person who undertakes to pay a sum of money if the accused does not appear in court.



(1) Bail is a Basic Right of Every Citizen of Nigeria

• Bail is a basic right of every citizen of Nigeria who is charged with a criminal offence by virtue of section 35(1) of 1999 Constitution and Criminal Procedure Act. Thus, every person is entitled to his personal liberty and no person is to be deprived of his liberty except as stipulated by the Constitution and or statute.

• Bail to a person accused of an offence other than a capital offence is a basic right and undoublty the right to release before trial is much more basic if the trial is going to last more than two months for non-capital offences.

• Bail is a constitutional right under Section 35(1) and 36(5) and (6) of the 1999 Constitution of the Federal Republic of Nigeria. It is a right of an accused person, except where the alleged offence is a capital offence accused person is not usually denied bail, except where special circumstances genuinely exist.

• A person cannot be detained for more than 24 hours before he is released on bail or taken to court.

• Section 35(1) and 36(5) and (6) of the 1999 Constitution of the Federal Republic of Nigeria provides that a person shall not detained without a court order to that effect. This provision guarantees the right not to be arrested and imprisoned arbitrarily.

• The right of bail, a constitutional right, is contractual in nature. The effect of granting bail is not to set the accused free for all times in the criminal process but to release him from the custody of the law and to entrust him to appear at his trial at a specific time and place.

 For free legal counsel: deolumike@gmail.com

Gideon9947:
what if its a sole-ownership busines as in no third party involve but just one person

Then you'll need a registered business name.

A registered business name secures your brand name. Meaning no one else can use your registered business name.

The importance of registering a business can never be over-emphasized. For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.
Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.
People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.





REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.
The steps for incorporating a new company at the nation’s registry, The Corporate Affairs Commission, can be summarized in the following 10 steps:
1. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc. It takes an average of 5 business days to get availability results.
2. Details of Directors. Long story short, you will be required to provide the biodata of the Directors of the proposed company. This information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.
3. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company.

PS – the shareholders can also double as the directors of the company.
4. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors’ responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company. The company secretary could be an in-house person or an outside consultant. Some of the roles of a company secretary include:
a. Maintaining the Statutory Registers;
b. Liaison between the company and the CAC and other relevant government agencies;
c. Providing members and auditors with notice of meetings.
5. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.
6. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “Negative List”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.
7. Valid Identification. Although this requirement has been stated earlier, it is worthy of mention here again. A photocopy of Identification of all the directors is required. (E.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).
8. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10, 000:00 (Ten Thousand Naira only) However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1, 000,000: 00 (One Million Naira only) share capital company. A company’s share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized share capital must be subscribed and paid for.
Once the issue of share capital has been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.
9. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.
10. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.
These are the basic requirements for incorporating a private limited liability company in Nigeria. However, EXPATRIATES are subjected to additional requirements and laws – Nigerian Investments Promotion Act, Immigration Act, Investment and Security Act, and Foreign Exchange and Monitoring Act.

Adeolu Adesuyi Esq.
deolumike@gmail.com
0818-905-1347
https://deolumike./2015/11/24/what-you-need-to-know-about-registering-your-companybusiness/

I'm sure you understand the benefits of registering your business and company among which are the following:
1. It confers on your company a legal personality status, such that you can sue, or
be sued.
2. It also prepares you for professional business lifestyle and,
3. It builds clientele trust.

I can register your business name or company for you and subsequently file your annual returns and other post incorporation legal services at an affordable price.

Please contact me via this medium.

warm regards.

Deolumike

Being Nigeria, a simple process such as registering a business name or incorporating a company can be tasking. many people have encountered problems and difficulties going through this process because they lack adequate knowledge on the subject be it a limited liability company, sole proprietorship or partnership as the case may be.

I'm sure you understand the benefits of registering your business and company among which are the following:
1. It confers on your company a legal personality status, such that you can sue, or
be sued.
2. It also prepares you for professional business lifestyle and,
3. It builds clientele trust.

I can register your business name or company for you at an affordable price.
Please contact me via this medium; deolumike@gmail.com

I am a legal practitioner.

I'm sure you understand the benefits of registering your business and company among which are the following:
1. It confers on your company a legal personality status, such that you can sue, or
be sued.
2. It also prepares you for professional business lifestyle and,
3. It builds clientele trust.

I can register your business name or company for you at an affordable price.
Please contact me via this medium; deolumike@gmail.com

Estharfabian:
What's A "House of rock"?

Anyways....thankchu...

just read your profile. You're not so "bad". I think you're just fronting.

Now react.

Firefire:
Saraki consulting the Pastor SAN, protector/defender of looters since 1999.

The SAN defending the king of looter (Tinubu) since time immemorial.

Try to sound intelligent. Whose fault is it that during the PDP years, they couldn't convict your perennial nightmare, Tinubu of the looting so gleefully accuse him of?

I'm tired of hearing Tinubu name being mentioned by you and your likes even to matters unrelated to him.

We know he's your nemesis. But stop making him appear invincible by your relentless mention of him. You can rest now.

Tallesty1:
A Lady after reading this:



Lady: Oh, I love this. Thanks MizMyColi, I just wish our ladies will learn.

Then she receives a message from boo.

Boo: Are you free? Let's hang out.

Lady: Oh! I love this. Thanks boo.


So she goes out with boo, straffs him all night and everything she read wipes out automatically.


And everything still remains thesame.




BTW, the op failed to realize that marriage increases a man's or a woman's worth too. I don't care who you are or what you have achieved, if you are single then you are incomplete.


And What's with people and their recent attack on marriage btw? Is marriage the only institution that is failing?

Nothing on earth is better than a blessed marriage, it's an achievement on its own, the reason most fail is is our sin.

It is sin that will make a man to hit his woman. It is sin that will make a man see a woman as a lesser being, it's sin that will make a man to cheat on, beat or mistreat his woman in any way. Same thing goes for the woman.


Listen, if we all should repent and follow God's guidelines for marriage then believe you me that marriage will become the best thing on earth.

The most honest thing I've read on Nairaland.

You deserve a medal for your candour

FreeGlobe:
This is comedy. This is what Buhari has turned this country into?

he didn't release the list, problem. He has released the list, problem. But must you wail?

onyepapa:
Haters everywhere!!! Yurobas and hate is like 5and6

You have managed to read ethnicity into this!!! Seek deliverance from the spirit of tribal divisiveness.