₦airaland Forum

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Have a company or planning to have one?⁣
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Answering these questions will help you choose an effective and functioning company board .⁣
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Do they have the requisite skills, knowledge and expertise?⁣
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Do they believe and agree to the company's vision?⁣
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Are their duties , roles, obligations clearly spelt out?⁣
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Will they dedicate time to their duties? ⁣
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These questions will help choose the right fit for your company. ⁣
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Found this helpful?⁣
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Yesterday  I went  live on Instagram  and spoke about managing the legal risks in three very important business transactions.

What are they ?

Click www.instagram.com/Legaltosin_ to watch the replay before it expires in a few hours.

To your business success

Tosin Omotosho
Business Lawyer
Author 'NOT AGAIN '
Founder, Charis Legal Practice.

A trademark is a mark that distinguishes the products or services of your company from that of another company.

It can be a name, a logo, a phrase, logo, symbol, design, image, or a combination of these elements.

Trademarks in Nigeria are registered and administered by the Trademarks, Patents and Designs Registry.


Registering your trademark with the Trademarks Registry gives your company the exclusive right to use the trademark for business.

If a company’s trademark is used by another person or company unlawfully, the company has a right in court to against them.

Don’t stop at having a letter of acceptance/acknowledgement from the Trademark registry; process it up to a trademark certificate for maximum legal protection for your brand.

Your company’s brand isn’t adequately protected except you have the trademark certificate.

A trademark certificate lasts for seven years and can be renewed.

Ready to get the maximum legal protection for your trademarks in Nigeria?

Click https:///2Z12LbJ to get started.

#trademarks #business #trademarklawyer #businessinnigeria #nigeriabusiness

In other countries , companies can be registered as an LLC.


In Nigeria however, what is known as LLC is actually a Limited Liability Company.

What is a limited liability company?


A limited liability company is a company in which its shareholders' liability is limited to the amount they have not paid for their shares.

For example if a shareholder of XYZ limited has paid up for the shares he has in the company, if XYZ limited winds up or goes into liquidation, he won't for anything at all.

In Nigeria a limited liability company can be private or a public company.

A private limited liability company can have 2 to 50 shareholders , cannot invite the public to subscribe to its shares , and ends with the suffix 'Limited ' or 'Ltd '.

A public limited liability company as many
shareholders , can invite the public to subscribe to its shares , and ends with the suffix 'PLC' or 'Public Limited Company '.

Would you like to know more?


Check https://charislegalpractice.com.ng/avoid-this-legal-mistake-most-co-founders-of-companies-make/ for the full article.

But you say, our company has a memorandum and articles of association,

Yes, I know, but as you will soon discover, it isn’t sufficient.

What is a co-founder’s agreement and what does it contain?

Why is it so important?


You will discover in this article, many issues you and your co-founders have not addressed nor agreed upon and see how that can mar your investment.

A co-founder agreement contains among other things what the co-founders of a company have agreed upon with regards to the following; roles and responsibilities of each founder, equity ownership and vesting , remuneration, confidentiality, the goals, vision of the company, appointment of employees, signatory rights, mergers and acquisition, exit strategy, issuing new share , percentage of ownership, type of shares, how board members will be appointed, merger, signatory rights, quorums and resolutions, conflict of interest among many other things.

This mistake I will be talking about in this article cost Eduardo Saverin, Facebook co-founder a whooping 30% equity stake in Facebook Inc.

You certainly don’t want to be cut in that web.

You definitely don’t want to be booted out of a company you’ve worked hard and laboured to build.

Right?

Starting a business is exciting and its commonplace not to talk about all the legal stuff , afterall you don’t plan to run into trouble .

This common mistake is neglecting to discuss and agree on certain important legal issues at the point of starting a business.


But newsflash, if you fail to talk about these issues, I can assure you sooner or later they will popup and that may be the beginning of the end of your company.

It is important that co-founders agree on certain important issues and have it documented in a legally- binding  co-founder’s agreement.

Would you like to know?

What makes a business name different from a company?
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A business name is a name with which you do business but a company is a brand new entity that you create (incorporate) to do business. .
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A business name doesn't offer much legal protection to the proprietor like a company does, but a company is treated in law like a new person different from the shareholders.
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When you trade under a business name, the law recognizes you ( the proprietor(s)) as the business .

But for a company, the law recognises the company as a person different from the shareholders.
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If you do business under a business name, you( the sole proprietor or partners) are liable for the business liabilities (i.e debts, cases in court etc).

For a company, the shareholders are only liable to the extent of their unpaid shares( for limited liability companies).
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A company gives a business a more professional image than a business name.

Other companies , organisations and government agencies would rather do business with a company than a business name.
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A company can outlive its shareholders but the lifespan of a business name is tied to its proprietors' lifespan.
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A single person can register a business name as a sole proprietor .

Two to twenty partners can also register a business name .


At least two adults are needed to incorporate a company. .
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There you have it. Do you have any further questions about this topic. I'll be glad to answer them.

Tola just lost a big business deal�����

She is totally convinced that it is village people at work.

After efforts to calm her down, she eventually did and told me the whole gist

She is a fashion consultant who helps fashion conscious women style their wardrobe.

She has quite a number of women as her customers but has been waiting for a big break.

The big break comes, an international fashion institute approached her to be part 0f their team of stylists for their upcoming fashion week in Paris.

It will give her lots of international exposure, she will be featured in top international magazines and she will be paid lots of money too.

She was over the moon!!!!��������

They send her an offer letter asking for details of her organisation.

But no, her business isnt registered.

They send a response that they will rather deal with as a company registered with CAC than an unregistered company.

She is inconsolable.

Please are village people responsible for her predicament?

While waiting and praying for big opportunities, how prepared are you?

Is your business properly positioned for collaborations with big brands
international organisations ?

Get a proper legal framework for your business and get your business properly positioned for success.


Call or send a whatsapp message to 08067579491 to get started

Ignore that voice saying you don't need it.

May you not regret like Tola did .

You and another person (s) want to contribute capital and own the business together. .
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You want your business to have a professional image.
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You want the business to outlive you and your co-founder(s).
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You want to have limited liability meaning if the company owes a debt your personal asset is protected.
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You want the business to be separate from you.
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It is just 6 months to year 2020


Give your business the legal structure it needs. .


Send a message to 08067579491 to get started.

Chief Bala is about to lose an opportunity of a lifetime.

An high net-worth individual wants to invest in his company Bala cement company.

Only one legal issue is standing in the way.

Find out in my FREE e-book 'NOT AGAIN ' what happens.

What legal mistakes should entrepreneurs avoid, how and why?

1.Signing a contract without reading and understanding fully what the contract entails.



2.Not consulting a lawyer to interpret the clauses in the contract especially when you don't understand the clauses.



3.Not getting the contract signed by both parties.


4.Not considering how to resolve disputes if the contract fails.


5.Not getting a copy of the signed contract.


6. Dispensing with the need for a written contract because of personal sentiments .


Have you made any of these mistakes before in business?


How did you resolve it?

More reviews .


Download your free copy now, copy and paste charislegalpractice.com.ng/links into your browser


Or


Send a WhatsApp mesaage with your first name and email address to 08067579491

Building a business in Nigeria is not for the faint hearted.

Throw legal issues in the mix and it can be overwhelming.

In this email 'NOT AGAIN ' I have noted common legal mistakes entrepreneurs should avoid, how and why.

Download your free copy by clicking on my signature on my profile

or

Send a message on whatsapp with your name and email address to 08067579491 to get your free copy NOW.