ISSUES TO CONSIDER IN CHOICE OF BUSINESS ENTITY FOR DOING BUSINESS IN NIGERIA
|
|
- Maude Elliott
- 5 years ago
- Views:
Transcription
1 ISSUES TO CONSIDER IN CHOICE OF BUSINESS ENTITY FOR DOING BUSINESS IN NIGERIA By By Oluwatobi Oyesanya (Esq) (Senior Associate) INTRODUCTION The term business entity in this paper loosely refers to the choice of business identity that a businessman or businessmen choose to give to their business; its the kind of legal life that the business owner(s) choose to infuse their business with at inception; or the kind of perception which the business owner(s) wish to portray to the public about their business. Nigeria is a country that operates a free market economy and the only restrictions and regulations in place by law are those which are generally necessary in the national interest such as restriction of the participation of aliens under Immigration (Amendment) Act , Nigerian Investment Promotion Commission(NIPC) Act and Foreign Exchange (Monitoring & Miscellaneous) Act Government intervention and monopoly are generally not encouraged. The 1999 Constitution (as amended) 4 provides that The State shall, within the context of the ideals and objectives for which provisions are made in this constitution (d) without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy. 5 1 Cap. I1, Laws of the Federation of Nigeria, Cap. N117, Laws of the Federation of Nigeria, Cap. F34, Laws of the Federation of Nigeria, Cap. C23, Cap. N117, Laws of the Federation of Nigeria, Section 16(1)(d) of the Constitution of the Federation of Nigeria (as amended). Page 1
2 DOING BUSINESS IN NIGERIA The two major business entities by which businesses can be registered in Nigeria are i) Business Names for sole proprietorships and partnerships; and ii) Limited Liability Companies. 6 The provisions of Part A and Part B of the Companies and Allied Matters Act are clear in the formal requirements for the formation of any of the said vehicles. Also note that foreign companies or enterprises with alien participation are required to create a body under the Companies and Allied Matters Act, before they can conduct business in Nigeria. The main Administrative and Regulatory agencies of government for businesses are the Corporate Affairs Commission (CAC) 8 and the Securities and Exchange Commission (SEC). 9 Others include the Immigration Service, 10 the Central Bank of Nigeria, 11 Nigerian Investment Promotion Commission 12 etc. which have their respective functions in restricting and regulating businesses. 6 Part A and Part B of the Companies and Allied Matters Act, (CAMA) Cap. C20, Laws of the Federation of Nigeria, Established under the Companies and Allied Matters Act, Established under the Investments and Securities Act, Established under the Immigration (Amendment) Act, Established under the Central Bank of Nigeria Act, Cap C4 Laws of the Federation of Nigeria, Section 4, NIPC Act, Cap. N117, Laws of the Federation of Nigeria, Page 2
3 REGISTERED BUSINESS NAMES A business name is simply an alias of the business owner. It s the name by which the business owner is also known as. Such a business entity is in fact and at law the same person as the owner(s). It does not enjoy separate legal existence nor can it own property. It is also neither capable of suing or being sued to court nor does it enjoy perpetual succession. As of right, any citizen of Nigeria can carry out business in his own name without any need for registration. However, some sole businessowners prefer to be identified by a registered business name rather than their biological names. This is generally due to the belief that it breeds a sense of corporate packaging, unique identity and product sellability. There are certain benefits that go with doing business as a natural person or with an alias. These benefits include: i) Lower cost of setting up. The filing fee in most jurisdictions is usually cheaper for registering this business entity. ii) Lower organisational cost as there are fewer functional departments to manage and fund. iii) Lower tax liability when compared to limited liability companies. Generally, there is no federal tax payable by this kind of corporate vehicle except the Withholding Tax (5%) on certain items like rent and Value Added Tax (5%) chargeable on goods and services rendered. No corporate tax is paid. iv) It is versatile and flexible as several alias can cheaply be created for several business concerns. v) There are fewer legal obligations such as annual returns 13 and there are no statutory meetings or registers required. vi) Corporate banking is still possible. vii) Privacy protection especially for businessmen who don t want their personal names plastered all over marketing materials. viii) Value of services and even products are enhanced by the fancy-ness of the business name of choice. ix) The registered name of the business is protected from use by any other member of the public just like in the case of limited liability companies. Even though in practice there are occasional errors resulting in the registration of similar business names. However, despite the foregoing, a major concern of many business people is that the liability of the business is the personal liability of the business owner(s) just as the business owner(s) takes all the profit in the event of gain. Also, the life of the business depends entirely on the life of the proprietor(s). 13 Section 587 of CAMA, 2004 Page 3
4 Page 4
5 LIMITED LIABILITY COMPANIES Limited liability companies are generally a type of business entity which adorn the shareholders and directors with a veil of incorporation. The decision of the House of Lords in Salomon v. Salomon & Co. Ltd. 14 is an authority on this principle. Limited liabilitycompanies exist as a distinct legal personality separate in fact and in principle from the personality of the shareholders and directors. This business entity is rather attractive to various classes of businessmen for the following reasons: i) Independent corporate existence theoutstanding feature of a company is its independent corporate existence. 15 ii) Limited liability limitationof liability is another major advantage of incorporation. The company, being a separate entity, leading its own business life, the members are not liable for its debts. In the event of any debts, the liability of members is limited by shares; each member is bound to pay the nominal value of shares held by them and his liability ends there. 16 iii) Perpetual succession Anincorporated company never dies on account of the death of its owners. Shareholders may come and go, but the company will go on forever. In K/9 Meat Supplies (Guildford) Ltd. 17,during the war all the members of a private company, while in general meeting, were killed by a bomb. But the company survived, not even a hydrogen bomb could have destroyed it. However, under the CAMA, a Company may be wound up which effectively terminates its existence. iv) Common seal Sincea company has no physical existence, it must act through its agents 18 and all such contracts entered into by such agents must be under the seal of the company. The common seal acts as the official seal of the company. 19 v) Transferable shares CAMA provides that the shares or other interest of any member shall be property transferable in the manner provided by the articles of association of the company. 20 vi) Separate property- The property of an incorporated company is vested in the corporate body. The company is capable of holding and enjoying property in its own name. No members, not even all the members, can claim ownership of any asset of company s assets. vii) Capacity for suits Acompany can sue and be sued in its own name. The names of managerial members need not be pleaded. viii) Professional management-a company is capable of attracting professional managers AC Principle as enunciated in Salomon v. Salomon (supra) 16 See Section 21 (1) of CAMA, Re, 1966 (3) All E.R. 320, 18 Section 63 and 64 of CAMA, Section 74 of CAMA, Section 115 of CAMA, Page 5
6 However, there are some shortcomings of this type of business entity; a) Lifting of corporate veil thoughfor all purposes of law a company is regarded as a separate entity it is sometimes necessary to look at the persons behind the corporate veil. This arises usually in cases of fraud 21 or breach of statutory duty 22 b) Formalities and expense Incorporationis quiteexpensive as compared to registration of business names. It requires a number of formalities to be complied with both as to the formation and administration of affairs. c) Tax Liability - The rate of tax is 30% of net profit for all businesses except agricultural and manufacturing companies which are required to pay 20% tax on profit. 23 d) Audit- A company is legally required to have its accounts audited annually by a chartered accountant, whereas the accounts of the partnership are audited at the discretion of its members. Alternatively, a statement of affairs of the company may be prepared and filed by the company secretary for filing at the Corporate Affairs Commission (CAC). CONCLUSION Business owners should realise that the choice of an appropriate business entity is a legal decision as much as it is a business decision. Expert opinion should be sought accordingly.although cost is a major factor that businessmen seek to keep low at all times and registering a cheaper form of business makes sense prima facie, this choice must not be made to the detriment of losing the benefits limited liability companies offer. 21 See Re: F.G. (Films) Ltd (1953) 1 WLR Section 93, 246 (3) and 506 of CAMA, Under the Companies Income Tax Act, Page 6
LEARNING OBJECTIVES:
Slide 2 LEARNING OBJECTIVES: Understand the Institutional Framework guiding Business formation and administration in Nigeria Understand the process of Company formation and the type that is best for your
More informationNMIMS Global Access School for Continuing Education (NGA-SCE) Course: Business Law Internal Assignment Applicable for December 2015 Examination
NMIMS Global Access School for Continuing Education (NGA-SCE) Course: Business Law Internal Assignment Applicable for December 2015 Examination Assignment Marks: 30 Instructions: All Questions carry equal
More informationBUSINESS LAW GUIDEBOOK
BUSINESS LAW GUIDEBOOK SECOND EDITION CHARLES YC CHEW CHAPTER 10: INTRODUCTION TO COMPANY LAW TEST YOUR KNOWLEDGE 1. What is company law concerned with? Company law is concerned with the legal principles
More informationTopic 1 Revision Notes
Topic 1 Revision Notes What is Law: Need for Laws: -To promote social cohesion and therefore avoid chaos Non-Legal -Created by community or individuals -EG. School and sport rules Legal -Created by parliament,
More informationLegal Alert for January 2010? Taxation of Charities, Trustees and NGOs in Nigeria
Legal Alert for January 2010? Taxation of Charities, Trustees and NGOs in Nigeria In this Issue: 1. Legal Alert for January 2010? Charities, Trustees and NGOs in Nigeria 2. Subscribe & Unsubscribe to Legal
More informationSETTING UP A BUSINESS ENTITY IN NIGERIA
SETTING UP A BUSINESS ENTITY IN NIGERIA REGULATORY FRAME WORK IDOWU OKUNOWO-BADERO LAWSTONE LEGAL BARRISTERS AND SOLICITORS 08094275520/ 08023331088 6 MAJEKODUMI STREET, OFF ALLEN AVENUE IKEJA Regulatory
More informationUNIT 1: INTRODUCTION TO COMPANY ACCOUNTS. Understand the reason for the existence and survival of a company.
CHAPTER 10 COMPANY ACCOUNTS UNIT 1: INTRODUCTION TO COMPANY ACCOUNTS LEARNING OUTCOMES After studying this unit, you will be able to: Understand the reason for the existence and survival of a company.
More informationCOMPANY LAW (PART-18) (UNIT I) COMPANY AS A BUSINESS MEDIUM ADVANTAGES AND DISADVANTAGES
COMPANY LAW (PART-18) (UNIT I) COMPANY AS A BUSINESS MEDIUM ADVANTAGES AND DISADVANTAGES 1. INTRODUCTION Dear students, welcome to the lecture series on Company law. In my previous lecture, I discussed
More informationIncorporation in Florida. BOYER LAW FIRM, PL Attorneys & Counselors at Law
Incorporation in Florida BOYER LAW FIRM, PL Attorneys & Counselors at Law Jacksonville (904) 236-5317 Orlando (407) 574-2573 Miami (305) 921-9665 Email: Office@BoyerLawFirm.com Business Law International
More informationCompany Accounts. iii. Need to reduce risks for non-corporate forms of organisations (sole proprietor, partnership or HUF),
Company Accounts With i. Increasing scale of operations ii. Increasing capital requirements iii. Need to reduce risks for non-corporate forms of organisations (sole proprietor, partnership or HUF), A relatively
More informationCOVENANT UNIVERSITY NIGERIA TUTORIAL KIT OMEGA SEMESTER PROGRAMME: BUSINESS ADMINISTRATION
COVENANT UNIVERSITY NIGERIA TUTORIAL KIT OMEGA SEMESTER PROGRAMME: BUSINESS ADMINISTRATION COURSE: BUS 323 DISCLAIMER The contents of this document are intended for practice and leaning purposes at the
More informationPENSION REFORM ACT 2004
A29 PENSION REFORM ACT 2004 Section: 2004 ACT No. 2 ARRANGEMENT OF SECTIONS PART I - ESTABLISHMENT AND OBJECTIVES OF CONIRIBUTORY PENSION SCHEME FOR EMPLOYEES IN THE PUBLIC AND PRIVATE SECTORS 1. Establishment
More informationEXCELLENT CAREER SOLUTION Class: B.Com-3 rd Sem. Subject: Company Law. Company Law. (According to B.Com Professional Course) Page 1
Company Law (According to B.Com Professional Course) Page 1 Unit & Chapter wise Table of the Contents: Units Chapters Topics Chapter-1.1 Nature of a Company Chapter-1.2 Kinds of Companies Unit-1 Chapter-1.3
More informationNIGERIA SOCIAL INSURANCE TRUST FUND ACT
NIGERIA SOCIAL INSURANCE TRUST FUND ACT ARRANGEMENT OF SECTIONS PART I Establishment and composition, etc., of the Nigeria Social Insurance Trust Fund and Management Board SECTION 1. Establishment of the
More informationGUIDE TO ESTABLISHING NON-PROFIT ORGANISATIONS IN AUSTRALIA
GUIDE TO ESTABLISHING NON-PROFIT ORGANISATIONS IN AUSTRALIA David Ford & Andrew Egri, Emil Ford Lawyers Type: Published: Last Updated: Keywords: Legal Guide January 2014 January 2014 Australasia, not-for-profit,
More informationCORPORATE LAW PROJECT JURISDICTION: Nigeria FIRM: Olaniwun Ajayi LP (Submission coordinated by Edward Nathan Sonnenbergs) DATE: November 2010
Mandate of the Special Representative of the Secretary- General (SRSG) on the Issue of Human Rights and Transnational Corporations and other Business Enterprises CORPORATE LAW PROJECT JURISDICTION: Nigeria
More informationCORPORATE ADMINISTRATION UNIT 1: INTRODUCTION TO COMPANY. Characteristics of a Joint Stock Company are as follows:
CORPORATE ADMINISTRATION UNIT 1: INTRODUCTION TO COMPANY DEFINITION A company is an association of many persons who contribute money or money s worth to a common stock and employ it in some trade or business,
More informationLIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997
LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997 Revised Edition Showing the law as at 1 February 2008 This is a revised edition of the law Limited Liability Partnerships (Jersey) Law 1997 Arrangement
More informationLISTINGS RULES OF THE NIGERIAN STOCK EXCHANGE CHAPTER [ ] LISTING OF DEPOSITARY RECEIPTS 1. Introduction
LISTINGS RULES OF THE NIGERIAN STOCK EXCHANGE CHAPTER [ ] LISTING OF DEPOSITARY RECEIPTS 1 Introduction This Chapter sets out The Exchange s requirements relating to Depositary Receipts (DRs). The aim
More informationCS FINAL COMPANY LAW MEANING & NATURE OF A COMPANY
CS FINAL COMPANY LAW MEANING & NATURE OF A COMPANY Chapter Meaning: A company may be defined as a voluntary association of persons who have come together for carrying on some business and sharing the profits
More informationINDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT
INDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT ARRANGEMENT OF SECTIONS Pioneer conditions 1. Publication of list of pioneer industries and products and issuing of pioneer certificates. 2. Mode of application
More informationPENSION REFORM ACT ARRANGEMENT OF SECTIONS PART I
PENSION REFORM ACT ARRANGEMENT OF SECTIONS PART I Establishment and Objectives of Contributory Pension Scheme for Employees in the Public and Private Sectors SECTION 1. Establishment of a Contributory
More informationHRA105 PLAN DOCUMENT SALINAS STEEL BUILDERS, INC. HEALTH REIMBURSEMENT ARRANGEMENT AS ADOPTED BY
HRA105 PLAN DOCUMENT AS ADOPTED BY SALINAS STEEL BUILDERS, INC. EFFECTIVE 01/01/2005 TABLE OF CONTENTS Article I : Definitions...1 1.01 Affiliated Employer...1 1.02 Anniversary Date...1 1.03 Benefits...1
More informationchapter - 9 Unit 1 Introduction to Company Accounts The Institute of Chartered Accountants of India
chapter - 9 COMPANY ACCOUNTS Unit 1 Introduction to Company Accounts Introduction to Company accounts Learning Objectives After studying this unit you will be able to Understand the reason for the existence
More informationCHAPTERN89. NIGERIAN AGRICULTURAL INSURANCE CORPORA non ARRANGEMENT OF SECTIONS
Nigerian Agricultural Insurance Corporation Act CAP. N89 CHAPTERN89 NIGERIAN AGRICULTURAL INSURANCE CORPORA non ACT ARRANGEMENT OF SECTIONS PART I Establishment of the Nigerian Agricultural Insurance Corporation,
More informationLIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997
LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997 Revised Edition Showing the law as at 1 January 2017 This is a revised edition of the law Limited Liability Partnerships (Jersey) Law 1997 Arrangement
More informationCAMA Bill Ambitiously leapfrogging Nigerian company law over three decades of stagnation
We are pleased to share with you an article published in the 29 th May 2018 edition of Business Day. Please click here to read a copy of the article as published by Business Day. CAMA Bill Ambitiously
More informationUganda Online Law Library
THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT, 2011 Section 1. Interpretation ARRANGEMENT OF SECTIONS PART I PRELIMINARY PART II ESTABLISHMENT AND MODE OF OPERATION OF THE UGANDA RETIREMENT BENEFITS
More informationCompany Law. Page 1 of 32
Company Law Company Law... 1 Module 1 Introduction to company law... 4 Choice of the type of business structure... 4 Why choose a company? Firstly what are The advantages?... 4 Incorporation process: How
More informationOPERATING AGREEMENT OF A GEORGIA LIMITED LIABILITY COMPANY
OPERATING AGREEMENT OF A GEORGIA LIMITED LIABILITY COMPANY THIS OPERATING AGREEMENT ("Agreement") is entered into the day of, 20, by and between the following persons: 1. 2. 3. 4. hereinafter, ("Members"
More informationCLAW 2201 Corporations Law Final Exam Notes
CLAW 2201 Corporations Law Final Exam Notes Week 1 General Characteristics of Companies Separate legal entity o Legal capacity and powers of a natural person s124(1) Limited liability o Shareholders and
More informationBELIZE BELIZE MARKETING AND DEVELOPMENT CORPORATION ACT CHAPTER 281 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
BELIZE BELIZE MARKETING AND DEVELOPMENT CORPORATION ACT CHAPTER 281 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by
More informationTHE EMPLOYEES' OLD-AGE BENEFITS ACT 1976 ACT No. XIV OF 1976
THE EMPLOYEES' OLD-AGE BENEFITS ACT 1976 ACT No. XIV OF 1976 [15th April, 1976] to repeal and re-enact the law relating to old-age benefits for the persons employed in industrial, commercial and other
More informationHong Kong Business Associations Notes
Hong Kong Business Associations Notes 2018 1 st Edition PCLLConversion.com Copyright PCLLConversion.com 2018 Page 1 TABLE OF CONTENTS 1. INTRODUCTION... 5 A. How to use Conversion Notes... 5 B. Abbreviations
More informationThe Limited Liability Company Guidebook
The Limited Liability Company Guidebook Copyright 2017, Breglio Law Office, LLC Breglio Law Office 234 E 2100 South Salt Lake City, UT 84115 (801) 560-2180 admin@bregliolaw.com Thanks for taking some time
More informationThe Corporate Structure
The Corporate Structure 3/07/14 8:38 AM SH s had all the power Originally when people talked about the company, the most powerful organ was the SH s at a general meeting They could do everything the Co
More informationPARTNERSHIPS. Law of Business Associations KUSOL, 2013
PARTNERSHIPS Law of Business Associations KUSOL, 2013 2 Introduction: PARTNERSHIP A partnership is a voluntary agreement entered into by two or more parties to engage in business and to share any attendant
More informationCREMATION SERVICES MASTER AGREEMENT
CREMATION SERVICES MASTER AGREEMENT THIS CREMATION SERVICES AGREEMENT (this Agreement ) is made this day of, 20, by and between South Georgia Crematory, LLC, a Georgia limited liability company ( Crematory
More informationINCORPORATED ASSOCIATIONS MANUAL
INCORPORATED ASSOCIATIONS MANUAL by PROFESSOR MYLES MCGREGOR-LOWNDES Published by: Caxton Legal Centre Inc 28 Heal Street New Farm Qld 4005 Tel: 07 3254 1811 Fax: 07 3254 1356 E-mail: caxton@caxton.org.au
More informationLAW CORPORATE LAW. Business Organizations and Corporate personality: its nature, advantages, disadvantages and types
LAW CORPORATE LAW Business Organizations and Corporate personality: its nature, advantages, disadvantages and types Q1: E-TEXT Module ID: 1Business organizations and corporate personality: its nature,
More informationRULEBOOK OF THE NIGERIAN STOCK EXCHANGE (ISSUERS RULES) PROPOSED RULES ON SUSPENSION OF TRADING IN LISTED SECURITIES
RULEBOOK OF THE NIGERIAN STOCK EXCHANGE (ISSUERS RULES) PROPOSED RULES ON SUSPENSION OF TRADING IN LISTED SECURITIES 1.0 Introduction These Rules are designed to inform Issuers and their advisors on the
More informationLIMITED LIABILITY COMPANY OPERATING AGREEMENT FOR. A, LIMITED LIABILITY COMPANY State
LIMITED LIABILITY COMPANY OPERATING AGREEMENT FOR Name Of LLC A, LIMITED LIABILITY COMPANY THIS OPERATING AGREEMENT ( Agreement ) is entered into this day of, 20, by and between the following person(s):
More informationNigeria Reinsurance Corporation Act
Nigeria Reinsurance Corporation Act Arrangement of Sections 1. Establishment of the Nigeria Reinsurance Corporation. 4. Corporation not to be exempted from taxation, etc. 2. Functions of the Corporation.
More informationCORPORATIZATION AND FILING REQUIREMENTS UNDER THE COMPANIES ORDINANCE, 1984
CORPORATIZATION AND FILING REQUIREMENTS UNDER THE COMPANIES ORDINANCE, 1984 TAX HOUSE, KARACHI MAY 26, 28 By: PRESENTATION ON CORPORATIZATION ADVANTAGES MUHAMMAD ZEESHAN MERCHANT (Advocate High Court M.
More informationThe Rising Profile of a Promoter in the Life of A Company: The Nigerian view point
The Rising Profile of a Promoter in the Life of A Company: The Nigerian view point Dr AGBONIKA, John Musa Alewo, Associate Professor of Law, Faculty of Law, Kogi State University, Anyigba, Nigeria Abstract
More informationClass B.Com. III Sem. (Hons.)
SYLLABUS Class B.Com. III Sem. (Hons.) UNIT I UNIT II UNIT III UNIT IV Subject Corporate Law Company: Meaning definition and characteristic; Classification of companies; formation of company; case study-saloman
More informationBERMUDA CHARTERED PROFESSIONAL ACCOUNTANTS OF BERMUDA ACT : 93
QUO FA T A F U E R N T BERMUDA CHARTERED PROFESSIONAL ACCOUNTANTS OF BERMUDA ACT 1973 1973 : 93 TABLE OF CONTENTS 1 2 3 4 5 6 7 7A 8 8A 8B 8C 8D 8E 9 9A 10 10A 11 12 13 Interpretation Chartered Professional
More informationWMH Law Corporation. Advocates & Solicitors. Lifting the Veil of Incorporation
WMH Law Corporation Advocates & Solicitors 12 Eu Tong Sen Street, #07-169, The Central, Singapore 059819 Author s Details:- Lifting the Veil of Incorporation Civil Litigation Practice Series Mark LEE Joint
More informationCROWDFUNDING GUIDELINES
Page 1 of 13 CROWDFUNDING GUIDELINES 1. ISSUER GUIDELINES a) PROFILE: The Issuer profile should show the following: i. The Issuer must be a registered company in Nigeria according to the provisions of
More informationL 320/150 EN Official Journal of the European Union
L 320/150 EN Official Journal of the European Union 29.11.2008 INTERNATIONAL ACCOUNTING STANDARD 26 Accounting and reporting by retirement benefit plans SCOPE 1 This standard shall be applied in the financial
More informationFAQ. 1 Explain the concept of LLP?
1 Explain the concept of LLP? FAQ LLP is an alternative corporate business from that gives the benefits of limited liability of a company and the flexibility of a partnership. Since LLP contains elements
More informationSETTING UP BUSINESS IN NIGERIA
www.antea-int.com SETTING UP BUSINESS IN NIGERIA 1 General Aspects Nigeria is a Federal Republic in West Africa which shares borders with the Republic of Benin, Chad, Cameroon and Niger. It consists of
More informationInstructions Forming an Alabama Limited Liability Company
Contact Information State Business Entities Department: Alabama Secretary of State Business Services Mailing Address: PO Box 5616 Montgomery, AL 36130-5616 Physical Address: RSA Union Building Suite 770
More informationPOLICE AND CRIMINAL EVIDENCE BILL 2004 A BILL. entitled "BERMUDA DEPOSIT INSURANCE ACT 2010
3 September 2010 A BILL entitled "BERMUDA DEPOSIT INSURANCE ACT 2010 ARRANGEMENT OF CLAUSES PART I Preliminary 1 Short title and commencement 2 Interpretation 3 Meaning of insured deposit base and relevant
More informationCOMPOSITE STATEMENT FAX INDEMNITY
COMPOSITE STATEMENT 148. The Bank will send to the Account holder each month (or as specified by the Account holder) statements of account showing the transactions and balances in relation to all HSBC
More informationThe Choice is Yours Revised November 2016
The Choice is Yours Sole Proprietorship General Partnership Limited Partnership Corporation Close Corporation Limited Liability Company Close Limited Liability Supplement Statutory Trust Limited Liability
More informationLLM, FCIArb (Uk); FCIArb(Nig); FSPSP,F.DRI, Principal, Yusuf o. Ali & Co., Ghalib Chambers, Ilorin and Abuja, Nigeria;
UPDATE ON CURRENT LIABILITIES OF OFFICERS, DIRECTORS AND STAKEHOLDERS OF PRIVATELY AND PUBLICLY HELD COMPANIES BEING A PAPER PRESENTED BY YUSUF ALI SAN 1 AT THE INTERNATIONAL BAR ASSOCIATION ANNUAL CONFERENCE,
More informationCLIENT ALERT COMPANIES AND ALLIED MATTERS ACT (REPEAL AND RE-ENACTMENT) BILL 2018
CLIENT ALERT COMPANIES AND ALLIED MATTERS ACT (REPEAL AND RE-ENACTMENT) BILL 2018 BACKGROUND On 15 May 2018, the 8th Senate considered and passed the Companies and Allied Matters Act (Repeal and Re-enactment)
More informationCHAPTER 308A EXEMPT INSURANCE
1 L.R.O. 1998 Exempt Insurance CAP. 308A CHAPTER 308A EXEMPT INSURANCE ARRANGEMENT OF SECTIONS SECTION PART I Preliminary 1. Short title. 2. Interpretation. 3. Exempt insurance business. PART II Licensing
More informationA STUDY ON LIFTING OF CORPORATE VEIL WITH REFERENCE TO CASE LAWS
Volume 120 No. 5 2018, 121-130 ISSN: 1314-3395 (on-line version) url: http://www.acadpubl.eu/hub/ http://www.acadpubl.eu/hub/ A STUDY ON LIFTING OF CORPORATE VEIL WITH REFERENCE TO CASE LAWS 1 P. Shanthini,
More informationChapter 244. National Airline Commission Act Certified on: / /20.
Chapter 244. National Airline Commission Act 1973. Certified on: / /20. INDEPENDENT STATE OF PAPUA NEW GUINEA. Chapter 244. National Airline Commission Act 1973. ARRANGEMENT OF SECTIONS. PART I PRELIMINARY.
More information(Consolidated version with amendments as at 15 December 2011)
The text below has been prepared to reflect the text passed by the National Assembly on 18 October 2011 and is for information purpose only. The authoritative version is the one published in the Government
More informationTHE LIMITED PARTNERSHIPS ACT 2011
THE LIMITED PARTNERSHIPS ACT 2011 Act 28/2011 Proclaimed by [Proclamation No. 21 of 2011] w.e.f 15 th December 2011 Government Gazette of Mauritius No. 100 of 12 November 2011 I assent SIR ANEROOD JUGNAUTH
More informationLITTLE DREAMS RACING LITTLE ROCCO GENERAL PARTNERSHIP AGREEMENT I. GENERAL
LITTLE DREAMS RACING LITTLE ROCCO GENERAL PARTNERSHIP AGREEMENT This is the LITTLE DREAMS RACING LITTLE ROCCO GENERAL PARTNERSHIP AGREEMENT ( Agreement ) and is executed as of the day of, 2013, by and
More informationSTANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS
STANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS Version 3 January 2013 TABLE OF CONTENTS 1 COMPANY VOLUNTARY ARRANGEMENTS 1 PART I: INTERPRETATION 5 1 Miscellaneous definitions 5 2 The Conditions
More informationRESTATED ARTICLES OF INCORPORATION UNITED WAY OF WAPELLO COUNTY
RESTATED ARTICLES OF INCORPORATION OF UNITED WAY OF WAPELLO COUNTY TO THE SECRETARY OF THE STATE OF IOWA: Pursuant to the provisions of Section 504.1006 of the Revised Iowa Non-Profit Corporation Act,
More informationELECTRICIANS LOCAL UNION NO. 606 PENSION-ANNUITY FUND AMENDMENT, RESTATEMENT AND CONTINUATION RULES AND REGULATIONS
ELECTRICIANS LOCAL UNION NO. 606 PENSION-ANNUITY FUND AMENDMENT, RESTATEMENT AND CONTINUATION OF RULES AND REGULATIONS Effective January 1, 2015 (Except as Otherwise Noted Herein) AMENDMENT, RESTATEMENT
More informationFOREIGN INVESTMENT LAW OF MONGOLIA
FOREIGN INVESTMENT LAW OF MONGOLIA Chapter One General Provisions Article 1. Purpose of the law The purpose of this law shall be to encourage foreign investment, to protect the rights and property of foreign
More informationChoice of Business Forms for International Entrepreneurship through Direct Foreign Investment
Singapore Management University Institutional Knowledge at Singapore Management University Research Collection School Of Law School of Law 1999 Choice of Business Forms for International Entrepreneurship
More informationFARM TRANSITIONS. Chapter 3
FARM TRANSITIONS Chapter 3 Table of Contents CHAPTER 3. PLANNING FOR BUSINESS SUCCESSION 3.1. Planning for retirement...3 3.2. Who s in charge?...6 3.3. Human resource evaluation...8 3.4. Beginning Farmer
More informationSEGREGATED ACCOUNTS COMPANIES ACT 2000 BERMUDA 2000 : 33 SEGREGATED ACCOUNTS COMPANIES ACT 2000
BERMUDA 2000 : 33 SEGREGATED ACCOUNTS COMPANIES ACT 2000 [Date of Assent 22 August 2000] [Operative Date 1 November 2000] ARRANGEMENT OF SECTIONS PART 1 INTERPRETATION AND APPLICATION 1 Citation 2 Interpretation
More informationOwnership owned by one single individual who has got legal title to the assets and properties of the business
Types of Business Structures in India You have always had a great business plan. And today, you also have the necessary resources to fulfill your dream of setting it up. But, knowingly or unknowingly,
More informationLimited Liability Partnership (incorporated under the LLP Act, 2008) & various rules made there under
Limited Liability Partnership (incorporated under the LLP Act, 2008) & various rules made there under By: Rajesh Batra Head, Centre for MSME CONTENTS Background / Basic Concept of LLP Key Benefits of LLP
More informationDEFENSE BASE ACT WORKERS COMPENSATION FOR EMPLOYEES OF U.S. GOVERNMENT CONTRACTORS WORKING OVERSEAS
DEFENSE BASE ACT WORKERS COMPENSATION FOR EMPLOYEES OF U.S. GOVERNMENT CONTRACTORS WORKING OVERSEAS Federal law requires all U.S. government contractors and subcontractors to secure workers compensation
More informationA BILL FOR A LAW TO FURTHER AMEND THE PARTNERSHIP LAW Cap P1 LAWS OF LAGOS STATE 2003 AND FOR CONNECTED PURPOSES.
A BILL FOR A LAW TO FURTHER AMEND THE PARTNERSHIP LAW Cap P1 LAWS OF LAGOS STATE 2003 AND FOR CONNECTED PURPOSES. Index of Sections 1. Amendment to the Interpretation Section of the Principal Law 2. Amendment
More informationLIMITED PARTNERSHIP LAW
LIMITED PARTNERSHIP LAW DIFC LAW No. 4 of 2006 Consolidated Version (May 2017) As Amended by DIFC Law Amendment Law DIFC Law No. 1 of 2017 LIMITED PARTNERSHIP LAW AMENDMENT LAW CONTENTS PART 1: GENERAL...
More informationCHAPTER 425 THE SMALL ENTERPRISES DEVELOPMENT ACT PART I PRELIMINARY. Section 1. Short title and commencement 2. Interpretation PART II
CHAPTER 425 THE SMALL ENTERPRISES DEVELOPMENT ACT ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title and commencement 2. Interpretation PART II THE SMALL ENTERPRISE DEVELOPMENT BOARD 3.
More informationAMENDED ARTICLES OF INCORPORATION OF LOUISIANA ASSOCIATION OF TAX ADMINISTRATORS
AMENDED ARTICLES OF INCORPORATION OF LOUISIANA ASSOCIATION OF TAX ADMINISTRATORS STATE OF LOUISIANA PURSUANT to a Resolution authorizing the amendment and restatement of the Articles of Incorporation of
More informationG. Modify Rules Governing Tax-Exempt Bonds for Section 501(c)(3) Organizations as Applied to Organizations Engaged in Timber Conservation Activities
CONTENTS I. MARGINAL TAX RATE REDUCTION... 1 A. Individual Income Tax Rate Structure (secs. 2 and 3 of the House bill, sec. 101 of the Senate amendment and sec. 1 of the Code)... 1 B. Increase Starting
More informationMEMORANDUM OF ASSOCIATION THE CHAROLAIS SOCIETY OF AUSTRALIA LTD
MEMORANDUM OF ASSOCIATION OF THE CHAROLAIS SOCIETY OF AUSTRALIA LTD EFFECTIVE SEPTEMBER 1999 2 CHAROLAIS SOCIETY OF AUSTRALIA LIMITED CORPORATIONS LAW A Company limited by guarantee and not having a share
More informationEXECUTIVE ORDER
This document is scheduled to be published in the Federal Register on 03/18/2016 and available online at http://federalregister.gov/a/2016-06355, and on FDsys.gov EXECUTIVE ORDER 13722 - - - - - - - BLOCKING
More informationCHOICE OF ENTITY: AN OVERVIEW. Steven G. Thomas, JD, LL.M. Lavelle & Finn, LLP
CHOICE OF ENTITY: AN OVERVIEW by Steven G. Thomas, JD, LL.M. Lavelle & Finn, LLP 1 2 BUSINESS ORGANIZATIONS: Tax and Legal Aspects Compared Choice of Entity: An Overview November 4, 2015 Steven G. Thomas,
More informationBUSINESS FORMATION REFERENCE. I intend to set up a business. What are my choices for organizing it?
BUSINESS FORMATION REFERENCE I intend to set up a business. What are my choices for organizing it? You can choose to enter into business as a sole proprietor, within a partnership, or through a corporation.
More informationPIONEER STATUS INCENTIVE EXTENSION APPLICATION FORM
For extension applications only PIONEER STATUS INCENTIVE EXTENSION APPLICATION FORM To be completed and submitted together with supporting documents following project presentation and payment of applicable
More informationDELTA STATE A LAW TO ESTABLISH THE DELTA STATE CONTRIBUTORY HEALTH COMMISSION 2015 AND OTHERS MATTERS CONNECTED THERETO.
DELTA STATE A LAW TO ESTABLISH THE DELTA STATE CONTRIBUTORY HEALTH COMMISSION 2015 AND OTHERS MATTERS CONNECTED THERETO. BE IT ENACTED by the Delta State House of Assembly as follows: PART I - PRELIMIINARY
More informationa guide to forming your business
a guide to forming your business table of contents entity descriptions, advantages & disadvantages... 2 sole proprietorship.... 2 general partnership................................. 2 limited partnership...3
More informationAGRICULTURAL FINANCE CORPORATION ACT
LAWS OF KENYA AGRICULTURAL FINANCE CORPORATION ACT CHAPTER 323 Revised Edition 2012 [1991] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the. Association of Business Recovery Professionals
STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the Association of Business Recovery Professionals Version 2 November 2004 TABLE OF CONTENTS FOR STANDARD CONDITIONS 1 INDIVIDUAL VOLUNTARY
More informationCHAPTER 19A WEST INDIES SHIPPING CORPORATION
CHAPTER 19A WEST INDIES SHIPPING CORPORATION 1976-12 This Act came into operation on 1st June, 1976 by Proclamation (S.I. 1976 No. 125). Amended by: This Act has not been amended Law Revision Orders The
More informationHIPAA BUSINESS ASSOCIATE AGREEMENT
HIPAA BUSINESS ASSOCIATE AGREEMENT This Agreement, dated as of, 2018 ("Agreement"), by and between, on its own behalf and on behalf of all entities controlling, under common control with or controlled
More informationBMET5103 ENTREPRENEURSHIP. Topic 5 Forms of Business Ownership and Franchising
BMET5103 ENTREPRENEURSHIP Topic 5 Forms of Business Ownership and Franchising 19 February 2017 Content 5.0 Introduction 5.1 Issues to Consider When Setting up Business Ownership 5.2 Sole Proprietorship
More informationORIENTAL CARBON & CHEMICALS LIMITED POLICY ON RELATED PARTY TRANSACTIONS
ORIENTAL CARBON & CHEMICALS LIMITED POLICY ON RELATED PARTY TRANSACTIONS The Board of Directors (the Board ) of Oriental Carbon & Chemicals Limited (the Company ) had adopted this Policy on Related Party
More informationNATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT 1998 BERMUDA 1998 : 36 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT 1998
BERMUDA 1998 : 36 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) [Date of Assent 17 July 1998] [Operative Date 17 May 1999 Sections 2, 54 64, 69 & Second Schedule; 1 January 2000 Remainder Sections] ARRANGEMENT
More informationRUPA & COMPANY LTD. POLICY ON RELATED PARTY TRANSACTIONS
Version 1.1 RUPA & COMPANY LTD. POLICY ON RELATED PARTY TRANSACTIONS The Board of Directors (the Board ) of Rupa & Company Limited (the Company ) will adopt this Policy on Related Party Transactions (
More informationSUGGESTED SOLUTIONS Commercial Law and Corporate Law CA Professional (Strategic Level I) Examination December 2012
SUGGESTED SOLUTIONS 16304 Commercial Law and Corporate Law CA Professional (Strategic Level I) Examination December 2012 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA All Rights Reserved Answer No.
More informationGST/HST POLICY STATEMENT
GST/HST POLICY STATEMENT P-171R DISTINGUISHING BETWEEN A JOINT VENTURE AND A PARTNERSHIP FOR THE PURPOSES OF THE SECTION 273 JOINT VENTURE ELECTION Date of Issue February 21, 1995 Revised February 24,
More information2 Contents COURSE MANUAL. Company Law AC304. Modibbo Adama University of Technology Open and Distance Learning Course Development Series
2 Contents COURSE MANUAL Company Law AC304 Modibbo Adama University of Technology Open and Distance Learning Course Development Series 2018 Academic Collective. All rights reserved. No part of this publication
More informationRICHMOND PROPERTY GROUP. Legal Disclaimer
RICHMOND PROPERTY GROUP Legal Disclaimer Richmond Property Group, Ltd. provides companies and individuals with general business advice. Richmond Property Group, Ltd. itself is not an accounting or law
More informationIsle of Man Partnerships
Isle of Man Partnerships A Guide to Isle of Man Partnerships Legislation The law relating to partnerships is contained in the Partnership Act 1909. This provides for two types of Partnership: General Partnership
More informationCORPORATE BOND LISTING APPLICATION FORM
CORPORATE BOND LISTING APPLICATION FORM Name of Issuer: FMDQ OTC SECURITIES EXCHANGE CORPORATE BOND LISTING APPLICATION FORM Security for which Listing is sought: Sponsor(s) 1 to the Listing of the Bond
More information