Who makes up a company’s board?
A company’s board is made up of a group of individuals known as directors that are selected by the shareholders to be in charge of making decisions that affect the company. This is why a company’s board is...
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What is the difference between a company limited by guarantee and an incorporated trustee?
A company limited by guarantee and an incorporated trustee are usually established for the purpose of promoting an objective. The major difference between the two is COMMERCE. Although both a company limited...
Who can be a trustee of a Non-Profit Organisation?
A Non-profit Organisation is registered in Nigeria as an incorporated trustee. Basically, the aim for an Incorporated Trustee is not to make profit but for the advancement of sports, education, religious,...
What is a certificate of Good standing?
A certificate of good standing is a document that is given to a corporate entity to show that it has met all statutory requirements and it is authorized to do business in that state. It verifies that a...
Do I need a permit to advertise in Lagos?
Yes, a permit is required to advertise in Lagos state. This makes it illegal for a person to erect, construct, enlarge or structurally modify any outdoor structure or signage or advertisement without permit...
Do I need a permit for my company’s board in Lagos state?
The reason why companies put up their board is to promote, advertise, direct and entice customers to the business. However, a business in Lagos that intends to put up its company’s board requires a permit...
Do I need a permit to advertise or use a signage in Lagos?
Yes, a permit is required to advertise or use a signage in Lagos state. This makes it illegal for a person to erect, construct, enlarge or structurally modify any outdoor structure or signage or...
Is a Partnership Agreement different from a Shareholders Agreement?
There is no difference between a Shareholder agreement and a Partnership Agreement. The two can be used interchangeably. Both a Partnership Agreement and a Shareholders Agreement are agreements entered into...
Does using a Notary Public or a Commissioner for Oath serve the same purpose?
Yes, they serve the same purpose. It is required that some legal documents get the authentication of either a Notary Public or a commissioner for oaths. Although the authentication by a Notary Public or...
Conversion of your Unlimited Company to A limited Liability Company in Nigeria
Conversion of business type from unlimited to a limited liability company has been possible in Nigeria by virtue of Sec 52 Companies and Allied Matters Act (2004). The possibility of this conversion does not...
Can a company buy its own shares?
By virtue of Sec 160 Companies and Allied Matters Act 2004, A company is not allowed to buy shares issued by it unless in the following circumstances or events; If the company is settling or compromising a...
Forfeiture of shares based on refusal of members to respond to call on shares
Where a member fails to pay any call or installment of a call on the day appointed for payment, the directors are required to serve a notice on such member requesting the payment and the accrued interest. If...
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