Are directors paid salaries?
Directors are either paid salaries or remuneration, depending on whether the director is an executive or a non-executive director, to know the difference, refer to the post on directors-...
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Rotation of directors
Rotation is a means of retiring directors in a company. According to the Companies and Allied Matters Act (CAMA), all the directors shall retire at the first Annual General Meeting of the company, and at...
What is the age requirement for a director in Nigeria?
hT The minimum age for a director is 18 years, as a minor cannot be a director in Nigeria unless two adults are existing directors in that company. The age limit for a proposed or an already existing...
Voting on resolutions at company meetings
Where a resolution has been put to vote at a general meeting, voting is usually by a show of hands unless poll is demanded by members that are entitled to demand same. What is poll voting? Where voting is by...
Differences between a limited liability company a partnership
LIMITED LIABILITY COMPANY PARTNERSHIP 1. A limited liability company can be formed by one person and have up to 50 members. A partnership must be formed by at least 2 persons and membership cannot exceed 20,...
Who owns your website?
In todays business world, having a website for your business is now regarded as a basic requirement and it is even more necessary when most of your business is done online. A website can serve as a great...
Partnership vs Sole Proprietorship
A sole proprietorship, as the name implies, is when one person forms and single handedly operates a business, while a partnership is formed and operated by at least 2 people. DIFFERENCES BETWEEN SOLE...
Duties of a Company Secretary
The duties of a company secretary are regulated by section 298 of the Companies and Allied Matters Act (CAMA) and the Articles of Association of the company. Duties of a company secretary include the...
Proceedings of directors
The directors of companies meet to discuss, strategize and determine the running of the business, adjourn meetings and regulate their meetings as they think fit. However directors of companies must be aware...
What are resolutions?
Resolutions are decisions taken by the shareholders or directors of a company at meetings which become binding on the company and determine the next action of the company. Types of Resolutions Ordinary...
What is a Board Meeting?
A board meeting is a formal meeting of the directors of the company which is held at intervals to put down policies, plan strategies for the future of the company and discuss the issues and problems of the...
What is a general meeting?
A General meeting of a company is a meeting of both shareholders and directors where decisions about the company is taken. There are two types of general meetings according to CAMA; Annual General meeting...
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