NGWUTA, JSC JOINS HIS ANCESTORS: WHAT WILL HE BE REMEMBERED FOR?

His Lordship rose through the ranks to ascend the ultimate throne of justice in Nigeria, the Supreme Court of Nigeria. He had few days to go before he attains the retirement age of 70. But he is now fully retired in death.

https://stephenlegal.ng/ngwuta-jsc-joins-his-ancestors-what-will-he-be-remembered-for/

Tax is a form of levy or charge by the government on property, persons and transactions. It also provides a platform for the government to generate revenue for public needs.

Many persons shy away from Tax. However, the best way to rid off fear , is to understand it.

Thus,we will be highlighting the major types of tax payable to the Local, State and Federal Government in Nigeria.

Here, we will be walking you through business terminologies in Nigeria.


The law that regulates companies in Nigeria is known as the Companies and Allied Matters Act (CAMA) .
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The regulatory body that is in charge of implementing the provisions of the CAMA is the Corporate Affairs Commission (CAC).

...previously we shared 5 benefits of a Joint Venture .Today we will talk on the essentials of an agreement for a JV.

A Joint Venture is usually created through the process of incorporating a new company with the partners as shareholders.

Thus,it is crucial to set out the terms and conditions to prevent misunderstanding, as it is essential to have an agreement (a Shareholders Agreement and Joint Ventures Agreement).

A Joint Venture should have the following in its Agreement:

1)Objective of the JV.
2)Financial Contribution from each party.
3)Obligations of each party: assets, labour
4)Duration of the JV
5)Management and Control
6)Sharing of liabilities-profit and losses.
7)Dispute Resolution
Ownership of Intellectual Property created by the JV
9)Confidentiality
10)Location of the JV
11)Exit Mode/Strategy



...stephenlegalblog

Joint Venture: why venture?

The key word here is leverage.

There is power in numbers ,especially in the business world .One of the most effective and powerful tools is the Joint Venture.

Joint Venture is a business entity or arrangement where two or more companies team up or combine resources on a project or service
for the purpose of expanding their business ,market reach thereby creating a more powerful market presence.

Via a Joint Venture, firms leverage on the strengths of each other to increase productivity at reduced cost.

Case Study
An informal setting : When a make-up artist , a photographer,a designer team-up for a photoshoot. Here, the professionals leveraged on the skillset of the others. Also,the expenses will be reduced compared to the photographer hiring the other two parties (make-up artist and designer) and vice-versa.

In a formal setting e.g : Sony -Erricson

5 benefits of a Joint Venture.

1)Sharing of Capital
2)Sharing of Intellectual Capital
3)Sharing of facilities
4)Sharing of personnel
5)Sharing of physical equipment/facilities.

We look forward to your feedback.

Do let us how these tips have been instrumental.

The experience of an acquaintance...

Prior providing a list on the above topic, you should know that
the Federal Govt. has made it easier for individuals to easily register their businesses from the comfort of their homes.

The tools you need to achieve this are :
(1) A means of identification : National Identity Card or International Card,

(2) A passport photograph,

(3)an ATM card(for online transactions),

(4) an Android/IPhone and a system ,

(5) data(for online registration)


I will be sharing how I did mine (all by myself without a middle man)

Step 1:
1)Carry out a public search (with this, you will know if your choice name has been used by someone or not . It's 50-50 though.

https:// .gov.ng/ ComSearch/


Step 2:
Click on online registration. It will lead you to the step-by-step proceedings.


...StephenLegal blog,your guide in law and business matters.

Have you wondered the reason a company ought to be held liable for a deed yet the owner(s) are not directly held responsible?

For instance:
A logistics firm, CrossPath, rendered unsatisfactory services to Mr Sam and a distressed Mr Sam desired to sue CrossPath.

If CrossPath was registered as a Business Name, then the owners of CrossPath will be directly held responsible.

However, if it was registered as a Limited Liability Company (LLC), then the owners of CrossPath will not be held liable, the company solely will be held responsible.

Think on this:

If your business will engage in risky activities e.g logistics, trading of stocks, then do a LLC registration for your business, if not then a Business Name will suffice.

From Stephen Legal Blog, your guide in business and legal information.

Knowledge is light ...here are more tips on protecting your ' eureka' - business idea.

A trademark is a name or symbol that a company uses on its products and that cannot legally be used by another company.- Collins Dictionary e.g Nike,Coca cola,MTN,Shoprite.


Patent- is an exclusive right given to an invention, which could be a product or process that provides a new way of doing something .

: a government authority or licence conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.


: It gives the owner the right to prevent others from making , using ,importing or selling the invention without permission.

JunctionBox:


And I have some and finding it difficult to disclose to anyone for fear of being hijacked from.

Hi JunctionBox,
It is normal for fear to exist. However, with the right measures you can be assured that you will always have the upper hand.


Question 1:
Do you have you them in tangible forms?
Have you gone beyond the idea stage into a 'framework' stage?

Why you cannot protect an idea?


No,business/tech ideas cannot be protected.

Why?
It is intangible. It is has no form.

What you must do?
Therefore,your idea has to be in a form to be protected. It must be tangible.

In Nigeria.
Here in Nigeria ,the following shall be eligible for copyright:
(a) literary works;
(b) musical works;
(c) artistic works;
(d) cinematograph films;
(e) sound recordings; and
(f) broadcast

Action Point:
1)Work the extra mile, and turn that 'eureka' to a form, then
2)protect it.

Many persons are afraid to share their business idea, invention with people to protect them from from theft.

However, there is a saying : 1% of
100% is better than 0% of 100% (let's face , there is power in numbers, the right numbers) .

(Here at StephenLegalblog, we will take you through the basics of how to safeguard your idea.)

3 ways to protect your idea.
(1)patent,
(2)trademark and
(3)copyright.