At the beginning of the journey of building your business, purchasing the equipment to compete within your market may not be an option, majorly because of funding. And that is where an equipment lease comes to the table. Equipment Leasing is an arrangement where a person known as the lessor gives temporary possession of anContinue reading “EQUIPMENT LEASES IN NIGERIA: WHAT EVERY BUSINESS OWNER SHOULD KNOW”
Category Archives: Business
WHAT IS AN INDEMNITY CLAUSE AND HOW IMPORTANT IS IT?
An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event called the ‘trigger event’ – the trigger event can be anything defined by the parties including, a breach of contract, a party’s fault or negligence, or a specific action. An indemnity clause thereforeContinue reading “WHAT IS AN INDEMNITY CLAUSE AND HOW IMPORTANT IS IT?”
WHY SHOULD YOU EXECUTE VENDOR AGREEMENTS AS A BUSINESS OWNER?
No one, and definitely no business can exist in isolation. Hence, demand and supply is at the core of every business, whether what it offers is goods or services, and at the very center of this is vendors. Vendors are persons or other businesses hired to provide products and/or services, be it on a one-timeContinue reading “WHY SHOULD YOU EXECUTE VENDOR AGREEMENTS AS A BUSINESS OWNER?”
WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS
An employment contract also known as contract of employment is an agreement that covers the working relationship between an employer and an employee. It allows both parties to clearly understand their obligations, responsibilities and the terms of employment. An employment contract must clearly define all terms and conditions of the employment relationship. Under Section 91Continue reading “WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS”
WHAT YOU NEED TO KNOW ABOUT NON-DISCLOSURE AGREEMENTS (NDAs)
A Non-Disclosure Agreement (NDA) also known as Confidentiality Agreement (CA), Confidential Disclosure Agreement (CDA), Proprietary Information Agreement (PIA) or Secrecy Agreement (SA) is a legal contract or part of a contract between at least two parties that outlines confidential material, knowledge or information which the parties wish to share with one another for certain purpose,Continue reading “WHAT YOU NEED TO KNOW ABOUT NON-DISCLOSURE AGREEMENTS (NDAs)”
REVIEW OF SOME CHANGES INTRODUCED IN THE NEW FINANCE ACT 2020
The amended Finance Act was signed into law on 31st December 2020 and came into effect on 1st January 2021. The new law, among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy. The new Law introduces over 80 changes to 14 different laws that will affect allContinue reading “REVIEW OF SOME CHANGES INTRODUCED IN THE NEW FINANCE ACT 2020”
CONSEQUENCES OF THE NEWLY AMENDED CAMA ON INCORPORATED TRUSTEES (NGOs, Associations and Religious Bodies)
In our previous article, we discussed how the new Companies and Allied Matters Act (CAMA) affects entrepreneurs/business owners and established the fact that what you don’t know can actually kill you (or your business), as ignorance of the law is no excuse.
Now, we will share vital provisions of the amended CAMA that affect incorporated trustees. They are as follows:
HOW THE NEWLY AMENDED COMPANIES AND ALLIED MATTERS ACT (CAMA) WILL AFFECT YOU AS AN ENTREPRENEUR OR BUSINESS OWNER.
President Muhammadu Buhari signed into law the Companies and Allied Matters Act (CAMA) on August 7, 2020. The new CAMA has repealed and replaced the extant CAMA of 1990 and will make Nigeria’s business environment as competitive as its counterparts around the world. This amendment is the first in 30 years and contains some vital amendments that startups and entrepreneurs must be aware and take advantage of.
Since what you don’t know can actually kill you (or your business), we have made a highlight of some of the key and vital provisions below to guide you
SOME LEGAL FACTORS TO CONSIDER BEFORE STARTING THAT BUSINESS
In our previous article, we shared the possibility of launching a business even in this pandemic, and how that you can hit it real big despite the bleak times the entire world is in.
In this article, we’ll be addressing the legal factors you must put into consideration before launching your business. Laws they say, is what makes us different from animals and ignorance of the law has never been, is not and will never be an excuse to violate the laws that guide business operations in Nigeria.
IS THIS REALLY A GOOD TIME TO START A BUSINESS?
Businesses shut down, employees laid off or suspended, remote working, etc. – these and many more are the effects of the Covid-19 Pandemic. There is no doubt that a lot of pockets have been dented and dreams put on hold as a result of this same pandemic, even children are tired of staying at home!
While the idea of starting a business sounds crazy, new businesses are actually springing up, though at a significantly slower rate than before. This begs the question: Is this a really good time to launch new businesses? For aspiring entrepreneurs, the thought of launching a business seems daunting at best and foolish at worst…