Monthly Archives - May 2016

30 May

UNDERSTANDING JOINT VENTURES

Dear Subscriber, One of the most powerful tools in today's competitive business world is a Joint Venture which essentially is a situation where two or more business entity’s team up for the purpose of expanding business influence and creating a more powerful market presence. They are usually short term business arrangements where parties share responsibility but retain their separate legal identities. Joint ventures (JV) remain an excellent way to boost profits with minimal up-front cost to the business owner.  It normally [...]

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23 May

ALL ABOUT PENSION.

Towards the end of 2015 it was announced that Nigeria’s Pension Funds had risen to over N5 trillion in its 10 years of operation. Despite this achievement a lot of mystery still surrounds the Pension Scheme and it’s not unusual for Employers to see it as an unnecessary burden whilst Employees don’t know how they can leverage on the scheme. Whilst the pension scheme is seen as generally favourable to the Employee, the fact remains that if Nigerian Employers (especially [...]

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16 May

WHY YOU NEED A NON DISCLOSURE AGREEMENT.

Ideas rule the world and most entrepreneurs have probably been faced with the fear of losing their business idea to potential investors/ partners. It’s in situations like these that a confidentiality agreement otherwise known as a Non-Disclosure Agreement (NDA) becomes applicable. Simply speaking it’s a contract that creates a legal obligation to privacy and compels parties to the agreement to keep any specified information top-secret or secured. NDAs are the first steps towards a commercial relationship and are fairly common [...]

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UNDERSTANDING VAT AND WITHHOLDING TAX
09 May

UNDERSTANDING VAT & WITHHOLDING TAX.

Dear Subscriber, Let’s face it: No one likes paying tax and this is exactly why taxes are one of the last things on the to do list of most businesses until they are visited by tax officials. Before the Finance Bill 2019, every business was mandated to have a Tax Identification Number (TIN) before opening a Bank account, but the bill now includes a requirement for Banks to request for Individual Tax Identification Number which would further expand the tax [...]

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