An economic downturn has an impact on both business owners and employees. With hundreds of headlines threatening uncertainty you may be finding it difficult to know what to do. If you are an employer and your business is struggling, you may be considering cutting back on your workforce. If you are an employee, you may be worried about how your employer will react to the economic downturn and how that will affect you. Our focus this week is to help you [...]
Getting finance to kick start and run your idea can be a daunting challenge in Nigeria, and without capital it’s difficult to take your idea to the next level. In continuation of our series on Doing Business in Nigeria we now bring you several ways in which startups can access necessary capital to drive their ideas. A key starting point to raising capital is financial planning which basically involves the calculation of the amount of expenditure you will incur and [...]
Every prospective business owner must decide whether it will be a Business Name (BN) or a Limited Liability Company (LLC). The choice depends on the type of business you run, how many owners it would have, and your financial situation. No one choice suits every business: Business owners have to pick the structure that best meets their needs. Through this article you will be introduced to the most important factors to consider which can be broadly categorized as: Risks, [...]
As the economy continues to slow down its obvious that a lot of people and businesses are facing financial difficulties and a lot of them are having a hard time with creditors who harass them with lawsuits, law enforcement agents etc. Whilst not encouraging financial irresponsibility on the part of debtors, it’s also important that undue and unethical debt recovery methods should be disallowed which is why a lot of debtors are turning to lawyers versed in debt relief [...]
A contract is like a promise between people. It is an understanding, a deal between two or more people or organizations to do certain things. Each person or organization who agrees to do something in a contract is called a party. An agreement, or a contract, says what you and the other person have agreed to do. It is a written list of the promises you have made. The best form of contract is written on paper and signed [...]
Disputes are a necessary part of human endeavor and in Nigeria parties to a dispute commonly resort to the Law Courts to determine the validity or otherwise of their positions. Its however a fact that most Nigerians are reluctant to approach the courts because of the time delays in getting results which has led to aggrieved persons taking laws into their hands or trying to influence the law enforcement agents to deal with their perceived opponents. The cost and delays [...]
A contract of employment governs the relationship between an Employer and Employee and could either be a short written letter or a lengthy contract depending on the organization and level of employment. Every business has different needs and thus the style and content of the contract of employment will differ. It’s essential for both employer and employee to document their relationship for sake of minimizing disputes and allowing each party know the precise extent of their respective rights, duties and [...]
Dear Subscriber, As a Company develops, funding growth and expansion becomes a major consideration for the sustainability of the business and this necessary capital can be sourced though diverse means which includes Public Offerings (selling shares to the public) Private Placements (selling shares/securities to select investors), Loans & Grants (Governmental & Financial Institutions) etc. Our focus this week is on Private Placements which simply refers to the offer and sale of corporate securities to a limited number of sophisticated investors. Guidelines [...]
The Nigerian Government has put in place a variety of incentive schemes which aims to support the development and growth of commercially viable and sustainable enterprises through the provision of tax reliefs, grants or guarantees. In continuation of our series on Doing Business in Nigeria, we now bring you a comprehensive overview and qualifications for accessing the various schemes. INCENTIVE QUALIFICATION 1. PIONEER STATUS Pioneer status is a 5 (five) year tax holiday granted to qualified industries anywhere in the Federation or 7 [...]
Getting finance to kick start and run your idea can be a daunting challenge in Nigeria, and without capital it’s difficult to take your idea to the next level. In continuation of our series on Doing Business in Nigeria we now bring you several ways in which startups can access necessary capital to drive their ideas. A key starting point to raising capital is financial planning which basically involves the calculation of the amount of expenditure you will incur and [...]
