Search by tag: company-law

Recent News May 8, 2018

DOING BUSINESS IN NIGERIA: Comparing the LLC and Sole Proprietorship.

In Nigeria, a sole proprietorship is basically a business name registered, owned and managed by one person. It is the most commonly practiced type of business in Nigeria because it is the easiest to start, and ease that comes with running the business and decision making.

By virtue of the Nigerian Law, in a sole proprietorship, the owner of the business and the business are considered a single legal entity and the owner enjoys the profit and bears the loss of the business alone.

Recent News May 2, 2018

CONTRACT TIP: WHAT IS AN INDEMNITY CLAUSE.

The term “Indemnity” is used not only in a contractual context but in day to day relations. The Black’s Law Dictionary defines indemnity as “[a] duty to make good any loss, damage or liability incurred by another,” or alternatively “[t]he right of an injured party to claim reimbursement for its loss, damage or liability from a person who has such duty.”

Recent News April 22, 2018

UNDERSTANDING THE BASICS OF TRADEMARKS AND COPYRIGHTS.

ensured not only nationally, but also internationally via several international treaties.

A TRADEMARK is a sign used to identify goods and services provided by a specific person in order to distinguish such goods and services from similar ones provided by another .For example HP, DELL are trademarks that help identify specific goods (computers and computer related objects). Trademarks may consist of a word or a combination of words, letters and abbreviations, numerals, names or abbreviations of names and may also consist of drawings.

In whatever form it takes, a Trademark must be distinctive i.e. it must be capable of distinguishing the goods and services with which it is used. In Nigeria, the registration of a trademark is for a period of Seven years and may be renewed from time to time in accordance with the provisions of the Act.

Copyright on the other hand is a set of exclusive rights granted, by the law of a jurisdiction, to the author or creator of an original work, including the right to copy, distribute and adapt the work.

The essence of Copyright is to protect the Intellectual Property of a person, and to stop it from being reproduced and sold by unauthorized persons. It therefore enables the author of the work to enjoy the fruit of his/her labor. Works Eligible for Copyright under the Copyright Act are; Literary Works, Musical Work, Artistic Work, Cinematographic Film, Sound Recording/Broadcast.

It is important to note that Copyright does not protect ideas, but protects only the expression of thoughts in a tangible form. For example the idea of painting a picture of the sunset is not protected by copyright, however a particular painting of the sunset done by an Artist would be protected by copyright. Therefore, if someone makes a  copy/replica without the consent of the Artist, that person would be violating the Artist’s Copyrights.

Recent News April 18, 2018

HOW TO PROPERLY FORM A PARTNERSHIP.

A partnership agreement is a legally binding document (contract) with stipulations (profit and loss sharing, responsibilities of partners etc.) therein which are meant to be strictly adhered to by business partners.

Recent News April 17, 2018

WHAT TO KNOW ABOUT FRANCHISING.

In sum, the franchisor owns the overarching company, trademarks, and products, but gives the right to the franchisee to run the franchise location, in return for an agreed-upon fee. Fast-food companies are often franchised.  You’ll also find franchises in many different fields. There’s Hilton Hotels, for example, or the supermarket chains, or courier companies, gyms, office-supply firms, tax accountants, auto-repair firms, and much more.

Recent News April 13, 2018

WHAT TO KNOW ABOUT LICENSING AGREEMENTS.

A LICENSING AGREEMENT is an agreement between two parties, wherein one party called the LICENSOR grants to the other party (the LICENSEE) the rights to use its property for a specified period. The property involved may be Real, Personal or Intellectual Property. However, licensing agreements are often used for Intellectual Property transactions. The usual types of Licenses […]

Recent News January 27, 2017

THE IMPORTANCE OF AGENTS IN COMMERCIAL TRANSACTIONS.

An agent is one who has express (oral or written) or implied authority to act for another (the principal) so as to bring the principal into contractual relationships with other parties. He is under the control (is obligated to) the principal, and (when acting within the scope of authority delegated by the principal) binds the […]

Recent News February 24, 2016

DOING BUSINESS IN NIGERIA: EASY STEPS TO STARTING A COMPANY

By Akinyemi Ayinoluwa. As a lawyer, it is important that I  understand my client’s brief before filing a case or rendering any kind of service. I can safely say the process is the same for other professionals, and entrepreneurs. They all have a process, albeit with slight difference.