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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 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 March 22, 2018

WHEN USE OF LITERARY WORKS IS NOT INFRINGEMENT OF OWNER’S COPYRIGHT.

The idea of copyright embodies two rights – the right of the copyright owner to enjoy his creation on the one hand and right of the copyright user to enjoy the copyright work on the other hand. There is a constant struggle to balance these two often conflicting interests. However, the overarching principles grounding IP […]

Recent News May 23, 2017

LAW NUGGETS: NEGOTIATION AS A FORM OF ALTERNATIVE DISPUTE RESOLUTION.

Alternative Dispute Resolutions (ADR) are methods of settling disputes without the need for going to court. Such methods include mediation, arbitration, conciliation, early neutral evaluation and negotiation. Negotiation is the process by which parties in a dispute come together to discuss and agree on outcomes. It is a tool that is adopted in both arbitration […]

Recent News April 3, 2017

DOING BUSINESS IN NIGERIA: THE IMPORTANCE OF A BOARD OF DIRECTORS.

This article explains in detail the importance of this organ of a registered company in Nigeria. Entrepreneurs, Founders and Business Owners must acknowledge – at the inception of their pursuit – that Boards are not just for multi-billion dollar corporations. Every business needs experts in their corner to thrive. Therefore, a Board could be a […]

Recent News March 6, 2017

DOING BUSINESS IN NIGERIA: HOW FOREIGNERS CAN SET UP BUSINESSES IN NIGERIA.

Nigeria is ever-ready to welcome foreigners to its shores, for business. There are many foreign controlled/owned businesses contributing to her prosperity. An important step which precedes a foreigner’s ability to do business in Nigeria is setting up a viable business structure. This text describes how a foreigner can register a company in Nigeria. According to Section 54, The […]

Recent News June 8, 2016

RECORD LABEL – ARTIST RELATIONS IN NIGERIA: OLAMIDE AND YBNL GOT IT WRONG.

By Akinyemi Ayinoluwa. Skales And His Manager In Jail For Defrauding Record Label Of Millions Of Naira. June 1, 2016 – tooxclusive.com Runtown and record label at war! Label sues, Runtown terminates contract. May 31, 2016 – thenet.ng Court Orders DJ Zeez To Pay Record Label N23 Million – MAY 10, 2016 – 360nobs.com Record […]

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