2 edition of Business and corporate law in Nigeria found in the catalog.
Business and corporate law in Nigeria
Includes bibliographical references and index.
|LC Classifications||KTA856 .N98 2011|
|The Physical Object|
|Pagination||376 p. ;|
|Number of Pages||376|
|LC Control Number||2011478198|
However, this is not applicable to losses of foreign legal entities in which a Nigerian entity has an interest. Case Laws or Judicial Precedent. Normal business losses can be carried forward indefinitely, except for insurance companies who can only carry forward losses for a maximum period of four years. This entry was posted in Business and Investment. An alien or a foreign company may join in forming a company subject to the capacity of aliens to undertake or participate in trade or business. As the name implies, it is permanent until there is a supervening circumstance, which will necessitate its review.
Suggestions for Further Reading 1. Where applications for other permits such as pioneer status, technical service agreement and other fiscal incentives are desired, a separate application is normally completed. All unlimited companies shall be registered with a share capital from the date of the Decree of Also, capital allowances are granted to companies against taxable income in lieu of the wear and tear of business assets. For a foreign company setting up in Nigeria, it is advisable to chose a name that is the same as the name of the parent company and ending with Nigeria Limited. NIPC should inform applicant within 14 days if application has been declined or accepted.
The syntax is not altered, therefore retaining the language of the courts. They are assigned the responsibility of conducting investigations into internal affairs of a company, especially if the issues of shareholders are concerned. The death of any of the shareholders too does not concern the CAC. The estimated cost of qualifying capital expenditure on or before the production date is not less than N50, for an indigenous company and N, in any other case. There is no limit to the membership of a public company. Thereafter, we had the Companies Ordinance and five years later, we had the Companies Ordinance
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This employment law emphasis is reflected here. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Codewhich has been adopted in all 50 states with some modification by state legislaturesthe District of Columbiaand the U.
Business law will enable a business man breach the gap between the rule of law and the knowledge of the business through his knowledge and experience. Above N1, — N30, This was then ammended in to cover the whole country Companies Amendment and Extension Act of Gbolahan Elias, Principal Partner at G.
The exemption order must have a lifespan as the period must be stated…it can never be indefinite. These agents enter into contracts on behalf of the company with third parties. Foreign Participation of Business in Nigeria.
See Section 56 3 of the Act. What are the functions and importance of business law? The essence of a Sale of Goods Contract is that the parties intend to transfer ownership of property in the goods from the seller to the buyer.
The local branch is taxed on the profits accrued in, derived from, brought into and received in Nigeria. A company may use the abbreviations Ltd. Tweet 2 Shares The very first company law came up in Nigeria in Commonly used where companies are formed for non-commercial purposes, such as clubs or charities.
If an activity fell outside the company's capacity it was said to be ultra vires and void. Identify the sources of Business Law in Nigeria. However, this does not result in reduction of taxes. On approval, the alien is then granted an STR Visa which lasts for 6 months which on arrival in Nigeria will be regularised and the alien issued a work permit.
It is the duty of the company to apply for the quota and not that of the employee. The most common form of company used for business ventures. From the foregoing, it is clear that it is imperative for a business man to have a fairly good knowledge of the principles of business law notwithstanding that he may have legal staff, department or external solicitors.
While some agreements are legally binding others are not necessarily binding, depending on the intention of the parties to such agreement. However, retained earnings are generally not taxable. For instance in Adams v. Because business law is vast and complex, a business needs to have lawyers to interpret and advise proper action to ensure compliance.
Registration of Private Companies whose nominal share capital does not exceed N1, N10, The repertoire of deals undertaken by the firm include derivatives transactions in the banking sector, petroleum acreage sales agreements in the energy sector, private equity transactions in the corporate sector and capital markets disputes.
Revision 1.BUSINESS LAW. T his textbook presents business students with an introduction to the legal system law to and within business. In order to maximize the textbook’s usefulness for its primary target audience, Bosnian students, the authors decided to draw on Bosnian law, jurisprudence, and legal structures.
To the degree possible within the. From inside the book. What people approval articles of association authorised share capital Bank behalf board of directors business or objects carrying on business Ch.D common law common seal Companies and Allied Companies Decree Company Law company limited company secretary company's complied Company Law in Nigeria Amfitop series in.
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Commercial law or business law is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals both with issues of private law and public law.
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