A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.
The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
What’s the difference between a business name and an LLC?
A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.
A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued.
What are the terms of a contract?
an offer and an acceptance.
competent parties
Consideration
Legal subject matter
Mutual agreement/ Assent
Conesus ad idem
Obligation
What will happen if I buy the wrong category of forms with NAFDAC?
Nothing, the purchased form will be in your account for future use.
Is it legal to transfer the personal data you obtained legally to another person?
No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.
Can an industrial design be sold?
An industrial design is a company asset and the right to sell is in the hands of the registered owner.
What are the product categories available when registering with NAFDAC?
The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
What is the first thing I must do to register a business in Nigeria?
To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
Can I trademark my logo and name separately? Why is this a good idea?
Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.
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