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| comment | | "parent_author":"",<br>"parent_permlink":"law",<br>"author":"tolarnee",<br>"permlink":"what-you-need-to-know-about-having-a-company-in-nigeria-and-why-you-need-a-lawyer-to-do-so-20171221t71238871z",<br>"title":"WHAT YOU NEED TO KNOW ABOUT HAVING A COMPANY IN NIGERIA...And why you need a lawyer to do so.",<br>"body":"![image (https:\/\/img.esteem.ws\/tcnuybx7xk.jpg)\n\nEvery time I try to explain something about law,<br> I try to be as simple as possible because I realised non lawyers dont appreciate the technicalities. So I will make this very simple and brief and relatable.\n\nLaw controls every part of our lives even when we are not paying attention,<br> some crucial steps and decisions must be taken with the full knowledge of the law. The painful things is if the steps that are against the law are taken ignorantly,<br> it is not an excuse as ignorance of the law is not an excuse. This is why having a lawyer is a matter of necessity and not a luxury.\n\nLaws about companies are very wide and broad,<br> in fact so many laws have direct or indirect implications or impact on the affairs of a company but the most important one is the Companies and Allied Matters Act (CAMA). So in this piece,<br> I will just be talking about the kinds of companies that can be formed.\n\nYour company can either be a private company or a public company. \n\nA private company simply means the kind of company whose membership is limited and cannot invite the public to buy its shares. Its usually a company with close friends,<br> family and relatives as members. A public is the other way round,<br> it has unlimited membership and it can invite the public to get its shares.\n\nShares are basically the capital of the company divided into small units,<br> in such a way that people that buy those shares have stakes in such company.\n\nPerhaps I should give some differences between a private and a public company so you can understand better.\n\nOne major advantage and the most important advantage of having a company is that it is seen as different from people that brought it into existence. It has a personality of its own,<br> so instead of suing you when the company has issues,<br> they sue the company. Simply put you and your company are different people in the eyes of the Law.\n\nNow,<br> a private company has limited membership of 50 persons while that of public is unlimited.\nIn a public company,<br> you can easily transfer or sell your shares to another person but it is not so easy to do so in a private company.\nThe law requires a public company to publish details of its account and basically to be open to the public but this is not required of a private company.\nThe company secretary in a public company must either be a lawyer,<br> chartered secretary or chartered accountant but this is not required for a private company.\nTo start a public company your minimum capital must be N500,<br>000 while for a private company it must be N10,<br>000\nLike I mentioned earlier,<br> in a public company the public can buy your shares but this can't happen in a private company.\n\nThese are just few differences,<br> to enable you have an idea. There are other major types which I will be discussing in a subsequent post,<br> each of the types I will discuss can also either be public or private.\n\n****\nPlease note that the information given here is for simple and basic knowledge,<br> there are still more in depth things to know about types of companies and advantages. This is why you need a lawyer as a matter of necessity. If you want to form a company and you need legal advice,<br> do let me know.\n\n\u00a9Onashile Peace (tolarnee)",<br>"json_metadata":" \"links\":[ ,<br>\"image\":[\"https:\/\/img.esteem.ws\/tcnuybx7xk.jpg\" ,<br>\"tags\":[\"law\",<br>\"steem-education\",<br>\"nigeria\",<br>\"stach\",<br>\"airhawk-project\" ,<br>\"app\":\"esteem\/1.4.6\",<br>\"format\":\"markdown+html\",<br>\"community\":\"esteem\" " | | comment_options | "author":"tolarnee",
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