Case Overview
The two major starters for a business owner are the idea for the enterprise, and the money to invest in it. While some decide to venture into the business alone, others may involve friends, family, partners, or investors.
The laws under which business start-ups fall may vary depending on the situation, or the business itself. It’s typical for business owners to want to protect themselves from personal liability or follow suit with set-down legal standards, hence the need to involve a lawyer.
The legal requirements involved in registering a business could be very hard to comprehend, challenging, or confusing for new startups, entrepreneurs, non-Nigerian, or local business owners if there are no lawyers to guide them with their experience.
Additionally, it is mandatory under the law, that all Private and Public Companies be registered through the Nigerian Corporate Affairs Commission (NCAC) portal by accredited lawyers or attorneys.
The Problem
As a business owner, adding to other related challenges you are most likely going to face, there are potential legal hoops to jump.
Moreover, in 2021, there was a system upgrade by the Corporate Affairs Commission (CAC), which made business registration entirely online. Even today, these processes leave businesses stranded for months because they can’t get registered and function. However, it is easier to scale through these hurdles if you have a lawyer backing you up, rather than you going solo.
One of our clients got her business rebranded, which meant the need to go through the processes of a new business registration that seemed almost infeasible, considering the circumstances at the time.
The Solutions We Proffered
- Conducting search on the proposed new business name at the Corporate Affairs Commission to confirm its availability and reserving the name when found available.
- Preparing a Memorandum and Articles of Association as our client instructed.
- Confirming the suitability of the draft Memorandum and Articles and preparing final copies that conform with the new CAC Standard Memo.
- Submitting all necessary documents online. Then presenting physically at the CAC to get the necessary documents signed.
