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The Industrial Training Fund (I.T.F.) was set up to establish a fund to promote and encourage training and skill acquisition. Every employer with 5 or more employees, or with an annual turnover of N50, 000,000.00 is expected, by the 1st of April every year to contribute 1% of the amount on its annual payroll to… Continue reading THE INDUSTRIAL TRAINING FUND

The Corporate Affairs Commission (CAC) is the agency of Government charged with the responsibility of registration of Companies, Business names, NGOs etc. The administration of the Companies Law is one of its major functions. The CAC should therefore be notified when you make changes to your business such as Addition or removal of Directors, Conversion,… Continue reading CORPORATE AFFAIRS COMMISSION (C.A.C.)

The Lagos Internal Revenue Service (LIRS) is responsible for collecting taxes in Lagos State. The most popular tax paid to the LIRS is the Personal Income Tax, which could be: Pay – As – You – Earn (PAYE) which employers remit as they deduct from their employees’ salaries; orDirect Assessment which a self-employed person is… Continue reading LIRS

Here are five major areas Companies & businesses often get into legal trouble: Registration/Structure: Refusal to register a business early or the use of the wrong vehicle could lead to loss of opportunities and inability to implement scheduled plans.Intellectual Property: Not identifying and safeguarding Intellectual property until it is too late, resulting in financial losses… Continue reading FIVE MOST COMMON LEGAL MISTAKES BUSINESS OWNERS MAKE.

With many organizations resuming for the new year today, we thought we'd remind you to : 1. Sign/Renew your retainers – Lawyers, Accountants, Recruiters, etc. 2. Prepare and Audit Accounts for the just concluded financial year 3. Schedule your Board Meetings & Retreat/Advance – Appraise the immediate past & set goals for the future 4.… Continue reading HAPPY NEW YEAR !!!