LegalBizPro - CAC Business Guides

         Source: CDC on Unsplash Parents, guardians, and well-meaning families always want to leave a legacy for younger ones. This includes positioning children in companies they could run, serve in, or inherit in the future. However, this situation poses a lot of questions. Can a minor be a shareholder in a company in Nigeria? And can a minor be a director?  Thankfully, Nigerian company law draws a clear line between owning shares in a company and actively running one as a director. Under the Companies and Allied Matters Act 2020 (CAMA 2020), the answer differs depending on whether we are talking about a minor as a shareholder or a minor as a director. Who is a “Minor” Under CAMA 2020? CAMA 2020 defines a minor simply as a person who has not attained the age of 18 years. This definition underpins the specific rules that follow for both shareholding and directorship. Can a minor hold shares? Yes, but this comes with some safeguards. Section 20 of CAMA...

         Source : Mobile Screenshot If you're planning to register a Limited Liability Company in Nigeria, it helps to know exactly what to do. The good news? CAC company registration has become far more straightforward than it used to be, thanks to digital, more streamlined portal. However, company registrations could get challenging due to so many factors, including, but not limited to wrongly worded names, a missing document, an incorrect share allocation, and more. These are problems first-time founders may encounter.  What Is a Limited Liability Company?  A Limited Liability Company (usually written as "Limited or LTD") is a separate legal entity from the people who own it. In practice, this means: The company can own property, sign contracts, and open bank accounts in its own name. Shareholders are only liable for the value of the shares they hold, not the company's overall debts. The business continues to exist even if a director or shareho...