Frequently Asked

• What additional documents do I require to file my Annual Returns?

• 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. 

• Why is mutual assent important in a contract?

  This is one of the key elements of a contract because is shows the meeting of the minds of both parties

• 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.

   

• What is data protection?

  Data protection is a legal process of protecting sensitive data.

• What is the basic criteria for registering a Design?

  The design must be new and original. This means that it must be a unique design not similar to an already existing design.

• Is there a penalty for late renewal of registration of products with NAFDAC?

  Yes, there is a late renewal fee, which is dependent on the category of the product.

• How many shareholders do I need to start a company?

  A minimum of one (1) adult shareholder is required to form a company.

• What is a trademark?

  A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.