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. 

• What is a testimonium clause in an agreement?

  This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

• What are the penalties for not registering my products with the SON?

  1. Seizure of goods by the Inspectorate and Compliance Directorate
  2. Payment of a fine.
  3. Prosecution

   

• What is data protection?

  Data protection is a legal process of protecting sensitive data.

• What is the difference between licensing and assigning a patent?

  Licensing a patent means granting permission to another individual or organisation to make, use as well as sell the creation that has been protected by patent.

  A patent assignment on the other hand, is a finished exchange of patent rights starting with one individual then onto another person.

• Can I process/register multiple products at NAFDAC at the same time?

  Yes, you can process/register multiple products at the same time

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

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

• Why do I need a trademark?

  You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.