Warm Heart Legal consult.

18/01/2024

You want to register your business but not sure what is required?
Have you registered your business but unsure about status?
Do you have a registered business but your documents are missing?
Send us a DM today. 0806 935 0939

15/01/2024

We're open for business!

15/01/2024

A lot of people over the course of business, have asked certain questions that we took note of, and decided to answer for FREE.
Today, we will be doing one on SHAREHOLDERS.
Who is a Shareholder?
This is a person who owns shares in a company. This person can be a juristic person (another company) or an individual.
The shares of a person in that company are what makes that person or company, a shareholder. This means, that person is entitled to a share of the profits or the losses of that company.
There are certain obligations and rights a shareholder owes or could claim from the company these RIGHTS include:
1. The right to attend the ANNUAL GENERAL MEETINGS or EMERGENCY MEETINGS of the company.
2. The right to vote.
3. The right to the profit and or losses of the company (Dividends).
4. The right to information about the company either from the Corporate Affairs Commission or the books of the company and all records of the company.
5. The right to transfer shares
6. The right to appoint or remove officers of the company
7. The right to determine remuneration of the officers of the company.
8. The right to institute an action or represent the company in same.
OBLIGATIONS
A Shareholder is obligated to attend the meetings of the company.
A shareholder can report any dishonest/ fraudulent activities taking place in a company.
The next time you are offered a role to be a shareholder in a business you know the implication.

This is what good lawyers do to paying clients. We give free information

Lastly, a shareholder ensures that the annual returns of the company and all regulatory compliance are carried out at the beginning of the year.
DM Us today, or chat us @08069350939 or email us @ [email protected] don’t risk your company being delisted.

08/01/2024

Is your company up to be delisted? Contact us today.

08/01/2024

Your company is inactive? You need to file your Annual returns.

08/01/2024

Its 2024. Start the year right.
You want to file those Annual returns right away. We're only a DM away.

29/07/2023

Are you in default of payment of annual returns on your company/ business?

Your Company is at risk of being delisted.

DM/ call us today to file your annual returns.

The Corporate Affairs Commission has said it will remove 100,000 registered companies from its database soon.

07/07/2023

*_LET THE LAWYERS BREATH_*

By _Abubakar Zain Esq_

If you observe carefully you'll see writes up about lawyers and their professional charges flying over this space recently.

*WHAT DOES THAT MEAN?*

Well, there's a new renumeration order for lawyers offering legal services and representations that was promulgated in may 2023.

What does the new order says?

*1. IN RESPECT OF CONSULTATION*

Lawyers can no longer give legal opinion for free. You cannot just call your lawyer friend and ask him to advise you in a particular manner, he is duty bound to demand fees for his opinion and the charges range from ₦20,000 as minimum for youngest lawyer practicing in Benin to ₦500,000 as minimum for SAN in Abuja.

So, if you want to consult a lawyer, know that it comes with cost, the era of free legal advice has gone for good. However, if you can't afford that you can ask to pay on hourly basis

*2. IN RESPECT OF HOURLY CHARGE*

The minimum amount a new wig practicing in Akwa Ibom, Kaduna or Enugu to charge hourly is ₦10,000 and the amount is subject to change, for example the least amount a lawyer of 1-6 years practicing in Lagos and Abuja can accept is ₦30,000

*3. IN RESPECT OF PROPERTY TRANSACTIONS*

It is no longer feasible for a client to negotiate with a lawyer on amount payable for preparation of deeds, tenancy agreements and leases.
The amount is fixed and it's 10%, so, if your lawyer tells you that he can only accept 10% of total consideration to prepare a deed of assignments for a property you bought with ₦10,000,000 you should not ask for discounts, because if he charges you below that he will be subjected to disciplinary action and may loose his license temporarily or permanently.

In addition to that, the amount he collected must be ascertained by NBA and revenue boards for tax collections.

For example if he charges you 50k for a property worth 10m he will be forced to pay full withholding tax for total professional charges and also loose his license for good 3 years. (Think about that)

*4. IN RESPECT OF LITIGATION ( COURT CASES)*

The charges differs from one court to another and the nature of the case before court, for example a labour dispute charges is different from land disputes.

*4. CAN A LAWYER CHARGE BELOW AMOUNT SPECIFIED?*

By the new order, a lawyer cannot charge below the minimum amount set out and must adequately give account to his actions and professional fees.
Charging below specified amount is an act of unprofessional conduct.

A lawyer's income is also subjected to withholding tax that must be paid appropriately.

Any lawyer that refused to enforce the new order in his professional relationship with clients is at risk of being suspended from legal practice for 3 years.

Help your lawyer to obey the law and pick no offense when a lawyer rejects to accept ridiculous amount as professional fees.

Let the lawyers breath.