Otus Legal & Consultancy

25/12/2020

May your Christmas sparkle with moments of love, laughter and goodwill. And may the year ahead be full of contentment and joy. Have a very Merry Christmas.
🎄

05/10/2020

THESAURUS:
Lawyer someone whose job is to advise people about laws, write formal agreements, or represent people in court.

07/09/2020

Build your own dreams, or someone else will hire you to build theirs.
💪

31/07/2020

May your life be filled with love and hope today and always.
With love from Otus Legal & Consultancy

16/06/2020

Company directors.... who are they?
Directors of a company are persons appointed by the company to direct and manage the business and operations of the company. These persons may be members or non members of the company.
Persons that cannot be appointed as directors include:
a. An infant under 18 years of age.
b. A lunatic or person of unsound mind.
c. Persons disqualified under Sec 253, 254 and 258 of CAMA. These persons include anyone convicted of fraud, insolvent persons and so on.
d. A corporation other than its representative appointed to the board for a given term.

10/06/2020

Duties of Partners
Are you thinking of becoming a Partner in a business? Do you know that certain duties are imposed on every partner by law. These duties includes:

a. Duty to observe good faith in the partnership.
b. Duty to indemnify for loss.
c. Duty to indemnify for willful neglect.
d. Duty to share losses.
e. Duty to account for private profits.
f. Duty to act within authority.
g. Duty not to assign his rights and so on.

Don’t act in ignorance. It’s no excuse before the law. Let’s guide you every step of the way.

Click on our bio for more

09/06/2020

Jane is at a crossroad. Liz has offered to be a partner in her Catering business. Jane though wants to expand but she is worried that she might become enslaved in the Partnership arrangement since Liz still has her regular paid job and still want to be fully involved in management decisions of the business. Jane fears that this might just become a case of “Monkey dey work, Baboon dey chop”

Are you at a crossroad just like Jane? What Jane does not realize is that it is possible to only admit limited partners into her business. Limited partners usually have no control over management of the business and their exposure or liability is limited to their investment.

We can help you build that business while protecting you every step of the way. Be part of this week’s free consultation.

27/05/2020

Are you like Tade? Are you short on Capital and want a cheap form of registration? Are you the type that want total management and full control of your business? Are you scared of taking huge risks? Do you want to have all the profit of the business to yourself? Then you may just consider being a sole proprietor. .

Sole proprietorship is the oldest form of business structure where one man owns and controls the business, makes all decisions pertaining to the business and takes all the profit. .

The downside to being a sole proprietor is in its difficulty in raising capital, limited managerial expertise and unlimited liabilities of the owner of the business and many more. A sole proprietor may register the name in which he carries out business “business name” with the Corporate Affairs Commission under Part B of the Companies and Allied Matters. .

Let’s discuss your business name registration and your business prospects as a sole proprietor today.

25/05/2020

22/05/2020

Choosing a business structure for your idea.
As an Entrepreneur it is not enough to protect your ideas but more important is turning the idea into a Business. To do business, you need to choose the right business structure.

Business structure is a term that refers to the legally acceptable or permissible ways of carrying on business e.g partnerships and companies. You need to be strategic when choosing a business structure.

Here are few factors you need to consider before making a decision on your business structure:
a. Cost of registration
b. The type of control you would want over the business.
c. Tax implications
d. nature of the business
e. Level of risk you are willing to take
Confused on what business structure to go for? Click on the link on our bio for a free consultation.

18/05/2020

Protect the product of your idea
Imagine after sacrificing so much to put a product in the market only to be sued for trademark infringements. That was the fate suffered by Tola who has since not recovered from the experience.
Tola had resigned his employment in 2015 to pursue his dream of producing a fizzy drink he named NAPPY. BY 2017 NAPPY had gained some ground in Lagos and the business was beginning to thrive. .
Trouble however struck in 2018 when a Kaduna based company sued Tola for trademark infringement on its textile product called NAPI which had been registered since 2001.
Tola eventually had to pay some damages for the infringement and also change the name of his product from NAPPY to TOLAPPY. .
His business is yet to recover as most of his customers does not believe that TOLAPPY is the same as their favorite NAPPY drink.
Don’t think it doesn’t matter. Protect the product of your idea. We are here to help you trademark your legacies.
Click the link in our bio to book a free consultation today.

15/05/2020

Patents: patents protect inventions and innovations. It makes it possible for inventors to commercialize their inventions by excluding others from making, selling or using the invention for a period of time.
These inventions include new machines, chemicals, processes, chemicals, designs of manufactured objects etc. To be protected, the invention must be novel and considered unexpected or surprising development even by those in that field.
Patents in Nigeria are governed by the Patent and Design Act 2004 and its registration is done by Trademarks, Patents and Designs Registry, Commercial Law Department, Federal Ministry of Industry, Trade and Investment.