Businesses exists in the society to satisfy the needs of people while trying to make profit. Some business organisation in their effort to maximize profit evolve certain negative products and practices which are detrimental to the society including environmental pollution, monopolistic tendencies, exploitation of workers, production of sub standard and harmful products amongst the rest.
In some countries like Nigeria, businesses are not allowed to exist without some form of control. Some laws and objectives are placed on various business to curb unhealthy competition, harmful practices in order to protect the citizens and the interest of the public.
Some regulatory authorities like
- Corporate affairs commission (CAC)
- National insurance commission (NAICOM)
- Central bank of Nigeria(CBN)
- Securities and exchange commission (SEC)
- Federal board inland revenue (FBIR)
- National agency for food and drug administration and control (NAFDAC)
- Standard organisation of Nigeria (SON)
- Environmental protection agency(EPA)
Amongst the rest are established by the Nigerian government to help regulate the activities of businesses.
For you to run a business in Nigeria, you are expected to operate under the ambitof the law,understand and appreciate legal implications of what you are doing and what you are expected to do.
After the birth of any business, there are certain requirements and compliances called legal rrsponsilities expected of it by the law in order to operate ethically in line with the law.
Therefore when you run a business in Nigeria, you have some legal responsibilities like
Registration of your business
Registering your business in Nigeria is very important. Whether you are setting up a sole proprietorship business, private or a public company. It has to be registered with the corporate affairs commission (CAC).
To register,you have to seek the service of a legal practitioner, provide all necessary informations and documents as required by the (CAC). Two business names should be given to the legal practitioner to carry out a preliminary desk search using the directory of registered companies by CAC. He will issue you a certificate of corporation if CAC is satisfied with the documents provided.
Paying of taxes
This includes company tax,value added tax,capital gain tax,education tax,personal income tax,Nigerian social insurance trust fund(NSITF),Depending on the business.
The taxes required for small businesses in Nigeria are;
Personal income tax
Business premises tax and
Rates.
License and permits
Depending on the business, regulatory authorities prescribe a guideline on the registration, monitoring and evaluation of the business.
Employees
If your business employs staffs,you will have to fulfil your obligations as an employer to your employees.
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