Showing posts with label #company. Show all posts
Showing posts with label #company. Show all posts

Tuesday, 22 August 2023

Incorporation of a company and Employers/Employees rights

Assignment 
                  Question

 Reasons for incorporation of a company 
 Employee and Employer Rights


Introduction for Question one :
When a business becomes incorporated, a separate and distinct legal entity is created. An incorporated business acts independently of its business owners. Incorporating a business provides the company with most of the legal rights granted to an individual, with the exception of voting privileges.
Formation of a Corporation
A business becomes incorporated when the company's organizers file incorporation paperwork with the state. For example, corporations in Texas must file a certificate of formation with the Texas Secretary of State's office, as a condition of formation. Incorporating a business requires activities, such as selecting individuals to serve as directors, and creating a unique business name.
In most cases, a fill-in-the-blank certificate of formation, also known as articles of incorporation, will be provided by the Secretary of State's office where the corporation is organized. This contains your business name, purpose, street address, board members and dissolution clause. 

Reasons for Incorporation of a Company :

1. Limited Liability:
The first and most important reason why people incorporate is for something called corporate personality. Under Nigeria law(and laws of almost every country in the world,there is a legal fiction where a company is deemed to be separate legal entity from the individuals who run it. Therefore the company has powers to enter into contracts,buys property,own property etc

2. Tax Benefits:
Under Nigeria Tax law,registered business don't pay company tax,they pay personal income tax. The implication of this in a fedral state like Nigeria is that if you have a Director of a company, you pay your company income tax to the fedral inland Revenue service and you pay your personal income tax to the relevant state inland revenue service.
3.  Professionalism and competitiveness :
Electing to register a company name instead of a business name projects a much more professional image. It signals that you are much more focus  on the business and also committed to obey professional corporate government structures,which the regulatory body has created which is the corporate affairs commission.

4. Business Continuity : 
A registered company has its own legal identity, therefore when third parties contract with the company,they do so with a separate legal entity and not the individual directors and shareholders. This means that companies survive the death or incapacitation of the owners and it's possible for the directors and shareholders involved with the company bro change over time.

5. Raising Funding : 
There are two ways of raising fund and they are debt and equity. Debt is basically give me X for my business and I will pay you back in the future with X interest. Equity is give me X for my business and I will give you X number of shares in the business

Introduction for Questions two :
This research is on the rights of employee and employer in the Nigerian law. This is important so that parties in the employment relationship can be informed of some of their obligations and follow it. One characteristics of the employment contract is that its terms sometimes avoid details of the duties to be performed by either of the parties (that is the employer and the employee). And this gives the employer the power to fix details of the performance of the work through further instructions to the employee Collins, Ewing and Mccolgan, (2012). As a result of this, the employment contract creates a power relation in which employer within limits direct the employee to obey lawful orders Collins, Ewing and Mccolgan, (2012). In this power relation, the parties will usually expect trust worthy conduct, fair treatment and good faith Collins, Ewing and Mccolgan, (2012). The following unique features of the employment contract: its incompleteness, its expectations of trustworthy conduct and surrounded by a relation of subordination makes it important for the relationship to be regulated beyond the rules of contract Collins, Ewing and Mccolgan, (2012).
Employee Rights :
Employee rights are the moral or legal entitlement an employee has to have or do something, as pertaining to work to ensure fair treatment.
Employer Rights :
Employer rights are the moral or legal entitlement an employer has to have, as pertaining to work to ensure smooth running of the company to achieve the company objectives.

The following are some of the rights of an Employee :

1.  Minimum Wage
The National minimum wage is 30,000 naira,per month. Due to inflationary trends and high cost of living, wage increases have been demanded by Labour Unions.

2.  Working Hours, Rest Hours and Annual Holiday
Normal hours of work can be fixed by mutual agreement, or by collective bargaining, or by an industrial wages board where there is no machinery for collective bargaining. If you are required to work outside the normal hours agreed upon in the terms of contract, the extra hours shall be considered an overtime.

3.  Sick Leave
You are entitled to wages up to 12 working days in a year during your absence from work caused by temporary illness certified by a registered medical practitioner, subject to the Workmen's Compensation Act.

4.  Maternity Protection
If you are a pregnant woman, you are entitled to take up to 12 weeks of maternity leave with full pay. Of this period, six weeks must be taken after the birth. You may start leave at any time from six weeks before the expected date of birth on producing a medical certificate issued by a registered medical practitioner stating that confinement will probably take place within six weeks.

5.  Discrimination Protection
There is no legislation that specifically regulates equal opportunities and discrimination in employment. The 1999 Constitution of Nigeria, as amended, contains a general prohibition of discrimination on the grounds of: ethnic group; place of origin; community; sex; religion; political opinion; and circumstances of birth.

6.  Safety and Welfare
The Factories Act places an obligation upon employers/owners or occupiers of a factory to ensure the health, safety and welfare of workers within the factory. Thus, it is the duty of your employer to ensure that the provisions of the Factories Act relating to cleanliness, overcrowding, ventilation, lighting, drainage and sanitary conveniences are complied with.

The following are some of the rights of an Employer :

1.  Employment At-Will :
The employer can terminate the employment relationship with an employee at any time for any reason. Common limitations on the at-will employment relationship are found in labor agreements and employment contracts. Those negotiated agreements will typically impose terms and conditions for terminating an employee. Those contract provisions supersede the at-will relationship and limit the employer’s rights to freely terminate an employee.

2.  Define Job Roles, Set Hiring Criteria, and Define Suitability Standards :
Employers have every right to establish minimum educational requirements and experience levels for any job position. Employers can make subjective evaluations about a candidate’s ability to fit into the company culture. As long as the employer’s decision is not based on race, gender, age, disability, or other protected category, the employer has the discretion to make whatever selections are in the employer’s best interest.
3.  Establish Company Policies and Procedures For Workplace Performance and Behavior :
Employers have the right to establish policies and procedures governing such matters as employee ethics, leave policies, pay, pay for performance, and behavior when interacting with customers or the public. Employer policies can include social media usage during work hours and after hours. Employers can also establish dress and grooming standards. The purpose of the dress standards can be that the dress standards are necessary for safety reasons, to allow customers to identify company employees easily.

4. Require Mandatory Overtime:
Nothing prevents employers from requiring their employees to work overtime. However, if an employee works overtime, employers must pay them consistent with applicable federal and state law. Most employers are aware that they must pay their hourly workers at overtime rates, but most salaried employees are not entitled to extra overtime pay.
5. Monitor Employees’ Use of Office Equipment:
Employees have very limited rights to personal privacy in the workplace, especially when the office space and equipment are provided to the employee by the employer. This means employers have the right to monitor employees’ use of it. In most states, for example, employers can monitor their employees’ phone conversations (even record them in some states), text messaging, and computer usage. Employers can restrict access to social media and other non-work related sites. Employers can also search for file
6.  Monitor Employee Use of Social Media in Violation of Company Policy:
Employers can monitor their employees’ activities on company premises at any time and can establish a company policy on employees’ posts on social media. Many employers are concerned that employees who post certain information or offensive statements on social media reflect poorly on the company. To ensure that employees comply with the company policy, employers can monitor employees’ public postings. If an employer finds a posting that violated the company policy, the employer can take action











Conclusion :

Employee inrespective of the level of the kind of work he/she does deserves to be respected and treated fairly by the employers,all the rights due to the employee should be given to every employee so that the company goals and objectives will be achieved,likewise the Employer has the right to hire and fire any employee but that should be done fairly and not just for selfish intrest to cheat the employee so that the employers can gain more profit if everyone will respect each other's rights,companies will keep growing and keep expanding it's branches from state to states.




























Reference :
•  https://www.kppblaw.com/employer-rights-in-the-workplace/
• https://www.jacksonwhitelaw.com/az-labor-employment-law/five-rights-of-employers/#:~:text=The%20workers%20you%20hire%20for,the%20best%20of%20their%20abilities.
• [1] Adejumo, B. A. (2007). The Role of the Judiciary in Industrial Harmony. The All-Nigeria Judges Conference, Abuja.
[2] Amber Size & Chemical Co v Menzel [1913] 2 Ch.239.
[3] Attorney General, Osun State v Nigeria Labour Congress (Osun State Council) ors (National Industrial Court) Suit No: NICN/LA/275/2012.
https://nicn.gov.ng/view-judgment/422
[4] Batty, R. (2012). Examining the Incidence of Fiduciary Duties in Employment. Canterbury Law Review, 18, 187-212.
[5] Bryant v Flight (1839) 5 M&W 114.
[6] C & C Construction Co. Ltd. and Augustine Ofumade v. Samuel Tunde Okhai (2004) 2 MJSC 154.
 15 CB 192.

Monday, 21 June 2021

Business Plan

TABLE OF CONTENT
•QUESTION
• EXCUTIVE SUMMARY
•BUSINESS SWOT ANALYSIS
• BUSINESS DESCRIPTION
•VISION STATEMENT
•VISION TRIGGER
• MISSION STATEMENT
• MARKET ANALYSIS
•DETERMINAT OF MARKET DEMAND
•DATA REQUIRED FOR THE MARKET ANALYSIS
•TECHNICAL FEASIBILITY ANALYSIS 
•FINANCIAL ANALYSIS
•SOURCES OF CAPITAL
•CONCLUSION
•REFERENCE

Question;
Draft a business Plan.


Excutive summary

why we came up with an effective plan of establishing a Sole Proprietorship/Sole Trader Fashion clothing/Apparel/wears at Gombe state university is because the growing demand  of clothing and fashionable materials by Students and staffs is not just a want but a need arising,and from our knowledge of the basic needs of human beings Clothing is among,that is why human beings cannot do without clothing,and moreover now a days people love fashionable clothes so well and it has become a competition between mostly the women's, site,fashionable design clothes today is what models used to earn a living through companies showcasing the winners on billboard with a designed fashionable clothes with the companies products in there hands which enable them get new customers and more profit. 
The business will be run by STRAWBERRY-SWEET COLLECTION. And will be located at new proposed commercial area of Gombe state University. The business will provide quality and fashionable wears for both male and female to the general student and staff of Gombe State University it is anticipated that STRAW-BERRY SWEET COLLECTION will experience a big success through the state capital within 4 years with potential branches in all high institutions within Gombe State,we the entrepreneur proposing this venture are: Group 6 of Business Administration Department of Gombe state University.

Business SWOT Analysis 

Business Strength
-we have the business skills
-We have entrepreneur training 
-We have give gifts to our customers


Business Weakness 

-Insufficient Capital
-little number of expansion resources

Business Opportunity
-a lot of customers patronage
- Cheap transportation of products
-Cheap labour in the area 
-Close to our customers

Business Threats
-Market price fluctuations
-Government Policy on taxation

Business Description
STRAW-BERRY SWEET COLLECTION is a retail store that will deal with the sales of cloth and fashion materials for both male and female and will be situated at the new commercial area in Gombe State University. 

VISION STATEMENT

In 4 years STRAW-BERRY SWEET COLLECTION will be established in  the university and they will be known not just in Gombe State University in the areas in which we cover in other school with high quality of fashion throughout the state capital and expansion plans will be made with branches in other part of the state higher institutions like: F.C.E,FUK,Federal Polytechnic Kaltungo,College of Horticulture Dadinkowa and We hope to expand it with other states high institutions.

VISION TRIGGER
Main vision trigger of STRAW-BERRY SWEET COLLECTION will be "YOUR ATTRACTIVENESS IS PARIORITY'' The vision trigger will emphasis the high quality of the product as well as representing everything about the business will be towards the customers.

MISSION STATEMENT

The following are our missions below:

I) Management of STRAW-BERRY SWEET COLLECTION pledge to serve their customers with the best product and service with sincerity and integrity.
 ii)We pledge that we will make available quality clothing that make looks attractive and stunning.
 iii) We pledge that STRAW-BERRY SWEET COLLECTION will give room to all customers complains,suggestions and observations.
iv) We pledge that we will provide a conducive sit in case of much customers.
v) We pledge that we will make sure that we refund the money of our customers if we sold below quality wears or clothes that stay for long in the shop.
vi) We pledge to treat our customers as Kings and Queens because without customers,our business will be valueless.
vii) It will part of our Mission to offer discount for our customers buying in bulk from us.
viii) It will also be part of our Mission to be sending seasonal greetings to our customers in a long run
ix) We will be accountable in our record keeping and we will pay our tax as of when due.
x) We will be organising dinner for our customers and use what is realise to pay the school fees of the less Previlage in our society 
xi) We will Also organise model and fashion compititon with other sponsors to help the winner earn a living 

Your attractiveness is our Pariority

MARKET ANALYSIS
After a proposed survey with the compus area and our observation and research so far,it was found out that there is no clothing/Apparel/wear business in the university and most business are photocopy and chops,large number of people had to move to a kilometre to locate a business district to purchase their clothing/apparels/wears for either their selves or their loved ones So there is a need to ease their stress and save their transport and increase the beauty of their outfit. Based on the market analysis the business is considered good going or good to go.
DETERMINAT OF MARKET DEMAND
1. Market trends of product
2. Availability of the product
3. Quality of the product
4. Affordability of the product
5. Durability and span of the product

   DATA REQUIRED FOR THE MARKET ANALYSIS
the data required for the market analysis is the total number of staff and students.
..source of data..
The data that is use is PRIMARY DATA

.. size..
The targeted buyers are the total number or at least 90% of the people residing or having affiliation within the campus of Gombe State University and 10% will come from the people outside the School due to the pronouncement of goodwill of the business by our loyal customers.

TECHNICAL FEASIBILITY ANALYSIS 
for the successful establishment of STRAW-BERRY SWEET COLLECTION the following factors are supposed to be put in place 
1. Structure and physical aspect of the venture
STRAW-BERRY SWEET COLLECTION will be  occupying a 32 square meter shop which will serve as a store that the venture will keep it's Good's and a 16 square meter shop next to the store , the square meter store will be used as the show case where different types of clothing, apparel , wear both male and female will be display . We will be renting the shop. 
,,2 Goods planning 
For the first year the venture will be obtaining it's Good's at Kano state , after 4years the venture will be going to Lagos and Abia state to obtain our goods. By then the venture have raised enough capital to buy in a large quantity from a major distribution based in Lagos and Abia . 

. Staffing .
STRAW BERRY SWEET COLLECTION will employ semi-skilled and unskilled labour  to aid the smooth running of the venture, the semi-skilled workers as the store keeper as well as unskilled labour that will be responsible for selling the clothing and cleaning the environment. 



.... equipment required by the venture....

i. Computer system.
ii.Telephone.
iii. Customize Nylon
iv. Max generator
v. Show glass
vi. Big Mirror 


FINANCIAL ANALYSIS
Before venturing into a business it is necessary to consider financial aspect of the business,to start this venture successfully and also to attain the desired success. The sum of 4000,000 as capital is required.

Sources of Capital

3 STAR COLLECTION is anticipating getting it capital from three sources

1. Partners contribution    2,000,000
2. Loan from financial institution  1,500,000
3. Grant from family 500,000

Five Year Cash Flow Project

1. Partners Contribution 2,000,000
2. Loan Proceeds  1,500,000
3. Grant from Family  500,000
 Total capital 4,000,000

Uses of Cash

1. Cost of goods 3,230,000
2. Renting(building)  150,000
3. Advertisement  180,000
4. Equipment applied  15,000
5. Laptop  200,000
6. Miscellaneous expenses 5,000
7. Payment of staff 50,000
8. Working Capital 70,000
9. Carriage inward  20,000
10. Transportation 80,000

Totat. 4,000,000















Conclusion:
Considering this analysis,this STRAW-BERRY SWEET COLLECTION will be successful. This business plan/research has document the establishment of STRAW-BERRY SWEET COLLECTION Feasible and will be great success in years to come. All critical factors such as industrial trends,marketing and analysis, competition, management and financial analysis are in favour of this venture.We believe that we will appreciate and even gain investors to expand

MANAGEMENT INFORMATION SYSTEM

Management levels In an organization, there are three different levels of management, each of which requires different types of information ...