ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria PROFESSIONAL PRACTICE AND PROCEDURE ARC 807 DEPARTMENT OF ARCHITECTURE FEDERAL UNIVERSITY OF TECHNOLOGY, AKURE, ONDO STATE, NIGERIA. COMPOSITION OF A TYPICAL LIMITED LIABILITY COMPANY IN NIGERIA (POWERS AND RESPONSIBILITIES)
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria OUTLINE 1.0 COMPOSITION 1.1advantages of limited liability companies 1.2disadvantages of limited liability companies 2.0 CAPACITY AND POWERS OF COMPANIES 2.1powers and responsibilities of companies
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria definition and COMPOSITION A Limited liability company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. They are of two forms namely: Companies limited by shares and Companies limited by guarantee
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria 1.1ADVANTAGES OF LIMITED LIABILITY COMPANIES Capital can be raised from the public Limited liability of directors Continuity is assured Employees can be joint owners 1.2DISADVANTAGES OF LIMITED LIABILITY COMPANIES Ownership and management is separated Impersonal relationship with clients Delayed policy decisions Operations are published publicly
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria CAPACITY AND POWERS OF COMPANIES POWERS AND RESPONSIBILITIES OF COMPANIES A company shall not have or exercise power either directly or indirectly to make a donation or gift of any of its property or funds to a political party or political association, or for any political purpose A company shall not carry on any business not authorized by its memorandum and shall not exceed the powers conferred upon it by its memorandum or this Act.
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria POWERS AND RESPONSIBILITIES OF COMPANIES (cont’d) Except to the extent that the company's memorandum or any enactment otherwise provides, every company shall, for the furtherance of its authorized business or objects, have all the powers of a natural person of full capacity. Where there is provision in the memorandum of association of a company restricting the powers and capacity of the company to carry on its authorized business or object, the restriction may be relied on and have effect only for the specific purposes as stated in the act..
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria Recommendations relationship with clients should be improved on by providing a frame work for interaction between the two parties policy decisions should be made faster to improve better quality of service by the companies