What is Memart? Are you interested in knowing why Memart is mentioned in business registration?
Most of us don’t know the meaning of Memart in business, and it’s important as a business professional to understand the terminology. This article explains what Memart means in business registration.
Table of Contents
MEMART Meaning in Business
In business registration, MEMART refers to the Memorandum and Articles of Association. These are crucial legal documents that outline a company’s structure, objectives, and internal regulations. They are essential for registering a company in Nigeria and are part of the documents needed for incorporation.
What MEMART Entails
Memorandum of Association:
This document outlines the company’s fundamental details, such as its name, registered address, objectives, and the liability of its members (e.g., limited by shares or guarantee). It essentially defines the company’s relationship with the outside world.
Articles of Association:
This document sets out the rules and regulations governing the company’s internal operations, including matters like share capital, meetings, voting procedures, and the rights and obligations of shareholders. It acts as a rulebook for the company’s internal affairs.
Key Aspects of MEMART in Business Registration
- Mandatory Documents: MEMART is required for registering a company in Nigeria with the Corporate Affairs Commission (CAC).
- Outlines Company Structure and Governance: It details the company’s structure, objectives, and the rules governing its internal operations.
- Protects Stakeholders: MEMART helps protect the rights of shareholders, customers, and creditors by clearly defining their roles and responsibilities.
- Enables Registration: Without a properly drafted and executed MEMART, a company cannot be fully registered.
- Can be Amended: MEMART can be amended to reflect changes in the company’s objectives or internal regulations, but this requires a special resolution and proper procedures.
- Available Templates: While generic MEMART templates exist, it is advisable to engage a legal practitioner to draft or customize the document to suit the specific needs of the company.
Conclusion
Whether you are starting a new business or managing an established one, understanding and properly drafting the MEMART is crucial for ensuring smooth operations, legal compliance, and long-term success.
These documents provide clarity on everything from company objectives and liability protection to management structure and shareholder rights, making them indispensable tools for corporate governance.
Frequently Asked Questions
Why is MEMART important?
It provides clarity on the company’s purpose and operations, which is essential for registration and future business activities.
Why Do You Need TCorporate?
TCorporate provides legal advisory services to guide you through conducting your name search. We can also ease the stress by handling the search swiftly, ensuring you avoid the hassle.
Need Legal Assistance?
Contact TCorporate for professional guidance:
- Phone: 08062348867, 09080119975, 09080119980
- Visit: CAC BUSINESS REGISTRATION
Email: info@tcorporatelegaladvisory.com - WhatsApp: Button at the bottom right to chat instantly
Disclaimer
This publication is for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information without obtaining specific professional advice.
WRITTEN BY:
OKOLIE VICTORY N
LL.B, B.L
LEGAL ASSOCIATE
TCORPORATE LEGAL ADVISORY