<h1><strong>LIMITED LIABILITY COMPANY</strong></h1> CONTENT <ol> <li>Meaning of Limited Liability Company</li> <li>Public Limited Liability Company</li> <li>Advantages and Disadvantages of Public Limited Liability Company</li> <li>Meaning of Private Limited Liability Company</li> <li>Advantages and Disadvantages of Private Limited Liability Company</li> <li>Comparison between Public and Private Companies</li> </ol> <br> <h2><strong>Meaning of Limited Liability Company</strong></h2> A Limited Liability Company is a company in which the responsibility or liability of members for debts of the company is limited to the capital they have contributed or agreed to contribute. The private properties of members are excluded, and all that members lose if the company fails is the money they have contributed. It is formed and registered under the law known as the Company Act. When a company is formed and registered with the Registrar of Companies, it is said to be incorporated. There are two types of Limited Liability Company namely, Private and Public Companies. <h2><strong>Public Limited Liability Company</strong></h2> A Public Limited Liability Company is a business unit that carries on business to make profit for its owners. Examples are Nigerian bottling company Ltd., Total Nigeria Limited, First Bank of Plc. It is owned by Shareholders and managed and control by Board of management. <h3><strong>Advantages of Public Limited Liability Company</strong></h3> <ol> <li>It can raise money from the public through issuing of shares and debentures. This enhances the company expansion.</li> <li>It is a legal entity because it can sue and can be sued.</li> <li>The company’s properties are different from that of its owners.</li> <li>It enjoys continuity because it has perpetual life. The company can only be wounded voluntarily or on the order of a law court.</li> <li>Share holders cannot lose more than the value of their shares. This is because the company enjoys limited liability.</li> </ol>

<h1><strong>MEANING AND CLASSIFICATION OF OCCUPATION</strong></h1> CONTENT <ol> <li>Meaning of Occupation</li> <li>Factors that Determine Occupation</li> <li>Classification/Division of Occupation</li> </ol>   <h2><strong>Meaning of Occupation</strong></h2> Occupation is any legitimate activity one engages in order to earn a living. It is a means of livelihood of a person. For example mining, fishing, plumber, mechanic, teaching, trading, law, medicine, etc. <h2><strong>Factors that Determine Occupation</strong></h2> The following are the factors that determine occupation: <ol> <li>Climatic and Weather Condition: Because of climate and weather differences from place to place, people engage themselves in one form of occupation or the other to earn a living.</li> <li>Natural Resources: Natural resources endowment is also a determinant of one’s occupation. The presence of mineral resources in a particular place will attract the presence of miners and also determines the location of different types of industries. The availability of seaports and large bodies of water like ocean which are part of natural resources has accounted for people’s engagement in different activities and occupation.</li> <li>Health Factor: There are some occupations which people who are not physically fit cannot engage in. e.g. Nursing, Teaching etc.</li> <li>Skill and Training: People engaged themselves in occupation in which they have acquired skill and training.</li>

<h1><strong>HONESTY IN BUSINESS</strong></h1> CONTENT <ol> <li>Meaning of Honesty and Truthfulness</li> <li>Attributes of Truthfulness, Steadfastness and Straightforwardness</li> <li>Factors that Cause People to Lie</li> <li>Rewards for Being Truthful</li> <li>Consequences of Not Being Truthful</li> <li>Meaning of Fair Play</li> <li>Attributes/Qualities of Fair Play</li> <li>The Six Pillars of Character</li> </ol>   <h2><strong>Meaning of Honesty and Truthfulness</strong></h2> Honesty is the quality of being truthful and trustworthy. To be honest is to tell the truth at all times even at personal risk to oneself. Honesty in business is also known as ethical behaviour in business. Truthfulness means making true statement about something or somebody. It is very important for developing trust and building lasting relationships among people both in and outside the business. It helps people to be objective and lead to confidence and trust between/among business associates. A person who is not truthful is said to be dishonest or untruthful. <h2><strong>Attributes and Characteristics of Truthfulness</strong></h2> The attributes and characteristics of truthfulness include the following: <ol> <li>Consistent behaviour: It is being able to maintain a particular standard that one has been known for. It means one is reliable and can therefore be trusted in all circumstances and by everyone concerned.</li> <li>Steadfastness: This means, the quality of being firm in one’s dealing with people. Those who are steadfast are loyal, they can be depended upon in all situation.</li>

<h1><strong>ETHICS IN SOURCING CHEMICALS</strong></h1> CONTENT <ol> <li>Meaning of Ethics</li> <li>Ethics in Sourcing Chemicals</li> </ol>   <h2><strong>Meaning of Ethics</strong></h2> Ethics are the codes of conduct or standards guiding the operation of a certain profession. They are the values, principles or rules guiding a particular profession. For example, a teacher is not supposed to beg for money from students to give them high scores in examinations. <h2><strong>Ethics in Sourcing Chemicals</strong></h2> This is the act of ensuring that chemicals being sourced are created in safe facilities by workers who are treated well and are paid for wages to work legal hours. It implies that the supplier is respecting the environment during the production and manufacturer of chemicals. The ethics in sourcing chemicals cover the following areas: <ol> <li>Licensed chemical vendors</li> <li>Good handling techniques</li> <li>Delivery</li> <li>Storage</li> <li>Good distribution of chemicals</li> <li>Proper disposal of chemicals</li> </ol> <h3>1. <strong>Licensed Chemical Vendors</strong></h3> A licensed vendor is someone that has been given a permit to import, buy and sell chemicals. Licensed vendors ensure that they keep strictly to the ethics and rules for trading in chemicals. The master list of licensed vendors can be obtained from the National Agency for Food, Drugs Administration and Control (NAFDAC) and the Standard Organization of Nigeria (SON). The following are reasons for sourcing chemicals from licensed vendors: (i) You are sure that it is a product that is legally permitted for use in Nigeria. (ii) The source of the chemical is known. (iii) The purity and stability are ensured. <h3>2. <strong>Good Handling Techniques</strong></h3> The following ethics guide the handling of chemicals: