<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:

<h2><strong>ENTREPRENEURSHIP</strong></h2> CONTENT <ol> <li>Meaning of Entrepreneurship</li> <li>Meaning of Enterprise</li> <li>Meaning of Self Employment</li> <li>Facilities Available for Self Employment</li> <li>Successful Entrepreneurs</li> <li>Local, National and International Entrepreneurs</li> <li>Importance or Functions of Entrepreneurship</li> </ol> <br> <h2><strong>Meaning of Entrepreneurship</strong></h2> Entrepreneurship is gotten from the French verb ‘entrepreneur’, which means ‘to undertake’. Entrepreneurship is the process of starting a business or other organization for the purpose of making profit. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. It is defined as an individual who organizes or operates a business or businesses. <h2><strong>Meaning of Enterprise</strong></h2> Enterprise refers to economic and business, nonprofit and government agencies responsible for production and distribution of goods and services. It can also be defined as effort made by people to achieve something. For example people have the initiative to start project to face challenges and to take risk in order to achieve their goals.

<h1><strong>SOLE TRADE </strong></h1> CONTENT <ol> <li>Types of Business Organisation</li> <li>Meaning of Sole Trade</li> <li>Advantages and Disadvantages of Sole Trade</li> </ol>   <h2><strong>Forms or Types of Business Ownership</strong></h2> The following are the four forms of business ownership: <ol> <li>Sole proprietorship;</li> <li>Partnership;</li> <li>Co-operative societies and</li> <li>Private and public limited liability companies.</li> </ol> Ownership refers to the individual or organization that brings together the factors of production.

<h1><strong>CONSUMER, MARKET AND SOCIETY</strong></h1> CONTENT <ol> <li>Meaning of Consumer, Market and Society</li> <li>Need for Consumer Education</li> <li>Importance of Consumer Education</li> <li>Consequences of Lack of Consumer Education</li> </ol> <br> <h2><strong>Meaning of Consumer</strong></h2> A consumer can be defined as any person or corporate individual that purchases a product for immediate personal use. A consumer is an end user of a product. <h2><strong>Meaning of Market</strong></h2> This can be defined as any arrangement (personal or impersonal, formal or informal) which facilitates the exchange of goods and services for money. Market is where buyers and sellers come together to exchange goods and services for payment. <h2><strong>Meaning of Society</strong></h2> Society is the collection of people living together in a more or less ordered community. It is an organization or club formed for a particular purpose or activities. It is also a situation of being in the company of other people. <h2><strong>Meaning of Consumer Education</strong></h2> consumer education is a process by which consumers get the necessary enlightenment that will help them to make best decisions when purchasing goods and services. It is the preparation of an individual through skills, concepts and understanding that are required for everyday living to achieve maximum satisfaction and utilization of its resources. It is also defined as education given to the consumers about various consumer goods and services, covering price, what the consumers can expect and standard trade practice.

<h1><strong>THE NEED FOR MONITORING AND CONTROL OF CHEMICALS</strong></h1> CONTENT <ol> <li>Meaning of Chemicals</li> <li>Chemicals Suitable for Use and Not Suitable for Use</li> <li>Need for Monitoring and Controlling Food, Drugs, and Chemicals</li> <li>Ways of Controlling Chemicals</li> <li>Effects of Lack of Monitoring of Chemicals</li> <li>Misuse and Improper Distribution of Chemicals</li> </ol> <br> <h2><strong>Meaning of Chemicals</strong></h2> Chemicals are compounds or substances that are artificially prepared or purified. Chemicals are substances used in chemistry or produced by a chemical reaction or process. Chemicals can be solid, liquid or gas. Examples are ice, gold, petrol, water, salt, cooking gas etc. They can be grouped into suitable and unsuitable chemicals. <h2><strong>Chemicals Suitable for Use and Not Suitable for Use</strong></h2> <h3><strong>Suitable Chemicals</strong></h3> A chemical is considered to be suitable when its use does not bring any bad (or negative) effect on health or pose danger to lives and properties. Examples are flavourings, spices and preservatives for foods. <h3><strong>Unsuitable Chemicals</strong></h3> A chemical is said to be unsuitable when its use leads to adverse effects on lives, property and environment. Examples are caustic acids, ammonia, cyanide, etc.

<h1><strong>INTRODUCTION TO BOOK-KEEPING</strong></h1> CONTENT <ol> <li>Meaning of Book-keeping</li> <li>Importance of Book-keeping and Parties Interested in Book-keeping</li> <li>Essential Qualities of a Book-keeper</li> <li>Common Book-keeping Practices</li> </ol> <br> <h2><strong>Meaning of Book-keeping</strong></h2> Book-keeping may be defined as the art of recording business transactions in a systematic manner so that the books of account will reveal at any time the financial position of the business to the owner and other stakeholders in the business <h2><strong>Importance of Book-keeping</strong></h2> Every business organization keeps daily records of their financial transactions. Therefore, the importance of bookkeeping becomes necessary for the following reasons: <ol> <li>It is for easy reference of business financial records.</li> <li>It shows an accurate standing position of business in relation to its customers i.e. what is owed and what is owed by the firm</li> <li>It reveals profits and losses position to the company through trading, profit and loss account.</li> <li>It provides information to members of the public who are interested in the business through the balance sheet.</li> <li>Auditors use the books to issue their audit reports.</li> <li>The records kept help in management decision-making.</li> <li>The records project the image of the business to the public.</li> <li>It is a means by which finances of a business can be controlled.</li> </ol>

<h1><strong>SOURCE DOCUMENTS</strong></h1> CONTENT <ol> <li>Meaning of Source Document</li> <li>Importance of Source Documents</li> <li>Types of Source Documents</li> </ol> <br> <h2><strong>Meaning of Source Document</strong></h2> Source documents may be defined as original documents on which monetary transactions are recorded, which provide necessary information for the preparation of books of original entry. It can also be defined as original documents on which information is recorded about business transactions. Transactions are the major feature of any business. The business transactions take place when goods and services are transferred from one person to another. There are two types of transaction namely cash and credit transaction. Cash transaction means that money is paid immediately the transaction occurs. Credit transaction means that payment for what is bought or sold is made at a later date. <h2><strong>Importance of Source Documents</strong></h2> The following are the importance of source documents: