So one of the questions I am asked frequently especially by New business owners or start ups, is the difference between a Business name and a Company as regards CAC Registration.

I have highlighted a few of the differences between the two�

BUSINESS NAME

✓A Business name is the name you register to do business with. It’s governed under Part B of the Companies and Allied Matters Act (CAMA) 2004 and the registration is administered by the Corporate Affairs Commission (CAC) here in Nigeria.

✓Business names do not end with Limited or Company. Business names are usually Enterprises or Ventures

✓Business names registration number starts with BN not RC

✓A Business name can be run as a sole proprietorship or partnership. They do not have directors or shareholders. They are most suitable for a one-man business.

✓The Owner of a business name has no separate liabilities from the Business name in order words, in a legal suit, the assets of the business and that of the owner can be gotten.

✓They are less expensive to register.

COMPANY
✓Limited Liabilities are governed under Part A of the Companies and Allied Matters Act (CAMA)2004 and the registration is administered by the Corporate Affairs Commission(CAC) here in Nigeria.

✓Limited Liability can either be Private or Public.

✓Limited Liability Companies names ends with Limited or Ltd.

✓Their registration number starts with RC
Limited liabilities have directors and shareholders.

✓They do not by structure run as a one man business.

✓Limited liabilities business has its own legal identity separate from its directors.

✓The company is a person and enjoys the benefits ordinarily put on a natural person such as right to own property in its own name, it can borrow, can sue and be sued etc.

✓Limited Liability has perpetual succession.

This means that the death of a member does not end its existence.

✓Members of a Limited Liability are not personally liable for its debts; the liability of members is limited by shares.

✓The company is liable for its own debts.
Limited liabilities are governed strictly by CAMA and need close monitoring.

✓Limited liabilities are required to notify CAC on any change that happens in the Company

✓Limited liabilities are more expensive to register compared to a Business Name.

Do you want to get your Business registered, call or whatsapp 07033513351 or simply send a dm NOW.

I am still your only Madame CAC

#businessregistrationcac

How much?