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Difference Between A Business Name And Limited Company (cac-wise) - Business - Nairaland

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Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 7:46pm On Jun 18, 2015
I just need some clarification on this terms business-wise.

I signed up for a business name recently via the Awka branch of CAC, normally you're billed NGN2,000 for a quick name search and NGN13,000 for registration.

Now, I've got a new name accepted but confused on whether to go for a business name again or for a Limited liability company. What are the chief differences between this two and what other fee could they incur.

N/B I've called the lady in there but couldn't get a convincing explanation, her response was that the only difference is that one costs NGN13,000 while the other costs NGN50,000

And could this price be negotiated downwards since this exact amount aren't listed on the official website as a fixed rate?

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Re: Difference Between A Business Name And Limited Company (cac-wise) by Nobody: 8:21pm On Jun 18, 2015
You can start doing legal business with the Biz Name and hopefuly upgrade yous status as a organization to biz company.
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 9:09pm On Jun 18, 2015
drylman:
You can start doing legal business with the Biz Name and hopefuly upgrade yous status as a organization to biz company.
thanks but this doesn't help in any way bro
Re: Difference Between A Business Name And Limited Company (cac-wise) by obajohn(m): 9:44pm On Jun 18, 2015
Biz name is a one-man viz while Ltd liability is a coy owned by shares.its capital formation is quoted in terms of shares.
2. Ltd coy can sue and be sued while biz name can't
3. For biz name ,Ur liability isn't ltd to d amount of capital invested,it also include Ur personal properties in d event of bankruptcy whereas it isn't so in ltd coy.
I will refer u to any o level economics textbk for more understanding(biz org).
Here in Ogun state , to check for availability of name is
N500. It seem its more expensive over there cos am in d process of registering coys. U can reach me on 08030664882 for more info.

2 Likes

Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 10:37pm On Jun 18, 2015
obajohn:
Biz name is a one-man viz while Ltd liability is a coy owned by shares.its capital formation is quoted in terms of shares.
2. Ltd coy can sue and be sued while biz name can't
3. For biz name ,Ur liability isn't ltd to d amount of capital invested,it also include Ur personal properties in d event of bankruptcy whereas it isn't so in ltd coy.
I will refer u to any o level economics textbk for more understanding(biz org).
Here in Ogun state , to check for availability of name is
N500. It seem its more expensive over there cos am in d process of registering coys. U can reach me on 08030664882 for more info.
Thanks for the insight bro. I greatly appreciate
Re: Difference Between A Business Name And Limited Company (cac-wise) by Vensa: 11:28am On Jul 12, 2015
Seems they want to scam me at CAC abeokuta office.
I went there for business name Registration and the woman said it will cost be 20,000Naira.
After paying 500Naira for availability form.

Let some one give me an advice or better way to go about this.
Nobody to be trusted in Nigeria. some govt official even dupe client on there desk.

I taya for this Country.

info to vorovoinc@gmail.com plsssss.

Thanks
Re: Difference Between A Business Name And Limited Company (cac-wise) by sluvy4tune(m): 1:05pm On Jul 12, 2015
CAC now has a name search/registration portal






U don't even need an agent for biz name registration mbok
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 12:46am On Jul 14, 2015
Vensa:
Seems they want to scam me at CAC abeokuta office.
I went there for business name Registration and the woman said it will cost be 20,000Naira.
After paying 500Naira for availability form.

Let some one give me an advice or better way to go about this.
Nobody to be trusted in Nigeria. some govt official even dupe client on there desk.

I taya for this Country.

info to vorovoinc@gmail.com plsssss.

Thanks
just give them NGN10,000 after filling your jacket, the lady at the desk told me 13k when I was doing mine, but after going through the rate at the official website, I discovered that both the 10k, 13k or whatever figure they tell you is a sham.

I just gave her 10k and she didn't complain, I did this because that was the amount they told me at their location in Port Harcourt. They usually have their ogas at the top in offices different from the ones you'll meet at the entrance
Re: Difference Between A Business Name And Limited Company (cac-wise) by teddyblueu: 4:21pm On Jul 14, 2015
pls has anyone in Lagos registered recently, want to start mine, and if its possible online,how do u make payment
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 12:48am On Jul 15, 2015
teddyblueu:
pls has anyone in Lagos registered recently, want to start mine, and if its possible online,how do u make payment
You can register your business name online via http://new.cac.gov.ng, but then, you must have applied for National identity number. You can make payments via any ATM debit card of your choice. I can also help you with the name search and send result via email so you can process your registration with it

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Re: Difference Between A Business Name And Limited Company (cac-wise) by ctrlunlimited: 2:04pm On Mar 14, 2016
miracle4:
You can register your business name online via http://new.cac.gov.ng, but then, you must have applied for National identity number. You can make payments via any ATM debit card of your choice. I can also help you with the name search and send result via email so you can process your registration with it
Hi,

Please I need help with the name search and registration. Kindly, add me to your connection so I could mail you.

Regards,

1 Like

Re: Difference Between A Business Name And Limited Company (cac-wise) by nabiz(m): 11:33pm On Apr 08, 2016
Somebody registered a business name today e.g. SOKLIN. But after some years want to incoperate the business as a company. My question is will the CAC still approve the name to be SOKLIN LTD?

2 Likes

Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 6:58pm On Apr 19, 2016
ctrlunlimited:

Hi,

Please I need help with the name search and registration. Kindly, add me to your connection so I could mail you.

Regards,
Do you still need a help with this?
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 7:01pm On Apr 19, 2016
nabiz:
Somebody registered a business name today e.g. SOKLIN. But after some years want to incoperate the business as a company. My question is will the CAC still approve the name to be SOKLIN LTD?
That is the essence of reserving the business name bro, all you need do is - walk into their office, locate the holder of your original jacket and let your legal personnel work on the upgrade while the necessary payments (30k+) would come in alongside the required documentations

2 Likes

Re: Difference Between A Business Name And Limited Company (cac-wise) by ctrlunlimited: 3:18pm On Aug 01, 2016
miracle4:
Do you still need a help with this?

Yeah, I do. Sorry it's coming late.
Re: Difference Between A Business Name And Limited Company (cac-wise) by lonelydora: 4:39am On Jul 18, 2017
miracle4:
just give them NGN10,000 after filling your jacket, the lady at the desk told me 13k when I was doing mine, but after going through the rate at the official website, I discovered that both the 10k, 13k or whatever figure they tell you is a sham.

I just gave her 10k and she didn't complain, I did this because that was the amount they told me at their location in Port Harcourt. They usually have their ogas at the top in offices different from the ones you'll meet at the entrance

Bros, which one did you finally take? biz name or limited liability company? Can I also use a business name to look for contracts/jobs from companies/organisations/banks/government offices? I need more light on this.

I guess it's the right office at Trans-Amadi you went to?
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 7:12am On Aug 29, 2017
ctrlunlimited:


Yeah, I do. Sorry it's coming late.
pm me or get in touch via the contact page of 3ptechies
Re: Difference Between A Business Name And Limited Company (cac-wise) by miracle4(m): 7:14am On Aug 29, 2017
lonelydora:


Bros, which one did you finally take? biz name or limited liability company? Can I also use a business name to look for contracts/jobs from companies/organisations/banks/government offices? I need more light on this.

I guess it's the right office at Trans-Amadi you went to?
You can use either for contract bidding, except they specifically requested from limited companies

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