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Re: Difference Between Incorporation Year And Established Year? by Olaone1: 12:45am On Mar 24, 2016 |
MyTime3:Only in Naija. And the informal sector |
Re: Difference Between Incorporation Year And Established Year? by Olaone1: 12:46am On Mar 24, 2016 |
MyTime3:This is not true. You can |
Re: Difference Between Incorporation Year And Established Year? by Tinyemeka(m): 12:59am On Mar 24, 2016 |
jaz: You've just given a textbook definition. There are a thousand and one established businesses operating within that locality of yours, which as we speak are yet to be incorporated. Sure they can't run corporate accounts, do not pay tax recognized by the FIRS, but pay tenement, waste management, business registration/renewal fees, etc, to the state government. They are businesses running, but are yet to be incorporated by CAC. That last statement of yours should be restricted to companies. A business can be established and running, long before it becomes incorporated. |
Re: Difference Between Incorporation Year And Established Year? by bigfrancis21: 3:14am On Mar 24, 2016 |
routik: There is a difference between 2 of them. First, established refers to when the business actually started or was registered and incorporation refers to when the business was made an incorporation type of business structure. Second, there are different business types or structures that are not incorporations but a different business structure type. For example, businesses formed as partnerships are not incorporations yet it is still a business type. A business structure type can be changed over the course of time depending on the owner (s). Such a partnership business can be established in 2000 and the business type changed to an incorporation, say, in 2007. One difference between a business that is an incorporation and one that is not is the addition of 'inc' to the business name. 1 Like |
Re: Difference Between Incorporation Year And Established Year? by MadCow1: 5:49am On Mar 24, 2016 |
Tinyemeka: The OP was never in doubt about year of incorporation. |
Re: Difference Between Incorporation Year And Established Year? by Nobody: 6:24am On Mar 24, 2016 |
Mr. Y conceived an idea and started making and distributing cakes from the comfort of his home in 2005! Two years later (2007), he decides to expand (Register "Y-Cakes" with CAC) One year later (2008) he achieves his dream (Rents a shop, employs people etc.) What year was his business established? a) 2005 b) 2007 c) 2008 franciskaine: |
Re: Difference Between Incorporation Year And Established Year? by obidevine(m): 6:55am On Mar 24, 2016 |
Date of incorporation is the date you got legal approval from Corporate affairs commission (CAC) to begin business and the date of establishment is the date you actually started business, hope this helps. Now that you're established I think its time you invested in real estate , check my signature.... Check my signature. |
Re: Difference Between Incorporation Year And Established Year? by ayayo: 9:28am On Mar 24, 2016 |
The problem here is the choice of word used. Year of incorporation no doubt is the year a business is duely registered with the appropriate authority. Iikewise year of establishment is d same as year of incoporation, no fifferent. However, the proper word to use is year of COMMENCEMENT. This is what is regarded by tax authorities as the year a business commence operation and tax is calculated based on year of commencement not year of incorporation/establishment. So if u want to celebrate your company anniversary, it should be year of commencement. Incorporated year is an idea, while commencement year is idea translate to action. |
Re: Difference Between Incorporation Year And Established Year? by Nobody: 10:22am On Mar 24, 2016 |
MyTime3:I had choose 2007, so far his biz is not recognised by law and does not pay tax. Thanks for your explanation anyway. |
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