This forum is full of clowns. Once someone manages to type in English, he goes about arguing on topics he lacks basic knowledge.The requirements for registering SMEs are different from that of a company if they must be incorporated, and for companies, they are more stringent. That should tell you something.

Trying to correct someone with an ITK mentality is the worse thing to do.

kimbraa:
Sole proprietorship with a board of directors? Do you even know the difference between a sole proprietorship, and a company? I noticed Nigerians are the most to abuse the word 'CEO'. Owing a business doesn't necessarily make you a CEO.

I already stated the fact that I don't know the form of business she registered. I don't. What's the difference between a sole proprietorship and a company??

mrphysics:

Are you saying that a one man business can not have an RC number?

I am doing nothing today, that is why i had the time to engage you guys with no industry experience coming here to vomit trash boldly.

You Colourich can register a company and get an RC number.

You are confusing yourself, I told you earlier that for a business to be a company or register as one, it has to reach the requirements for a company, and you cannot call a company a sole proprietorship, why is it difficult for you to understand? even a layman would have understood by now.

Industry experience? hahaha, never you say industry experience, unless you want me to expose your ignorance, what do you know is industry and how do you classify an industry in an economy?

mrphysics:

You have not registered a business before so I don't expect you to know what is obtainable out there.

The emboldened shows there is a void to fill. Don't come to this forum with the Business Studies you learned in the junior secondary school. I don't even understand what you mean that people register business while others register company. Kimbraa, I am talking of the real world and perhaps something higher than your present knowledge. It's not about romance, sex, or abuse where you strive. So take a look at it again, if it is beyond your understanding, then wave it a good day.

Mentioning me again without proper knowledge or understanding of the processes of incorporating a business/company would further expose your level of exposure to real life.

Thank you. Some people just come online to say things they practically know next to nothing about all in a bid to sound intelligent. I speak because it's some thing I have done, not something I read about from the pages of a book or Google.

Admin401:


Just stick to Home Economics class or whatever SS notebook you're copying from.

Thank you.

faithfull18:

I already stated the fact that I don't know the form of business she registered. I don't. What's the difference between a sole proprietorship and a company??

You can't have board of directors in a sole proprietorship business. What are the board of directors directing? Same way that you own a small business doesn't make you a CEO. Those features are solely for companies.

An example of a sole proprietor is the salon on your street, the mallam that sells households, the old woman that sells food by the road side. These businesses can be registered, but that still doesn't make them companies.

Companies have shareholders, one man business doesn't.

The share capital of a company is an amount some one man business may never realise 'till their owners die.

Companies have managing directors, board of directors, CEO, while one man business doesn't have any of these.

Companies can raise funds through issuance of Shares while one man business raises funds from either personal savings, friends, or from microfinance banks like LAPO.

Companies are legal entities. That's, if anything is done in the name of the company, it can be sued or sue (you don't touch the shareholders, but the company itself), while for sole proprietorship, you hold the owner.

Companies are limited by shares or guarantee, while for sole proprietorship, their liabilities are unlimited. Meaning that, if anything happens; the sole proprietor may have to sell his personal stuffs while for the limited companies, their personal properties are not touched except what's contributed to the business.

For companies, shares are quoted in stock exchange market depending on the type of company, while for sole proprietorship, you can't.

faithfull18:

Thank you. Some people just come online to say things they practically know next to nothing about all in a bid to sound intelligent. I speak because it's some thing I have done, not something I read about from the pages of a book or Google.

You are welcome.

One of the team that did the analysis of company registration portal is educating this people and they are arguing from their business study knowledge they have.

They don't know the minimum share capital a business must have to be registered with CAC, they know nothing.

Hope you didn't experience any problem during your registration? Probably paying for stamp duty on new company registration?

kimbraa:
You can't have board of directors in a sole proprietorship business. What are the board of directors directing? Same way that you own a small business doesn't make you a CEO. Those features are solely for companies.

An example of a sole proprietor is the salon on your street, the mallam that sells households, the old woman that sells food by the road side. These businesses can be registered, but that still doesn't make them companies.

Companies have shareholders, one man business doesn't.

The share capital of a company is an amount some one man business may never realise 'till their owners die.

Companies have managing directors, board of directors, CEO, while one man business doesn't have any of these.

Companies can raise funds through issuance of Shares while one man business raises funds from either personal savings, friends, or from microfinance banks like LAPO.

Companies are legal entities. That's, if anything is done in the name of the company, it can be sued or sue (you don't touch the shareholders, but the company itself), while for sole proprietorship, you hold the owner.

Companies are limited by shares or guarantee, while for sole proprietorship, their liabilities are unlimited. Meaning that, if anything happens; the sole proprietor may have to sell his personal stuffs while for the limited companies, their personal properties are not touched except what's contributed to the business.

For companies, shares are quoted in stock exchange market depending on the type of company, while for sole proprietorship, you can't.

I already told you I don't know the form of business she registered. So, quit trying to make a case out of nothing.

faithfull18:

I already stated the fact that I don't know the form of business she registered. I don't. What's the difference between a sole proprietorship and a company??

Please ignore her, she just finished her project, and waiting for convocation. I tried teaching her hoping she would learn but has refused to.

mrphysics:

You are welcome.

One of the team that did the analysis of company registration portal is educating this people and they are arguing from their business study knowledge they have.

They don't know the minimum share capital a business must have to be registered with CAC, they know nothing.

Hope you didn't experience any problem during your registration? Probably paying for stamp duty on new company registration?

No, the company's lawyer/secretary handled that.

kimbraa:
You can't have board of directors in a sole proprietorship business. What are the board of directors directing? Same way that you own a small business doesn't make you a CEO. Those features are solely for companies.

An example of a sole proprietor is the salon on your street, the mallam that sells households, the old woman that sells food by the road side. These businesses can be registered, but that still doesn't make them companies.

Companies have shareholders, one man business doesn't.

The share capital of a company is an amount some one man business may never realise 'till their owners die.

Companies have managing directors, board of directors, CEO, while one man business doesn't have any of these.

Companies can raise funds through issuance of Shares while one man business raises funds from either personal savings, friends, or from microfinance banks like LAPO.

Companies are legal entities. That's, if anything is done in the name of the company, it can be sued or sue (you don't touch the shareholders, but the company itself), while for sole proprietorship, you hold the owner.

Companies are limited by shares or guarantee, while for sole proprietorship, their liabilities are unlimited. Meaning that, if anything happens; the sole proprietor may have to sell his personal stuffs while for the limited companies, their personal properties are not touched except what's contributed to the business.

For companies, shares are quoted in stock exchange market depending on the type of company, while for sole proprietorship, you can't.

I don't know how to make you understand this. Once someone decides to register a Business with CAC, whether he stays in kitchen or not, as long as he has a business address and can pay 30k for registration, the business would be registered and RC number assigned.

What is hard in you getting this reality. Now during the process of registering the barbing saloon, a the person would be asked to name his directors (shareholders) minimum of two depending on the share capitals he assigned to them. This person (director) can be anyone, his wife, sister, mother, or son. Whoever he chooses. Upon completing the form on the portal, he submits and waits for approval.

Once he gets his RC number, he becomes a registered business and for file for annual return and tax clearance certificate.

faithfull18:

I already told you I don't know the form of business she registered. So quit trying to make a case out of nothing.

Coming from someone who just asked the difference between a company and a sole proprietorship business? If you didn't want me helping you, then you shouldn't have asked.

faithfull18:

No, the company's lawyer/secretary handled that.

Yeah, you used an agent then. CAC agents are either a lawyer, chattered secretary or chartered accountants. Agents are registered with CAC and have their accreditation numbers.

mrphysics:

Please ignore her, she just finished her project, and waiting for convocation. I tried teaching her hoping she would learn but has refused to.

Is it not kimbraa that just got admission into uniben? Or am I missing something?

peterphd:


Is it not kimbraa that just got admission into uniben? Or am I missing something?

Same person bro. Nairaland gives them the opportunity to say nonsense boldly.

mrphysics:

I don't know how to make you understand this. Once someone decides to register a Business with CAC, whether he stays in kitchen or not, as long as he has a business address and can pay 30k for registration, the business would be registered and RC number assigned.

What is hard in you getting this reality. Now during the process of registering the barbing saloon, a the person would be asked to name his directors (shareholders) minimum of two depending on the share capitals he assigned to them. This person (director) can be anyone, his wife, sister, mother, or son. Whoever he chooses. Upon completing the form on the portal, he submits and waits for approval.

Once he gets his RC number, he becomes a registered business and for file for annual return and tax clearance certificate.

Shebi, the Colourich moniker has given up on you.

What's RC number? So if I decide to go to Corporate Affairs to register my Salon, which will be on a Small-medium scale enterprise, if given an RC number as you said, would that make my enterprise a company?

You're not a management student, and has never been, but claim to know so much? Abeg, when next you go on google, ask serious questions.

mrphysics:

Yeah, you used an agent then. CAC agents are either a lawyer, chattered secretary or chartered accountants. Agents are registered with CAC and have their accreditation numbers. The process is being automated too

Yes but I was involved in the process from beginning to the end. Getting a name that wasn't taken already, providing the business object, list of directors and their info etc.

peterphd:


Is it not kimb.raa that just got admission into uniben? Or am I missing something?

You're not missing anything, it's me. So, how may I be of help?

kimbraa:
Coming from someone who just asked the difference between a company and a sole proprietorship business? If you didn't want me helping you, then you shouldn't have asked.

Yes, I had to give you the pleasure since you were hell bent on tutoring me.

faithfull18:

Yes but I was involved in the process from beginning to the end. Getting a name that wasn't taken already, providing the business object, list of directors and their info etc.

Oh I see. There is a public search function on the portal. Once a name is been used already, it won't be reserved. This is the reason the company registration process starts with imputing the availability code and retrieving the details.

The process was made very simple. Most people don't know they can register their businesses themselves. When I go to business section and see people making money registering businesses for people. They collect as high as 70k for a 1m share capital company which costs 30k

kimbraa:
Shebi, the Colourich moniker has given up on you.

What's RC number? So if I decide to go to Corporate Affairs to register my Salon, which will be on a Small-medium scale enterprise, if given an RC number as you said, would that make my enterprise a company?

You're not a management student, and has never been, but claim to know so much? Abeg, when next you go on google, ask serious questions.

RC number means Registered Company Number. It's what gives you the power to transact as a company and qualifies you to file for annual return and conduct post incorporation activities. You can also be audited. That is the features of a registered company in real world.

Let's assume Kim K was the mosquito, I guess naija then would be the stagnant pool of water .

mrphysics:

RC number means Registered Company Number. It's what gives you the power to transact as a company and qualifies you to file for annual return and conduct post incorporation activities. You can also be audited. That is the features of a registered company in real world.

Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

kimbraa:
Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

You are inexperienced

mrphysics:

You are inexperienced

Is that a go ahead? 'cause you're very much ignorant of what you say.

kimbraa:
Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

Do you know what is CAMA Act? CAMA means Company Allied Matters Act. Ever gone through its content?

I am very certain this is the first time you are hearing it and you don't know what it is. Perhaps you don't know what a corporate entity is.

kimbraa:
Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

I think you should and while at it, please ensure(if possible) people making contributions aren't doing that from the theory learnt in school. The argument started from someone calling herself a CEO, which isn't wrong because she already stated her company/business is registered with the CAC. I honestly think you are the one confusing yourself and mixing up the whole thing.

kimbraa:
Is that a go ahead? 'cause you're very much ignorant of what you say.

Sure, go ahead

faithfull18:


I think you should. The argument started from someone calling herself a CEO, which isn't wrong because she already stated her company/business is registered with the CAC. I honestly think you are the one confusing yourself and mixing up the whole thing.

Don't mind her, she's just a baby. She knows nothing about what a company is and the incorporation requirements

mrphysics:

Oh I see. There is a public search function on the portal. Once a name is been used already, it won't be reserved. This is the reason the company registration process starts with imputing the availability code and retrieving the details.

The process was made very simple. Most people don't know they can register their businesses themselves. When I go to business section and see people making money registering businesses for people. They collect as high as 70k for a 1m share capital company which costs 30k

True but it helps some people make a living. Not bad if you ask me. That's the price one pays for ignorance/ lack of info.

faithfull18:

True but it helps some people make a living. Not bad if you ask me. That's the price one pays for ignorance/ lack of info.

Yeah, people must pay for ignorance. My friend was about paying someone to register his company, I quickly showed him on his laptop that he can do it. He started the name reservation process and completed it.


He never believed it's happening in Nigeria. People still see it as a big process.