dennel:



I can c you confused...!
And for the record, gt ND,AAT,BSc,ACA! N m also a biz person, I do cars and other little tns*

Sorry I barely argue or make points with confused guys!

You've not made any meaningful contribution to this thread, other than internet imaginary certifications. Like I said before, if you were an Accountant, or even a chartered one; I would have known. Why do I feel you're the other guy using another account to lick your ass?

mrphysics:


You have just educated her on it too. Secondly, a one man business can be registered as a company. Just to expand your business base and be able to apply for government contracts, SMEs take a step to incorporate their company. I have seen many one man business owners who register their company. All you need is allot shares to your wife and son and appoint them as directors during the company registration.

Having your business registered as a company does not make it not a one man business if it is. Currently, Businesses are better classified as SMEs. And in this classification, one man business are registered as Business Name and are called Enterprise. Enterprise business pays tax to state government because they are individuals. That does not mean that these individuals can not register their enterprise as a company.

Classification of companies are according to share capitals depending on the type of registration they did. In Incorporation, it is either you are a Buisness Name (BN) or Registered Company (RC) or incorporated Trustees (IT).

Sole proprietorship and the rest are just business studies way of classifying business. If you want to register your company through the company registration portal new.cac.gov.ng, no one will ever ask you to choose if your business is a sole proprietorship business or not. No one will ask you to select whether you are any of the letters in SME.

That is what I am trying to get this student to know and yet she is arguing ignorantly.

Shut up! And stop misleading people. I'm 100% certain you're either jobless as we speak, but claiming to have registered companies. I know of someone who registered her business with CAC just last month for 30k, they took that amount 'cause I heard FG told them to reduce it to that and it was registered as an Enterprise. Need I also remind you it's a Salon? Why would any sane person say CAC registers businesses as companies? Guy, don't let me slap you through this phone. You're becoming a nuisance on this thread with your idiotic comments. Even without being told, I know what my lecturers taught me and you're too ignorant to think your garbage would change that. I can borrow you a book if you want.

kimbraa:
Shut up! And stop misleading people. I'm 100% certain you're either jobless as we speak, but claiming to have registered companies. I know of someone who registered her business with CAC just last month for 30k, they took that amount 'cause I heard FG told them to reduce it to that and it was registered as an Enterprise. Need I also remind you it's a Salon? Why would any sane person say CAC registers businesses as companies? Guy, don't let me slap you through this phone. You're becoming a nuisance on this thread with your idiotic comments. Even without being told, I know what my lecturers taught me and you're too ignorant to think your garbage would change that. I can borrow you a book if you want.

Your friend who registered a salon, would probably have used an agent, unregistered agent who charged her for his services. Go to nairaland business section and you will see a lot of unregistered agents there.

She must have registered for a business name. A business Name registration costs 10k but currently being subsidized by FG to be 5k Which started from November to 31st December.

For a service worth of 10k, the agent charged her 30k, he made 20k from her and lied to her that FG said nothing. Lol.

Company registration is charged depending on share capital. For 1m share capital, 30k. This 30k includes stampudy on new company registration Which is 8k for 1m share capital.

You opened a thread and no one has said otherwise. You are a kid and not worth talking to me.

Create it on business section

mrphysics:

For your information kimbraa, the firm I work with is a consultant to CAC. We built and manage the company registration portal.

Your friend who registered a salon, would probably have used an agent, unregistered agent who charged her for his services. Go to nairaland business section and you will see a lot of unregistered agents there.

She must have registered for a business name. A business Name registration costs 10k but currently being subsidized by FG to be 5k Which started from November to 31st December.

For a service worth of 10k, the agent charged her 30k, he made 20k from her and lied to her that FG said nothing. Lol.

Company registration is charged depending on share capital. For 1m share capital, 30k. This 30k includes stampudy on new company registration Which is 8k for 1m share capital.

You opened a thread and no one has said otherwise. You are a kid and not worth talking to me.

Create it on business section

You're so closed minded. I've told you repeatedly to stop telling me stuffs about 'Company incorporation" I don't have an argument with you on those. What I am saying is, you can't take a business to CAC, and it will be incorporated as a company when it's meant to be an enterprise. What's a business name? Is there any difference between registering a business name and incorporating a business? There's no fùcking difference.

And FYI, Mr Patrick already said what correlated to why I created this thread. Maybe it's too hard for you to understand that you just can't incorporate a one man business to a company when it doesn't meet the tenets a company should. And share capital isn't the only criteria used. Goodbye with your ignorance!

kimbraa:
You're so closed minded. I've told you repeatedly to stop telling me stuffs about 'Company incorporation" I don't have an argument with you on those. What I am saying is, you can't take a business to CAC, and it will be incorporated as a company when it's meant to be an enterprise. What's a business name? Is there any difference between registering a business name and incorporating a business? There's no fùcking difference.

And FYI, Mr Patrick already said what correlated to why I created this thread. Maybe it's too hard for you to understand that you just can't incorporate a one man business to a company when it doesn't meet the tenets a company should. And share capital isn't the only criteria used. Goodbye with your ignorance!

When sound minds come to the internet, they listen and ask questions where they don't understand. I don't know why you come to the internet to disgrace yourself. I'm currently on a thread where you work in a saloon. It's not a bad thing though but with how you are treated there and the condition of service, you are not worthy of a discourse. So say there is no difference between Registering a business name and incorporating a business is a huge turn off and a confirmation that you need to resign from that saloon, focus on your studies, graduate with good grades, work, network and gain relevant knowledge before coming to the internet.

mrphysics:

When sound minds come to the internet, they listen and ask questions where they don't understand. I don't know why you come to the internet to disgrace yourself. I'm currently on a thread where you work in a saloon. It's not a bad thing though but with how you are treated there and the condition of service, you are not worthy of a discourse. So say there is no difference between Registering a business name and incorporating a business is a huge turn off and a confirmation that you need to resign from that saloon, focus on your studies, graduate with good grades, work, network and gain relevant knowledge before coming to the internet.

If I should go to CAC to register a business name, and the business name is accepted, what does that mean? Shouldn't that make that business a legal entity? And what's incorporation?

kimbraa:
If I should go to CAC to register a business name, and the business name is accepted, what does that mean? Shouldn't that make that business a legal entity? A what's incorporation?

A business name is like registering a reserved name. They is reservation of name which lasts for 60 days. When you reserve a company name, no one can register that name as a company name. It's kept for you. Now, you can go the extra step to register that reserved name. It's called a business name. It doesn't make that a company. It makes it an Enterprise. Your tax goes to the state showing you are an individual. Business name only gives you the opportunity of using that name to create a current account, bid for state contracts, and transact without using your personal name. You are still an individual, what is called Enterprise. It doesn't make it a legal entity in actual sense because you are still an individual.

Business Name is not a registered company. Because it doesn't have RC number.

A company is a business entity with an RC number (this is the legal or CAC side of it). Once you have an RC number, you are a company regardless of the size of your business location. Now during registration of a company, which is called incorporation process, you will be mandated to choose your directors and allot shares to them. Directors can be your mum, your sister or anyone who is 18+ and have a valid means of identification.

You can have an RC number and be a one man business. It's happening everywhere. Having or registering your company does not make it a large business, it can still be a one man business. One man business in that you own the company and allot shares to people who may never know they own shares to that company. Once you have an RC number, you are liable to file for annual returns, pay Company Income tax CIT, and education tax.

You must have seen TETFUND projects in your school. That is the product of education tax. Education Tax is 1% of every company's annual profit. It is collected by FIRS but it goes to TETFUND. It is used for the development of our high institutions.

You can't pay these taxes if you are registered as a business name BN. Only registered companies pay that.

mrphysics:

A business name is like registering a reserved name. They is reservation of name which lasts for 60 days. When you reserve a company name, no one can register that name as a company name. It's kept for you. Now, you can go the extra step to register that reserved name. It's called a business name. It doesn't make that a company. It makes it an Enterprise. Your tax goes to the state showing you are an individual. Business name only gives you the opportunity of using that name to create a current account, bid for state contracts, and transact without using your personal name. You are still an individual, what is called Enterprise. It doesn't make it a legal entity in actual sense because you are still an individual.

Business Name is not a registered company. Because it doesn't have RC number.

A company is a business entity with an RC number (this is the legal or CAC side of it). Once you have an RC number, you are a company regardless of the size of your business location. Now during registration of a company, which is called incorporation process, you will be mandated to choose your directors and allot shares to them. Directors can be your mum, your sister or anyone who is 18+ and have a valid means of identification.

You can have an RC number and be a one man business. It's happening everywhere. Having or registering your company does not make it a large business, it can still be a one man business. One man business in that you own the company and allot shares to people who may never know they own shares to that company. Once you have an RC number, you are liable to file for annual returns, pay Company Income tax CIT, and education tax.

Go and sleep. Now you know there's difference between an enterprise and a company? If registering a business name doesn't make it legal per se according to you, then what does? Contradicting shìt!

kimbraa:
Go and sleep. Now you know there's difference between an enterprise and a company? If registering a business name doesn't make it legal per se according to you, then what does? Contradicting shìt!

Actually these things are far beyond your academic status, qualification, pay grade, and understanding. The more I try to bring you up, the more you go down the mental scale.


A woman selling something on the road is a legal business with or without RC or BN registration. She didn't go against any law, only that her business can operate to a certain level and they are things she can't do.

Business Name is just the same. Think of it, you want your bank account to bear Kimbraa foolishness Enterprise instead of Kelechi chukwuabiama. Having your business as your bank account name gives customers confidence to trade with you. A market woman can't do that but someone who registered a Business Name can do that. That is why people go for that. Also, imagine that Imo is looking for a dealer who sales braids, you can't apply because you are not registered, but with a business name, you can pursue state contracts through a law firm. Business Name alone isn't enough though some states can allow it.


That is why people go for business name. There is nothing there and it's just 5k until 31st December and 10k afterwards. With Business Name, FIRS has nothing to do with your tax. You pay to state internal revenue. You are just an individual and no one can sue your business name rather you. So your business and you are still joined together.

That is what a business name is. And that is why I said its not legal per say. What I mean is that in the eyes of the law, it's not a company and your business isn't registered rather your Business Name.

mrphysics:

Actually these things are far beyond your academic status, qualification, pay grade, and understanding. The more I try to bring you up, the more you go down the mental scale.


A woman selling something on the road is a legal business with or without RC or BN registration. She didn't go against any law, only that her business can operate to a certain level and they are things she can't do.

Business Name is just the same. Think of it, you want your bank account to bear Kimbraa foolishness Enterprise instead of Kelechi chukwuabiama. Having your business as your bank account name gives customers confidence to trade with you. A market woman can't do that but someone who registered a Business Name can do that. That is why people go for that. Also, imagine that Imo is looking for a dealer who sales braids, you can't apply because you are not registered, but with a business name, you can pursue state contracts through a law firm. Business Name alone isn't enough though some states can allow it.


That is why people go for business name. There is nothing there and it's just 5k until 31st December and 10k afterwards. With Business Name, FIRS has nothing to do with your tax. You pay to state internal revenue. You are just an individual and no one can sue your business name rather you. So your business and you are still joined together.

That is what a business name is. And that is why I said its not legal per say. What I mean is that in the eyes of the law, it's not a company and your business isn't registered rather your Business Name.

Boss, you really tried for keep arguing with the op. I read where OP said her friend pay 30k recently to register a business and she said the agent who do the registration told them the money could have been more if not for declaration by the government to slash the price till Dec ending. That's serious

OP, if you don't mind you can confirm from your friend or so if what she registered was Business Name or Limited liability company. Though I guess "Business Name" because if the Agent refers to the slash by government for charging 30k, I will like to explain here that; the slash as put forward by Vice President applicable only to Business Name not other forms of registration and the 50% slash will end by 30th of December 2018 (Standard fee was 10k but Business Name are to pay 5k instead and from January next year the price will return to 10k).

Boss it's nice meeting on here, I opened this thread for the tittle caught my attention before I came across controversial issues, all well and good. I've been reading on CAC website lately because I'm looking forward to register limited liability company (Not Business Name) any time from now.
I can see the barrier of going through accredited agent has been removed so I will be doing it myself, but I need some clarification regards official payments
- Reservation of name - 500
- Registration of private limited with share capital of #1m - 10k

When I checked the website I noticed the stamp duty fee was required but the amount was not stated and you mentioned 8k from your previous comments.
Kindly give more clues as regards these.

Also, about Article and Memorandum of understanding, is it necessary I consult a lawyer to draft it for me or it will be generated automatically by CAC during registration.

I noticed I can do the first 3 stages of registration online before going to their office to perfect it, but I need to be well guided before starting.

Then back to op, most likely you're a gentle and easy going fellow; it doesn't do you any harm if you can at least apologize to those you've attacked on this topic in your curiosity. I can tell you convincingly that most of those class room theories doesn't always applicable in real world.

So, if you want to learn more about different categories of business registration

http://www.cac.gov.ng/

Shalom

INTEGRITYA1:


Boss, you really tried for keep arguing with the op. I read where OP said her friend pay 30k recently to register a business and she said the agent who do the registration told them the money could have been more if not for declaration by the government to slash the price till Dec ending. That's serious

OP, if you don't mind you can confirm from your friend or so if what she registered was Business Name or Limited liability company. Though I guess "Business Name" because if the Agent refers to the slash by government for charging 30k, I will like to explain here that; the slash as put forward by Vice President applicable only to Business Name not other forms of registration and the 50% slash will end by 30th of December 2018 (Standard fee was 10k but Business Name are to pay 5k instead and from January next year the price will return to 10k).

Boss it's nice meeting on here, I opened this thread for the tittle caught my attention before I came across controversial issues, all well and good. I've been reading on CAC website lately because I'm looking forward to register limited liability company (Not Business Name) any time from now.
I can see the barrier of going through accredited agent has been removed so I will be doing it myself, but I need some clarification regards official payments
- Reservation of name - 500
- Registration of private limited with share capital of #1m - 10k

When I checked the website I noticed the stamp duty fee was required but the amount was not stated and you mentioned 8k from your previous comments.
Kindly give more clues as regards these.

Also, about Article and Memorandum of understanding, is it necessary I consult a lawyer to draft it for me or it will be generated automatically by CAC during registration.

I noticed I can do the first 3 stages of registration online before going to their office to perfect it, but I need to be well guided before starting.

Then back to op, most likely you're a gentle and easy going fellow; it doesn't do you any harm if you can at least apologize to those you've attacked on this topic in your curiosity. I can tell you convincingly that most of those class room theories doesn't always applicable in real world.

So, if you want to learn more about different categories of business registration

http://www.cac.gov.ng/

Shalom

You are welcome boss.
I actually asked myself why I took the time and patience to respond to Kimbraa knowingly she knows nothing about it. Student's have this ITK symptoms. I haven't stopped blaming myself for responding to her, maybe it happened so you get some information regarding your incorporation process.

Like you rightly said, you begin my reserving your name, once it has been reserved, an availability code would be sent to you through your mail (this is the completion of name reservation) and it costs N500. When you have the availability code, the click on new company registration, enter the availability code and proceed from it.

For a company of up to 1m share capital, the total amount you'll need to register the company is 30k, this includes the stampduty on new company registration.

Because Memorandum of Understanding is a stampable instrument, a stamp duty is required on it and this is automatically paid on CAC portal. You can also get a default MOU on the portal too.

You can start and finish, get to the point you will go to court. You can only go to CAC office for your Certificate of Incorporation.

Many thanks

mrphysics:

You are welcome boss.
I actually asked myself why I took the time and patience to respond to Kimbraa knowingly she knows nothing about it. Student's have this ITK symptoms. I haven't stopped blaming myself for responding to her, maybe it happened so you get some information regarding your incorporation process.

Like you rightly said, you begin my reserving your name, once it has been reserved, an availability code would be sent to you through your mail (this is the completion of name reservation) and it costs N500. When you have the availability code, the click on new company registration, enter the availability code and proceed from it.

For a company of up to 1m share capital, the total amount you'll need to register the company is 30k, this includes the stampduty on new company registration.

Because Memorandum of Understanding is a stampable instrument, a stamp duty is required on it and this is automatically paid on CAC portal. You can also get a default MOU on the portal too.

You can start and finish, get to the point you will go to court. You can only go to CAC office for your Certificate of Incorporation.

Many thanks

I appreciate your input Sir, many thanks.

INTEGRITYA1:


I appreciate your input Sir, many thanks.

You are welcome boss.

mrphysics:

For your information kimbraa, the firm I work with is a consultant to CAC. We built and manage the company registration portal.

Your friend who registered a salon, would probably have used an agent, unregistered agent who charged her for his services. Go to nairaland business section and you will see a lot of unregistered agents there.

She must have registered for a business name. A business Name registration costs 10k but currently being subsidized by FG to be 5k Which started from November to 31st December.

For a service worth of 10k, the agent charged her 30k, he made 20k from her and lied to her that FG said nothing. Lol.

Company registration is charged depending on share capital. For 1m share capital, 30k. This 30k includes stampudy on new company registration Which is 8k for 1m share capital.

You opened a thread and no one has said otherwise. You are a kid and not worth talking to me.

Create it on business section

Hello, I sent you a DM please.

mrphysics:
Lol, you should show some respect little girl. I don't know when last you saw a picture of an elder to know how elders look so as to respect one when you see him/her.

Maybe this thread would once and for all expose your ignorance of how the real world works.

While I await those you mentioned to educate you, let me drop something for you to eat and be fed.


The CAC is the only body that can confer the certificate of incorporation to any business that approaches it for incorporation. Once given the certificate of incorporation, with RC number, such business becomes a company and is liable to file for annual return, pay Company Income Tax (CIT) and Education Tax. Such business will also receive a TIN and can apply for a Tax clearance certificate.

The only form of measurement of a company is through it's share capital not it's physical size. A company can even stay on a two bedroom rented apartment, yet is a company if incorporated with the CAC.

I think you are just an undergraduate with no relevant experience or knowledge, someone who has never walked into any CAC office across the country or worked with the CAC, you have not also incorporated a business, neither do you know the basic requirements for doing so. I find it an insult to your school who amongst all things did not build in you the instinct you need to recognize what is true.

Waiting for those you mentioned to say otherwise and I will know the right response to give to them. Until then, learn how to respect elders.

Hello boss, I'm scared the OP has deleted her username today. Most likely she couldn't bear the heat after she see some matured and meaningful conversations on here.

I was expecting her to just say sorry to all personalities she has attacked and everybody will move on. It's a bit painful if she actually delete her account in relation to this thread.

I hope she must have lent something from here and she will be more guided going forward.

Wishing her the best.

INTEGRITYA1:


Hello boss, I'm scared the OP has deleted her username today. Most likely she couldn't bear the heat after she see some matured and meaningful conversations on here.

I was expecting her to just say sorry to all personalities she has attacked and everybody will move on. It's a bit painful if she actually delete her account in relation to this thread.

I hope she must have lent something from here and she will be more guided going forward.

Wishing her the best.

She is a controversial nairalander. She spends most of her time on romance section where they discuss sex and relationship. Yesterday, she made a comment that she is dating a nairalander and some people tried to dig up who that person is. She got angry and deactivated. She still come to nairaland and comments with the username @grabhisballs. This is the kind of person that made such statements above.

mrphysics:

She is a controversial nairalander. She spends most of her time on romance section where they discuss sex and relationship. Yesterday, she made a comment that she is dating a nairalander and some people tried to dig up who that person is. She got angry and deactivated. She still come to nairaland and comments with the username @grabhisballs. This is the kind of person that made such statements above.

Hmmn, they fit each other. The whole picture just became clearer. They both find it difficult to make comments without adding insults.

faithfull18:


Hmmn, they fit each other. The whole picture just became clearer. They both find it difficult to make comments without adding insults.

Honestly, I just got to know the level of people I gave my precious time to. I knew from the way they talk that they are low on the food chain.