Are you a business person or intend to start a business soon? Do you know that unless you have your business name registered, you cannot claim ownership of the business name if anyone registers that name you cherish so much before you do? In fact, the person can take you to court for using the same name.

You can have your business registered as a Business Name or company. If you have a charity organization, it is also important to have it registered in law.

Before discussing the benefits of having your business registered, let’s talk about how you can decide whether to register your business as a company or a Business Name.

COMPANY
If you have different businesses going on at the same time or have a single business at the moment but intend to diversify in the future, it’s best to register your business as a company. As a company, you are allowed to venture into different kinds of businesses and in law, you are seen as a different person from your company. What this means is that you cannot be personally held liable for any debt owed by your company. The company will be held liable for any wrong committed by it and not you.

If you have investors willing to invest in your business and own a stake in the business, registering your business as a company is your best shot. Your business also enjoys the benefit of perpetual existence as the death of a director or shareholder of the company would not affect the existence of your company.

BUSINESS NAME
Registering your business as a Business Name means you alone run the business and not looking to diversify in the future. This business model is perfect for those who run small businesses such as a little shop, supermarket store, thrift business, carpentry, etc.

This business model is also for those who want to have full control over their business and enjoy the profits of the business alone. However, it is important to point out that when you register your business as a business name, you will be personally held liable for the liabilities of the business. The business also dies with you as your family cannot continue operating the business after you are gone.

Having your business registered comes with a lot of benefits. It gives you a unique identity because your business is recognized in law for life. When you register your business, your customers take you seriously and want to do business with you. Banks are also willing to grant you credit when your business is registered.

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Good day, is the cost of company name and business name same?

Techreliance:
Good day, is the cost of company name and business name same?

No it's not, incorporated businesses usually cost more

Techreliance:
Good day, is the cost of company name and business name same?

No sir. The registration of company costs more.

Have a good weekend

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Confirmed reg. agent here

Good morning. Get in touch with us today let's have your business registered