₦airaland Forum

It's not compulsory that she knows everything but when you are being taught the things you don't know, then humble yourself and learn.

Spending all her days in Romance section and thinking everyone falls into the class of people that live their life on that section is wrong and should be avoided.

faithfull18:
What? I don't know your lecturer. I took courses on entrepreneurship in a govt owned institution, my lecturer doesn't own/run a business not even in the past. Classes were taught with case studies. I work and interact with people who own business/companies.

Writing a book about a subject matter doesn't automatically make you an authority on it.

I am more interested in the 'doing' part and what works or doesn't work.

I have seen someone who wrote a book on marriage worth N5000 whose marriage failed. Tell me something else.

The back and forth is tiring. I rest my case here.

You should have ignored her. She's just a student and her monthly feeding money isn't up to your pension allowance. She has never worked before, neither have she been in where she thinks she studied is applied in real life. She is a kid who needs help. Her ego wouldn't allow her to say Thank you for educating her. So bad that the country breeds such people.

When they carry this kind of attitude to the work place, they get stuck to a particular place and not make progress. She's a kid.


When It comes to CAC matters, I am a consultant. When it comes to FIRS, I also consult. Today, I just get back from a meeting with team from Ghana who came to see what we did for FIRS. So while will I tell this kid something and she will be all over the place arguing what she has no knowledge about rather than academic copy and paste and junior secondary school business studies.

Do she know how many lawyers, chartered accountants and chartered secretaries that calls to make inquiry about registration requirements for company incorporation.

PatrickOkunima:
There are 3 types of companies, viz:

1. Unlimited Company

2. Company Limited By Guarantee, and

3. Company Limited By Share

Under No. 3 is where we have the Private Limited Company (LTD) and Public Limited Company (PLC).

Other businesses: Sole Proprietorship (One Man Business) and Partnership are not really companies, though most people refer to them as such.
That's the reason one man business owner and partnership business do not pay company income tax. From the standpoint of the law, a one man business owner is the same or not different from his business. Same goes for partnership.

A company is a person on its own, different from it's promoters. Can sue and be sued in its own name. The assets of a company are distinct or different from that of its owners.

Be you a Company owner, Sole Proprietorship Owner or Partnership Owner, you are a CEO.

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.

dennel:
I’m a chartered accountant...! Wud have loved to mak it crystal clear to you but you seem bn sentimental n conclusive about the CEO or M of a tn* lemme know if we actually wanna deliberate or smtn! Nothing to talk about sef...!

Companies are businesses... businesses are companies, I think whr you missing it is considering the capital and size of the investment which made you talk about Directors and co the other time* Your son cud be registered as one of your Directors you know?

I told her this and she was very ignorant to read it. We are consultants that automated the CAC company registration portal. I know everything about pre incorporation, incorporation and post incorporation.

What she failed to understand it that once a business or company is registered and has an RC number attached to it, irrespective of where they operate from, they are a company. And whether your business is a one bedroom flat or not, during company registration, you must enter details of first directors or second director, company secretary details according to your share capital.

She is an undergraduate who hasn't graduated or known what the world is. As students, they are proud and does not want to be helped.

kimbraa:
Stop calling those your league of ignoramus into this thread. I told you I was going to get Nairaland to educate you, not some dumb romancelanders.

Cc: Lalasticlala.

This would be my last mention. Until they come to educate me.

Learn some respect kid, common sense is not sexually transmitted.

zekepio:
Boss, I sent you a mail.

For now boss, my mail doesn't go.

Why not drop the message here.

kalex0:
please how do I request for the payooner ATM card so that I can withdraw my money from my first bank ATM?

Log into your payoneer and Request for a payoneer card.

To add again, this thread should have been created in business section not career section.

cc Faithful18

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.

Saheed69:
it seems I'm unable to upload pictures

But here is breakdown
Exchange rate from www.xe.com
For $1k #363,041.03

Exchange rate from www.finder.com
For $1k is #358,843

I saw this two websites from payooneer blog on how to calculate exchange rate

The real exchange rate is the one Nigerian banks are using. Except if those sites will exchange the fund and send the equivalent to your Nigeria Bank

Saheed69:
Thanks bro the amount I want to withdraw is over $1k. I don't know how true this is, I saw this two exchange websites on payoneer blog to calculate their exchange rate. I don't know how true this is?

Do you have a Dom account? if yes, withdraw to your bank bro.


What are the exchange websites?

Saheed69:
Good evening to all the bosses, please my make payment option on payoneer was removed today. Is there any way I can get it reactivated? If not what's the best option u can suggest.

Bank withdrawal, ATM or sendvalue?

I will be honest with you. The Make A Payment functionality removal is permanent.

Sendvalu no longer exchange dollar unless you manipulate the system which ends up giving you low exchange rate. So it's currently not an option. Bank Withdrawal happens only when you have up to $1k on your payoneer account. You can't withdraw a lower value.

So your only option now is ATM, not all ATMs but First bank or Access bank ATMs. I would strongly recommend First Bank. Anything you have in your payoneer account, multiply it by 330-332, that is the naira equivalent. So when you go to ATMs, you already know how much you want to withdraw. Each mistake on the ATM will cost you $1.

Many thanks

Colourich:
I know CAMA and I've gone through its content, so?

You have not. If you have, You won't say the things you have said today

faithfull18:
It can be tiring too sometimes. I remember we got a name and were almost done only for us to get a mail that there was another company having a similar name. We had to restart the process all over again by coming up with a new name.

Some people know what to do but would rather pay someone to do it for them. Getting things done in Nigeria comes with stress.

I understand. It's quite a simple process. Usually, you will be giving option of choosing two names and one would be approved. Maybe you didn't provide two names.

Secondly, Lawyers who has just been called to bar, use it to earn a living.

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.

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

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

Sure, go ahead

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.

You are inexperienced

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.

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

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.

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.

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 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.

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?

Colourich:
I know that businesses are classified as SMEs but then you are beating round the bush. A sole proprietorship cannot be a company, there is a huge difference between a company and a sole proprietorship. Please don't say this outside, its embarrassing, I'm telling you now, when I was in school, my lecturer personally explained this to us, cause in Nigeria, you will see someone with a small scale business answering "Emeka group and company" What company?

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.

Colourich:
I hope you know that sole proprietorship is a one man business and the moment it grows and become a company, you can no longer refer to it as a "Sole proprietorship", because before you register a company, there are requirements which Corporate affairs commissions give that you need to have before your business is being referred to as a limited or unlimited liability company or a private or public company and that includes you having shareholders, directors etc. So you can call it a sole proprietorship if it has been registered as a company, its no longer a personal business, its now a legal entity. Its also the same for mergers and acquisitions.

Yeah. I think the problem here is you understanding that registration of a business as a company does not stop it from being a sole proprietorship business. In business-sphere, businesses are best classified as SMEs not sole proprietorship and the rest.

Registration of a business and having an RC number does not stop your business from being a sole proprietorship. Walk around owerri, especially those spare parts business areas and you will see one man business having an RC number.

What separates many businesses is the share capital and the type of LTD they register. It is during the incorporation process that you appoint who your first director or second director and secretaries are.

Colourich:
We are saying the same thing Na. So what else are you saying?

Maybe we are saying the same thing.

A sole proprietorship business can be registered as a company and can also have directors (shareholders up to 4). This is the point I want you to understand.

Colourich:
A company is a registered entity with liability, get your fact right, a business can be registered and still not be a company, yes I know you can register your business, but still in the event of a liquidation, the owner will still lose his own personal money in the process unlike a company.

You just repeated exactly what I have been saying.

You don't register a business, you only register a Business Name (BN). When you register a business name, you are still an individual and pays tax to your state government. Business Name registration is a pre incorporation process if you ask me. A business registered as a Business Name (BN) can not bid for government contract. What business name offers you is only to use the name to make transaction or open a current account. There is nothing called a registered business that does not have RC number, rather there is a registered business name. What I may call registering a reserved name.

highqueen:
Happy Sunday to you dear
You don give me mention tire.

Was trying to differentiate between you and kimBRAa.

Colourich:
I an not an undergraduate and you can't tell me what I know, you are fond of doing this, trying to teach business students their area even when its obvious you don't really have much idea about it.


Read my post again, I added some things.

Lol, you added something that is a general knowledge.
You seem not to understand it. I aren't interested in the CEO name nonsense.

I am only interested in saying that a sole proprietorship must not have a director or directors. While she is right in some ways, she doesn't really know the things involved.

First, when you want to register your company, no one asks you whether you are a sole proprietorship, partnership or the rest. You select the type of LTD company you want to incorporate. The use of sole proprietorship is an academic way of classifying a business.


Now in real world, there is no difference between a business or a company. A company is a business too. The difference is what you are registered as. One can run a barbing shop and yet it is a business perhaps an enterprise that pays tax to the state government because he is an individual.

You can register your business either as a Business Name (BN), Registered Company (RC), or Incorporated Trustees (IT). Not as sole proprietorship, or partnership and the rest.


This is what is in the real world not what you read in your teachers notebook. This is not about studying business administration or whatever has business attached to it.