Well, I can't even believe I'll be here asking such an 'absurd' question, but it's clear to me that while google has made things easier for people, some have decided to remain ignorant. Someone by the moniker, Mrphysics, who claims to have incorporated companies claims all businesses are companies. I guess that explains why once a Nigerian opens an enterprise; the next big thing you see on his/her social media profile is 'CEO' of so and so. I would have allowed him to live with his ignorance, but what are sisters for?

So, my beloved Nairalanders, those in business administration, Accountants, Economists and those who must have incorporated businesses; this boy claims he incorporated a business and it was registered as a company. Isn't there supposed to be a difference between SMEs and Companies?

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.

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

cc Faithful18

mrphysics:
[s] 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. [/s]

I didn't ask you anything about CAC, neither did I ask you anything about how companies are 'Incorporated'. You now sound like you're trying to prove you're smart. I'd to cancel your post 'cause all you succeeded in doing once again is beating about the bush with the little information you got on google.

What you wrote here is about 'Incorporating a company', that isn't, and has never been why I told you I was going to help you create a thread so you could get educated.

For your information, the CAC you mentioned has its requirements before an establishment can be called a 'Company'. Secondly, CAC distinguishes between SMEs and Companies.

Back to why this thread was created, did you say once businesses are incorporated, they're automatically companies? This is where you and I have a bone of contention. Keep your experience aside, you and I know you don't have any.

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

cc Faithful18

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.

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.

mrphysics:

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

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

Calling people kids doesn't make you an adult/elder. Someone who doesn't know the difference between a 'Company' and an 'Enterprise' is calling me a kid.

I saw where you lauded 'CAMA'. See eh... just stick to sex, and romance matter, you don't know shìt. Google would have been of help if only you knew what to search.

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

cc Faithful18

It's Faithful with an extra 'l'.

[quote author=kimbraa post=73730747]Calling people kids doesn't make you an adult/elder. Someone who doesn't know the difference between a 'Company' and an 'Enterprise' is calling me a kid.

I saw where you lauded 'CAMA'. See eh... just stick to sex, and romance matter, you don't know shìt. Google would have been of help if only you knew what to search. [/quote


I think you should have checked google as you suggested earlier...! Just did for u sha

Dennel, your google search didn't answer the question. By the Way, I was asking for answers from those who're grounded in either Accounting or Economics.

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.

I normally don't do this but I am going to make an exception for you. I think you are the ignorant and obviously unintelligent one trying so hard to sound intelligent. You attack personalities more than you attack issues. You really need to be educated.

Nothing has changed, a company is a business, they can be used interchangeably. To register your business as a sole proprietorship with the CAC, you don't need directors.

As long as I have a business, I am a CEO. If it's registered with the CAC, good for me.

I had to take out time to ask bosses, I even read out what you posted here and they all agree you are very ignorant.

Lastly, I ain't a romancelander or whatever you call it, this particular title caught my interest. You should also duplicate this thread in the business section as Mr. Physics suggested, so we get to hear different views.

faithfull18:

I normally don't do this but I am going to make an exception for you. I think you are the ignorant and obviously unintelligent one trying so hard to sound intelligent. You attack personalities more than you attack issues. You really need to be educated.

Nothing has changed, a company is a business, they can be used interchangeably. To register your business as a sole proprietorship with the CAC, you don't need directors.

As long as I have a business, I am a CEO. If it's registered with the CAC, good for me.

I had to take out time to ask bosses and they all agree you are very ignorant.

Lastly, I ain't a romancelander or whatever you call it, this particular title caught my interest.

You're either too dumb to understand a thing before jumping into discourse where your intelligence is limited.

Young lady, this is my field. So, by right, I'm in a place of authority to tell you what is, or what isn't.

You said you were told that companies are businesses, but were you also told that businesses are companies? I hope you're able to spot the difference? That is: all companies are business entities, but not all businesses are companies, so you can't use them interchangeably. Maybe, to the layman it is, which is where you belong. And hey, owing a business doesn't make you a CEO. Could you please drop where CAC told you that. Nairaland Clowns!

faithfull18:

I normally don't do this but I am going to make an exception for you. I think you are the ignorant and obviously unintelligent one trying so hard to sound intelligent. You attack personalities more than you attack issues. You really need to be educated.

Nothing has changed, a company is a business, they can be used interchangeably. To register your business as a sole proprietorship with the CAC, you don't need directors.

As long as I have a business, I am a CEO. If it's registered with the CAC, good for me.

I had to take out time to ask bosses, I even read out what you posted here and they all agree you are very ignorant.

Lastly, I ain't a romancelander or whatever you call it, this particular title caught my interest. You should also duplicate this thread in the business section as Mr. Physics suggested, so we get to hear different views.

Colourich, come and see what they're doing to your profession

And she ended by saying she asked bosses. I guess those ignorant entrepreneurs who use "Okeke and sons group of companies" when they're enterprises are the bosses she asked.

kimbraa:
Dennel, your google search didn't answer the question. By the Way, I was asking for answers from those who're grounded in either Accounting or Economics.

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?

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.

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?

If you are actually a chartered Accountant, I would have known. You won't have had to answer me with feeds from Google.

And hey, businesses aren't companies. There are clear difference between sole proprietorship, partnership, and companies and likewise their Accounts. Tell me something else about yourself other than being an Accountant.

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.

Thanks a lot for that contribution. I hope they learn, but do you know that you can own a company and not be the CEO? Most CEOs are appointed. Board of directors, MDs/CEOs are features of a company.

kimbraa:
You're either too dumb to understand a thing before jumping into discourse where your intelligence is limited.

Young lady, this is my field. So, by right, I'm in a place of authority to tell you what is, or what isn't.

You said you were told that companies are businesses, but were you also told that businesses are companies? I hope you're able to spot the difference? That is: all companies are business entities, but not all businesses are companies, so you can't use them interchangeably. Maybe, to the layman it is, which is where you belong. And hey, owing a business doesn't make you a CEO. Could you please drop where CAC told you that. Nairaland Clowns!

You are either too old to learn or dumber than I thought, It's official.

You are an undergraduate for crying out loud. Most of what you are taught in school doesn't apply in the real world.

I still maintain they can be used interchangeably.

I can decide to use any title as a business owner. If I decide to use the 'CEO' title, it doesn't change anything.

You quoted me first, do us all a favour, link back to the thread in the romance section where this arguments started from.

You keep changing the goal post, joker!

kimbraa:
Thanks a lot for that contribution. I hope they learn, but do you know that you can own a company and not be the CEO? Most CEOs are appointed. Board of directors, MDs/CEOs are features of a company.

You seem to enjoy arguing. SMH.

You should also add a link to the previous thread where the argument started.

kimbraa:
If you are actually a chartered Accountant, I would have known. You won't have had to answer me with feeds from Google.

And hey, businesses aren't companies. There are clear difference between sole proprietorship, partnership, and companies and likewise their Accounts. Tell me something else about yourself other than being an Accountant.

Pot calling the kettle black. Most of what you posted were copied from Google and the post that was circulated about the reduction of amount paid for registration of business names by the VP.

kimbraa:
If you are actually a chartered Accountant, I would have known. You won't have had to answer me with feeds from Google.

And hey, businesses aren't companies. There are clear difference between sole proprietorship, partnership, and companies and likewise their Accounts. Tell me something else about yourself other than being an Accountant.

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!

kimbraa:
Colourich, come and see what they're doing to your profession

And she ended by saying she asked bosses. I guess those ignorant entrepreneurs who use "Okeke and sons group of companies" when they're enterprises are the bosses she asked.

Hahaha, you know nothing. I won't be saying more than that.

kimbraa:
Thanks a lot for that contribution. I hope they learn, but do you know that you can own a company and not be the CEO? Most CEOs are appointed. Board of directors, MDs/CEOs are features of a company.

It's common practice in companies, but not so common in partnership and sole proprietorship.

Are you a business student?

faithfull18:

I normally don't do this but I am going to make an exception for you. I think you are the ignorant and obviously unintelligent one trying so hard to sound intelligent. You attack personalities more than you attack issues. You really need to be educated.

Nothing has changed, a company is a business, they can be used interchangeably. To register your business as a sole proprietorship with the CAC, you don't need directors.

As long as I have a business, I am a CEO. If it's registered with the CAC, good for me.

I had to take out time to ask bosses, I even read out what you posted here and they all agree you are very ignorant.

Lastly, I ain't a romancelander or whatever you call it, this particular title caught my interest. You should also duplicate this thread in the business section as Mr. Physics suggested, so we get to hear different views.

Please which course did you study in school? cause you can't tell me you are more exposed and into the business world than the lecturer that took us on entrepreneurship, he also has a PhD, also who told us that not everybody that has a business is a CEO and not every business is a company. Nigerians are always quick to call themselves CEO even when they have a small kiosk where they operate their business, the fact that you registered that koisk doesn't make you a CEO, that vict.orian woman is a tailor, how can she call herself a CEO when she has a shop as a tailor in Lagos?

Colourich:
Please which course did you study in school? cause you can't tell me you are more exposed and into the business world than the lecturer that took us on entrepreneurship, he also has a PhD, also who told us that not everybody that has a business is a CEO and not every business is a company. Nigerians are always quick to call themselves CEO even when they have a small kiosk where they operate their business, the fact that you registered that koisk doesn't make you a CEO, that vict.orian woman is a tailor, how can she call herself a CEO when she has a shop as a tailor in Lagos?

A lot of lecturers don't practice what they teach. They teach based on what they were taught is suppose to be in an ideal world. The real world isn't ideal. I have taken courses on Entrepreneurship, practised and still practising.

It really doesn't matter. A CEO is someone who is in charge of operations in a company/business.

faithfull18:

A lot of lecturers don't practice what they teach. They teach based on what they were taught is suppose to be in an ideal world. The real world isn't ideal. I have taken courses on Entrepreneurship, practised and still practising.

It really doesn't matter. A CEO is someone who is in charge of operations in a company/business.

So you are telling me a person that has an award winning book in entrepreneurship which is sold for nothing less than 3k does not practice what he preach, lmao, I've seen it all, I'm pretty occupied, I'm done indulging in this baseless arguments. Ciao.

Colourich:
So you are telling me a person that has an award winning book in entrepreneurship which is sold for nothing less than 3k does not practice what he preach, lmao, I've seen it all, I'm pretty occupied, I'm done indulging in this baseless arguments. Ciao.

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.

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.

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.

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.

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.

PatrickOkunima:


It's common practice in companies, but not so common in partnership and sole proprietorship.

Are you a business student?

Yeah, Accounting to be specific. I noticed Nigerians throw the word around unlike people from advanced countries.