Many business owners and entrepreneurs are asking, what are the very advantages of a business Name over a Company?

Advantages of Business Name:

Below are the advantages of Business name over a Limited Liability Company in Nigeria:

Business name requires little capital

Business name is easy to register

Business name requires less formalities

A sole person can register a Business name

Profit of the business is solely owned by the owner

Tax liability in Business name is minimal

Decision making is easier with Business name. ie No need for board resolution or annual meetings.

Level of ownership, shareholding, investment and interest are not publicly recorded

Easy conversion process. i.e a business name can be converted to a limited liability company, in the event the business expands rapidly.

Keep in mind that a business name can be converted to a Limited Liability Company, whereas a limited liability company cannot be converted to a business name. A business name can be converted to a limited liability company in the event the business expands rapidly.

This article is focused on business name registration in Nigeria. The steps and procedures are similar to registration of Limited Liability Company or an incorporated trustee except for some additional information and document of others in the proposed company and difference in fees to be paid.

Business Registration In Nigeria

As an investor or entrepreneur, business name registration is one of the essential requirements for starting a business.

There are so many benefits you will get from your business registration. If you haven’t registered your business, please start making the necessary steps to register your business.

Business registration is not that difficult as you will see in this article. A long time ago, in order to register your business online in Nigeria, you will have to go through a lawyer or an accountant and it could take a very long time, but today you can register your business online at the comfort of your home, with your laptop and internet connection.

The entire process should ideally take about 1 week, depending on the workload of the CAC at the time.

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