Business Name (also called Enterprise) is the most basic form of business registration in Nigeria. Below are things you need to know about Business Name.
- Business Name is not a company:- Though it is regarded as a business structure, it is not a legal entity. It is a mere registration of a name being used for business.
- As a Business Name, it can not sue and it cannot be sued as it is not a legal entity.
- As the owner of the business, you’re not protected from the labilities of the business. For instance, your personal properties can be seized to pay for your business’ liabilities.
- There are two forms of Business Name registration; there is Solepropriety which involves only one owner and there is Partnership which involves more than one owner.
- You can open a business bank account with a Business Name registration.
- Business Name does not pay federal income tax, but you’re still required to pay Value Added Tax (VAT) and your personal income tax
- You’re required to file an annual return with the Corporate Affairs Commission
Do you have any question about business name registrations or you need help with starting a business, feel free to get in touch with us through any of our contact channel.
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