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Understanding Business Name Registration In Nigeria

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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