COMPANY LIMITED BY SHARES

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If a company is limited by shares it means that the liability of the shareholders to the creditors of the company is limited to the capital originally invested. Therefore, a shareholder’s personal property will not be used to pay the company’s debt. Private company limited by shares is the most commonly used corporate structure. Most companies, particularly small companies, are private. The features of private company limited by shares include: It has a membership of 2-50 persons. The name must … Continue reading “COMPANY LIMITED BY SHARES”

UNLIMITED COMPANY

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An unlimited company is a company which has no limit on the liability of its members. The company takes the benefits of incorporation but the members of the company do not have the full benefits of separate legal entity in terms of limitation of liability of members. Therefore, the members bear the liability of the company but the company does not bear the liability of the members. In an unlimited company, shareholders’ risk losing their money and their own property … Continue reading “UNLIMITED COMPANY”

UPGRADE FROM BUSINESS NAME TO COMPANY: NEW DEVELOPMENTS

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Until recently, the Corporate Affairs Commission (CAC) did not upgrade Business Name to Company. People who wished to use their Business name to register a company had an option of dissolving their Business Name and using the name to incorporate a company. But then CAC did not guarantee that the same name would be approved for company incorporation. CAC seems to have seen the difficulty experienced by Entrepreneurs in this respect and has reviewed the procedure. Now, one can upgrade … Continue reading “UPGRADE FROM BUSINESS NAME TO COMPANY: NEW DEVELOPMENTS”

REQUIREMENTS FOR INCORPORATION OF COMPANY

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Specific information to be provided for incorporation of company include: Name – The proposed name and alternative name of the company This will be used for the availability search. Address of registered office – This should be an address other than a post box or private mail bag. It must be a physical address. Nature of business – This means the aims and objectives of the business and sphere of operation. You can state the businesses you want to do … Continue reading “REQUIREMENTS FOR INCORPORATION OF COMPANY”

TYPES OF COMPANIES IN NIGERIA

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Companies are the most widely used business organizations. A registered company is recognized by law as a “person” with such rights and duties as are attributed to it by law. A company can either be a private or public company. The liability of a company can be limited by shares, limited by guarantee or unlimited liability company. The law provides for 6 types of companies – private company limited by shares, public company limited by shares, private company limited by … Continue reading “TYPES OF COMPANIES IN NIGERIA”

COMPANY LIMITED BY GUARANTEE

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Company limited by Guarantee is formed for the purpose of promoting commerce, art, science, religion, sports, culture, education, research, charity or other similar objects. The income and property of a company limited by guarantee are to be applied solely towards the promotion of its objects.   The specific features of a company limited by guarantee include: The company shall not be registered with a share capital. Its name must include the words “limited by guarantee” or its abbreviation Ltd/Gte. It … Continue reading “COMPANY LIMITED BY GUARANTEE”

BUSINESS NAME

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A Business Name is the name or style under which a business is carried on. Business Name can be registered as a Sole Proprietorship or Partnership business. Business Name helps to distinguish one business from another. One may ask: Must I register my Business Name? You will find out shortly. A Sole Proprietor does not need to register his business if he carries on his business under his surname, his surname and the initials of his forename, or under his … Continue reading “BUSINESS NAME”