COMPANY REGISTRATION FORMATS IN NIGERIA

LIMITED COMPANY 

A Limited Company is legally a separate Business entity. Generally referred to as a legal being where the directors and the shareholders have limited liability in the business. When such a company is created, it has an Authorized share holding which defines the limit of the shareholder liability. This is the most viable options if the capital is being invested into the business by anyone who does not wish to be involved in running it.

SOLE PROPRIETORSHIP / BUSINESS NAME

A sole proprietorship is generally a Business Name (BN) Registered, owned and headed by one individual only. The person and his business are “one” legally. One has to maintain a careful record if he is self-employed. Such a person is legally liable for all the losses and profits in the business. If the business falters, is personally liable as he and the business are one and the same item.. On the bright side, he has complete control over his business and does not have to share his profits with any body.

PARTNERSHIP / BUSINESS NAME

A partnership is a Business Name Registered and run by two or more people together. A written agreement is at times necessary stating the terms and conditions of conducting the partnership business without harming the interest of either party. Profits are shared either equally or as per the terms given in the written agreement. The partners in a partnership just lime in a sole proprietorship are personally liable for acts of the partnership

Click the image below  to read about the difference between a ltd company and business name

https://rewsng.com/difference-between-a-business-name-and-a-ltd-company/



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