Registering a business is a step every enterpreneur is, as a matter of
law, expected to take before commencement of business. The Law gives
every business owner who does business in a name other than his/her
name, 28 days after commencement of business to register such business
name.
Registration is conducted at the Corporate Affairs Commission. I shall
treat the steps and processes involved in business name registration
in my next post, but lets look at the benefits of registration of
business name:
(1) It accords the enterpreneur an undefilable monopoly over such
registered name.
(2) The enterpreneur can open a bank account in the name of the
registered business.
(3) It boosts business trust between the enterpreneur and his/her
clients or customers.
(4) The enterpreneur's chances of obtaining loan facility are higher.
(5) The registered business is recognized by the Law as it graces the
government's data base of lawful businesses within the State.
(6) The enterprenuer can comfortably transact in the registered name.
(7) The enterpreneur can conveniently imprint the registered name on
letter heads, receipts, business cards etc without fear of whether
same name is used elsewhere by any other person.
These and many more are enjoyed by registered business owners. Take a
decisive step to get your business registered. You can do this by
going to any Corporate Affairs Commission in your State or you can
employ the services of a legal practitioner around you.
