Is registration of business name restricted to only an individual business owner?
No. business name can be registered by an individual business owner(otherwise called a sole-proprietor), a firm of partners or a corporation/company.
Where can I register my bisiness name?
Business name registration is conducted by the Corporate Affairs Commission(CAC) of the State where your business head office is/will be located.
Do I need the services of a lawyer to register my business name?
No. you are at liberty to conduct the registration of your business name personally. A business name can be registered by anyone but registration of companies and others is conducted by CAC accredited agents. However, there are some business names, registration of which are better conducted by a professional. Click here for more details on this.
Is CAC bound to approve my proposed business name?
No. CAC is not under legal obligation to approve every other business name you profer to it for registration. There are some names that are prohibited or restricted from regitration by the Law( Section 579 of the Companies and Allied Matters Act, CAP C20, LFN 2004). Your proposed business name is bound to be denied approval if it flouts any of thes restricted/prohibited name provisions.
What do I do if my proposed business names are denied by CAC?
Where your proposed names are denied, you have the grace to make another application for name approval. You then have to submit proposed names different from the names that were denied approval(CAC allows you to propose two names). You are candidly advised to get a lawyer at this juncture!
Why do I need to propose two names for approval?
Before you can register any business name at the CAC, you are required to conduct a search to be sure such name is available. In order to be on a safer side, CAC gives you an opportunity to propose two names for searches. The essence of this is that if your first option is not available, CAC will search your second option.
What are the steps to take to conduct business name search for availability?
Once you have the two proposed names you desire to register, proceed to the CAC and purchase CAC Form1, otherwise called availability check form. Fill in the two propsed names according to the order of priority in the option one and two boxes(read Step Two on this post for more details). Make a photocopy of the form, submit the original to CAC. Go to CAC with the photocopy 3 or more days later to check if either name is available.
Do I need to go to CAC for my business name availability search?
No. fortunately for all, the CAC has upgraded its e-transaction to accommodate this step. As such, you can process the availability of your proposed business name online. Visit http://services.cac.gov.ng/, register and sign in to have access to conduct your name search online.
Note, you will be required to purchase the search form(N500), you can use your ATM card or any other payment platform specified theron. This is faster and more convenient. Once your name is approved, print out the approval page and proceed to CAC. Click here for other steps to take thereafter.
Is CAC bound to register my business name after having confirmed its availablility?
No. CAC reserved the right to refuse registration of name, its availability notwithstanding.The chances of this happening will be minimized a greater deal where you contract a lawyer to handle the registration for you.
Why do I need the services of a lawyer to conduct my business name registration?
Though, you are at liberty to conduct the registration of your business name in person, here are some circumstances that could render the services of a legal practitioner indespensable:
- Registration of business, per se, is a thing of the Law and lawyers are professionally trained in this field.
- You may not have the time to go through the rigorous steps involved in business name registration.
- Some names are restricted or prohibited from registration. It takes a legal mind to clear a hurdle of this nature.
- The nature of business carried on by some businesses requires that a professional handle the registration, and here a lawyer becomes indespensable.
- When you make a comparative analysis in value/money’s worth the stress involved, constant trip to CAC, possibility of name denial, refusal of registration and many more inadvertent ommissions/commissions; and the token you will pay your lawyer to conduct same registration on your behalf, your guess would be as good as mine.
- Aside sole proprietorship, where the business to be registered is a partnership or/and where one of the partners is a corporate entity.
- And many others.
What are the benefits of registering my business name?
Click here to read a detailed answer.
What are the procedure for registration of business name at CAC?
Click here to read a detailed answer.
Do I need Memorandum and Articles of Association to register my business name?
No. Only companies registration demands such requirement.
Do I need to have a share capital to register my business name?
No. This is the sole requirement for the registration of companies(with the exception of companies limited by guarantee.
Thanks greatly for your time. You should have more questions, I guess. Please drop your questions using the comment box. Or contact me through my email- jaynnora@gmail.com
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