Business name, also known as an enterprise is covered under Part B of the CAMA, is a fast and easy way to get your business registered in Nigeria, doing business name means the business is owned by a sole proprietor or a between very few partners (2 to 4). Section 574 (1) CAMA makes it mandatory for every firm, individual or corporation required to be registered under Part B, to be registered within Twenty-Eight (28) days from the date of the commencement of the business for which registration is required. Business name registration is said to be the most convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name takes less time compared to the procedure for company registration in Nigeria. Its major advantages include simplicity in registration and affordability.
Private company limited
A Business registered as a private company limited by shares is a legally separate business entity, with an authorized shareholding which defines the shareholding liability. It simply means that the directors and shareholders of the company have limited liability in the Company.
Many business owners that want to register their business with the Corporate Affairs Commission (CAC) find it difficult to understand the difference between a business name and private limited liability company.
The difference between a business name and a private limited liability company is that a business name is registered, owned and operated by an individual(s) only. There is no separate legal entity like the private company and such an individual is legally liable for all losses accrued to the business.
To register a Non – Governmental Organization (NGO) means your organization has no affiliation to the government and would exist to help those in need or provide educational, scientific, religious and artistic assistance to members of the public. Under Nigerian law, all charitable foundations are also classified as NGO. Such organisations are not solely for profits making, but rather to better the lives of people and meet the specific needs of society. NGOs may be funded by the United Nations agencies, corporations or any individual donors, and the donations are used to support their costs and humanitarian activities of the organization.
NGO or Charitable foundation may be registered as a Company Limited by Guarantee or as an Incorporated Trustee. However, it is always preferable for any NGO or foundation to be registered as an Incorporated Trustee under Part C of the CAMA.