4 Secrets About Business Name Registration – Complete Guide
Entrepreneur or small business owner who intends to go into a business must decide on the legal form in which the business will operate. This involves getting a good business name registration ideas that suite the type of products you offer.
A business could either take the form of a registered name or an incorporated company.
A business name is registered with Corporate Affairs Commission (CAC). The CAC part B of companies and allied matters ACT (CAMA) of 1990 in registering a business name.
Business registered under this part are sole proprietorship and ordinary partnerships.
The following steps are taken in order to register a business name conveniently.
STEP 1: Reservation Of Name:
An entrepreneur or small business owner who intends to register a business name will supply proposed alternative name options in the prescribed form to CAC (CAC registration form). Thereafter, names supplied are available.
STEP 2: submission of the following documents to CAC;
- The approved reservation of name form
- Duly completed business name registration form
- Two (2) passport photographs of the person (s) seeking registration of a particular business name
- Certificate of professional qualification
- creative business name ideas.
STEP 3: Payment of prescribed fees and stamp duties
STEP 4: Registration and provision of certificate.
Yeah! I called these 4 steps “4 secrets about business name registration” because they are the main things to consider while setting up a new business.
Registering a business name is highly important because it authorizes you under the law to use it for business, and it also qualifies you to do business with government agencies or partner with big business.
Besides, people would be more comfortable doing business with you or paying into your bank account with a registered business name. For these reasons, every business organization needs to acquire some catchy business name ideas. If you can’t come up with business name ideas there some business name generator free online which you can use to get some business name suggestions.