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Nairaland Forum / Nairaland / General / Investment / Which do I go for? Business Name vs Limited Liability Company? (205 Views)
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Which do I go for? Business Name vs Limited Liability Company? by stephenlegal: 8:23am On Aug 06, 2020 |
Have you wondered the reason a company ought to be held liable for a deed yet the owner(s) are not directly held responsible? For instance: A logistics firm, CrossPath, rendered unsatisfactory services to Mr Sam and a distressed Mr Sam desired to sue CrossPath. If CrossPath was registered as a Business Name, then the owners of CrossPath will be directly held responsible. However, if it was registered as a Limited Liability Company (LLC), then the owners of CrossPath will not be held liable, the company solely will be held responsible. Think on this: If your business will engage in risky activities e.g logistics, trading of stocks, then do a LLC registration for your business, if not then a Business Name will suffice. From Stephen Legal Blog, your guide in business and legal information.
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