Business is said to be any activities carried out in order to get a return(Profit). A business could be either sale of goods(e.g, trading) or the provision of services (e.g lawyer, consultancy, contract). Business owner(s) is the person(s) who owns a business. The owner(s) of a business depends on the type/structure of the business.
Structure of Business:
1. Enterprise: An enterprise is a type of business owned and controlled by one or two persons, which can be in form of Sole Proprietorship or Partnership. The owners of the enterprise are called PROPRIETOR(S), and they actively take part in the day-to-day running of the business, except in the case of a dormant partner.
2. Company: A company is an entity majorly characterized by its legal structure. The law recognized a company as being different from its owners, therefore becoming a separate legal entity. A Company could be of the following form:
(a) Private limited Liability Company: This is a type of Company that has a minimum of 1 member and a maximum of 50. The Company shares can’t be traded at the stock exchange, but its shares can only be subscribed to by the members of the company.
(b) Public Limited Liability Company: The name of this type of Company always ends with Plc. The company owners must be minimum of 7 with no maximum, while its shares can be traded at the stock exchange and subscribed to by members of the public
Other types of Company
(c ) Public Limited by Guarantee
(d) Unlimited Company

WHY YOU SHOULD REGISTER YOUR BUSINESS WITH CORPORATE AFFAIRS COMMISSION (CAC)
1. Access to Loan and Grant
2. Opening a Corporate Bank account with the name of your business
3. Gaining business trust from your customers and vendors. People have more trust in a registered business
4. Legal recognition: an unregistered business is not known to be law. Thus, it may be said to be illegal
5. Safeguard your business name: Business name is said to be unique, no two business bears the same name. Registering your business will give you authority over the name

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