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

Comment and get in touch in order to benefit from our business registration Promo. 08109402458

I am on a Mission of helping Small and Medium-Sized Entities(SMEs) stay afloat comply with regulatory requirements.
What is Small and Medium-Sized Entities?
SMEs have different definitions based on various provisions and authorities.
The Tax Act define small companies as Companies with turnover of between N0 and N25m annually while it define medium-sized companies as companies with annual turnover between N25m to N100m.
Companies and Allied Matters Act Define small companies as Companies with turnover not exceeding N120 million; and
its net asset value should not exceed N 60 million.

Now you can decide if your Company/Business is an SMEs

Some regulatory Compliance you should ensure as an SMEs
1. Registration with regulatory agencies: Small business are required to register with regulatory agencies. For businesses, NGOs and Companies, you are required to register with Corporate Affairs Commission (CAC). Cooperative societies are required to register with Ministry of Commerce.

In addition, we also have industry specific regulation which is applicable to entities operating within a certain Industry. For example, entities dealing with foods and drugs are required to register with NAFDAC, while some entities are also required to Register with Standard Organization of Nigeria (SON) Please note that it is illegal to carry on a business in Nigeria without proper registration with relevant regulatory agencies.

2. Registration for Tax: Value Added Tax(VAT) registration is one of the mandatory requirement for all business. All Corporate entities are expected to have Tax Identification Number (TIN). Having TIN does not mean you will be asked to pay tax. Tax is paid on a particular basis such as profit, consumption, income and commodities. Businesses are also encouraged to get proper enlightment on how tax work as tax evasion is a criminal act in Nigeria law

3. CAC Annual Returns: All Companies registered with Corporate Affairs Commission are required to pay N5,000 annually as annual returns. Most Companies default in doing this.

Penalty for not Complying

Your business is at a big risk if you fail to comply with various regulatory requirements. You will be subject to penalties and you might be stopped from carrying on business in some instance.

You can reach out or comment if you need discount on registration, clarification, compliance, tax clearance, and how your business can stay afloat
08109402458

Business is said to be any activities carried out in order to get a return(Profit). Business could be either sales of goods(e.g, trading) or provision of services (e.g lawyer, consultancy). Business owner(s) is the person(s) who owns a business. The owner(s) of a business depends of the type/structure of 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 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 characterised by it’s legal structure. The law recognised 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 which has a minimum of 2 members and maximum of 50. The Company shares can’t be traded at the stock exchange, but it’s shares can only be subscribed to by the members of the company.
(b) Public Limited Liability Company: The name of these type of Company always end 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

Business Registration in Nigeria
In Nigeria, the body charged with the registration of Company and business names is the Corporate Affairs Commission(CAC). According to section 7 of Companies and Allied Matters Act(CAMA), the functions of CAC consist of the following:
(i) To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies
(ii)The Commission also registers Business Names , and incorporated Trusteees as well as provises a wide range of ancilliary services.

Why your Business should be registered

Let’s go through this senerio:
Ade and Tolu are into seperate business. Ade is an entrepreneur who makes durable pampas for ladies with the best quality materials. This has been his line of business for several years, and he has a large customer base. Ade operate in the ancient way in which he doesn’t have a brand name, nor a registered business. His customers tag his product “Ade’s Pampass”.
Tolu, a new entrepreneur joined the business of making pampas. Tolu who is self educated in business got a brand name for his business and registered with “Ade Pampass Ltd” . Tolu started making Pampas with his new Company name, but his pampas are not as quality as that of Ade. Now, customer can’t differentiate between the two Ade.

Ade sales was grossly affected as they now divide Ade customer base. Ade couldn't take any action as his business was not registered. Tolu might even take a successful step in stopping Ade from calling his name Ade pampass.
Tolu run a business that is recognized by the law , whereas Ade run a business that the law doesnt know about its existence.

From the above senerio, i think we must have been able to depict why its important to register your business. Registering your business will help you safeguard your business.

Benefits of Business Registration:
1) Legal Benefit: A business name or company name duly registered with the commission(CAC) is considered to be recognized by law. This give a better image to the public that the business is not illegal in nature. Registering your business name will equally give you a legal right, as no other person can register with that name, or a similar name.
2) Business Formality: Registering your business name will enable you formalise your business. A Company or business name duly registered with the commission will be able to own a corporate accounts with Financial institutions.
3) Expansion of Scope: As a business one of your focus will be to expand your client portfolio or to grow your clientele. These can be achieved by bidding for contracts and jobs. Part of the condition for bidding for most contracts and jobs is to have a CAC certificate of registration. Nobody will trust you and your business if you are not registered.
4) Access to loan and grants: Businesses seek to obtain loans from various institution. Part of the condition for obtaining such facility is to have a CAC certificate of registration. Nobody want to part away their funds to someone they do not trust, so they mostly make CAC certificate of registration a requirement.

How to Register your Business/Company


The Corporate Affairs Commission(CAC) has simplified the process for every Nigerians so everything can be done online. You can visit the CAC website to checkout the process.

Our Company (UPI Consult) is a Financial and Consulting company. Part of our service is to help clients get their Company registered . You can contact us on 07069315012, 08109402458 for guideline on registering your company.

Do the needful today and safeguard your business

You can also read in the link below
https://medium.com/@wahabgcfr/why-you-should-register-your-business-1ed66435776f

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Good day dear Uniosun Aspirants, we are Using this medium to introduce you to Liberal Educational Consult, we help Uniosun aspirants in getting necessary information they need to gain admission into Osun State University.

Among the things you need to secure admission into Osun State University are:
1. Five (5) O'level credit (Mathematics and English is Compulsory)
2. You have to Score not less than 180 in Jamb.
3. Being an indigene of Osun State is an added advantage. 4. You have to score not less than 45percent in Post Utme. Kindly join Uniosun Aspirants Whatsapp Group so as to get more clue, help, and support on how to gain Admission to Uniosun,how to get Past question and also Online revision classes.

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