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Registering a company would not be appropriate here because a company can only be formed by at least two individuals. If you are interested in running a partnership with more than twenty people, the option to go for is a company.
A business name can only be operated by a sole proprietor or not more than twenty partners, except in special cases of solicitors and chartered accountants 3. As earlier stated, a company enjoys a distinct legal personality from the founders, unlike a business name.
This can be likened to the birth of a new born baby. When a baby is born, it is separated from its mother and becomes a unique being. The same applies to a company. Once it is formed, it enjoys a separate distinct personality from its founders. But this is not so in a business name. It cannot sue or be sued in its name.
Since a business name lacks a legal personality, you cannot use the structure to own shares in an existing company.
Free Business papers, essays, and research papers. Business Ethics and the Global Dimensions of Business - This essay will examine the possibility of XYZ . CHAOS: THE BROADSHEETS OF ONTOLOGICAL ANARCHISM (Dedicated to Ustad Mahmud Ali Abd al-Khabir) Chaos. CHAOS NEVER DIED. Primordial uncarved block, sole worshipful monster, inert & spontaneous, more ultraviolet than any mythology (like the shadows before Babylon), the original undifferentiated oneness-of-being still radiates serene as the black pennants of Assassins, random & . Longevity/Continuity- A sole proprietorship exits only as long as the owner is alive or until the owner decides to sell or close the business.
And since a business name does not also issue shares, an existing company cannot own shares in it. If you already have an existing company and you want the company to own shares in the new business you are about to register, the best option for you is to register it as a company.
The maximum requirement for a private company is 50 members. Where the number of individuals who intend to own shares of a proposed company is above 50, the only available option for you is a public company. You can contact her through Startup Tips Daily Media for any further questions or enquiries concerning your business name registration and company incorporation.
This article has been edited for style and substance. We look forward to hearing from you! What are your thoughts on the difference between a business name and a company in Nigeria? Let me know by leaving a comment below.Types of Business Ownership Words | 5 Pages.
The sole proprietorship is the simplest form of business organization. A sole proprietorship is a business that is owned by an individual who is solely responsible for all aspects of the business.
A sole proprietorship means that a person does business in their own name and that one person owns that business as well (the word.
- Sole Proprietorship Sole Proprietorship is a type of business where the owner and operative of the business you work for.
Thus meaning the owner controls all aspects of the business from management, major decision, insurance, debts, and taxes.
A sole proprietorship may not be advantageous because the sole proprietor of the business can be held responsible for the debts as well as the obligations of the organization ("Advantages and Disadvantages of Sole Proprietorships", ()). There are two different types of partnerships, general partnership and a limited partnership.
Longevity/Continuity- A sole proprietorship exits only as long as the owner is alive or until the owner decides to sell or close the business. Boyer Valley Seniors Jenna Simon and Grant Kenkel invite you to attend their pancake supper fundraiser!
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