How to upgrade your business name to a limited liability company in Nigeria

How to upgrade your business name to a limited liability company in Nigeria

December 09, 2021

To upgrade your business Name to a Limited liability company, you must first apply for the consent to upgrade your business Name from the Registrar of the Corporate Affairs Commission (CAC). If it is denied, you won’t be able to proceed.

It can be denied on the basis that a company already exist with a similar name or for whatever reason the registrar deems fit. However, upon approval of a request for consent, you can proceed with the application online.

The application for consent is done on the CAC portal. After approval, you can then input the required details for the registration of a limited liability company. The details required here includes details of the company’s shareholders, directors and company secretary where applicable.

This new application process is totally different from the old process where a business name owner was required to apply for cessation of business before proceeding with upgrade.

Team 618 Bees

 

 

618 Bees can help you quickly and easily help you upgrade your Business Name to a Limited Liability Company in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the Corporate Affairs Commission (CAC).

 

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
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