How to legally close a Business Name which is no longer doing business.

How to legally close a Business Name which is no longer doing business.

November 14, 2019

In order to legally close a Business Name which is no longer doing business, one will have to file a Notice to the Corporate Affairs Commission for Cessation of business/removal of name from register.

Requirements for filing notice of cessation of business and removal of Name from the register of business names include the following:

  1. Notice of cessation of business by proprietor or personal representative of proprietor in case of deceased proprietor.
  2. Consent of partners in case of a partnership.
  3. Submission of certificate and documents of registration for cancellation.
  4. Photocopy of means of valid identification of the proprietor(s).
  5. Updated Annual Returns filing.
  6. Payment of the prescribed fees.

Once all of these requirements have been satisfied, file all documents with receipt of payment at the Corporate Affairs Commission close to you. This process can take about a month but soon after all documents have been vetted by the Commission and found to be in satisfaction of the requirements of the commission, the business name will be delisted and will no longer exist in the Register of Companies.

NOTE:

The personal representative should deliver the notice of cessation of business to the Commission within three months of cessation of the business

618 Bees can help you quickly and easily close a Business Name you no loner need. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application for cessation of Business with the Corporate Affairs Commission.

 

 

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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  • What additional documents do I require to file my Annual Returns?
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

  • What are the terms of a contract?
    • an offer and an acceptance.
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  • 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

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    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

  • What is the difference between licensing and assigning a patent?

    Licensing a patent means granting permission to another individual or organisation to make, use as well as sell the creation that has been protected by patent.

    A patent assignment on the other hand, is a finished exchange of patent rights starting with one individual then onto another person.

  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.

  • 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. 

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

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