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

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • 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. 
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • How long does the registration of an industrial design last?

    It is effective for an initial period of 5 years from the date of the application for registration and renewable for two consecutive periods of 5 years
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • How many directors do I need to start a company?

    A minimum number of one (1) adult director is required to form a company.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp