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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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. 
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • 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
  • 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 is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • Why should I protect an industrial design?
    1. It gives commercial value to the owner.
    2. It protects the owner of the design from imitation of the design..
    3. It constitutes an asset of the company and it helps in fair return on investment.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • 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 do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
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