Nigerian Business Name Registration Service
With the expert team at SplashDict, CAC Business Name Registration process is quick, easy, and can be conducted entirely online in a few minutes.
SPLASHDICT
CAC Registration Support for Sole Proprietorship and General Partnership Business Names
A Business Name refers to the name under which a business operates, and it can be either a Sole Proprietorship or a Partnership. If a business is carried on by an individual or a corporate body solely, it qualifies as a Sole Proprietorship. However, if it involves two or more individuals or corporate bodies, it is considered a Partnership.
It’s important to note that a Business Name does not have a separate legal personality. This means it is not distinct from the proprietor or partners in terms of liability. The liability of the business owner(s) is unlimited.
If your business operates under a name that is different from your legal name, it is mandatory to register the Business Name with the Corporate Affairs Commission (CAC). Registering your business name grants it legal recognition, allowing you to open a business bank account, enter into contracts, and apply for necessary licenses.
At SplashDict, we simplify this process by offering expert support and handling all necessary filings with the CAC, ensuring a smooth registration experience.
Why Choose us?
Our Process
Sole Proprietorship Business Name Registration
Sole Proprietorship is one of the oldest forms of business operation in Nigeria. It is a type of business in which a person (known as a sole proprietor) owns and operates a business.
Also known as an enterprise or a ‘one-man business’, in a sole proprietorship business structure, the owner is legally the same as the business and bears the risks and liabilities incurred by the business.
However, a good fact about this business structure is that it gives the owner total control over decisions and access to the full profit. Additionally, it gives the owner the ability to operate a corporate business bank account.
This structure is ideal for small business owners, freelancers, artisans, and vendors who seek an easy and cost-effective way to start and run their businesses.
Key Features:
- Owned and operated by a single individual.
- Simple to set up and manage.
- Owner is personally liable for all business debts and obligations.
General Partnership Business Name Registration
The general partnership as a legal form describes a commercial enterprise run by several personally liable partners. The owners of a general partnership can be individuals or corporations—or both.
A general partnership has no legal personality of its own and is therefore not a legal person. On the other hand, it may be represented under its name in business dealings and acquire rights, and contract obligations or represent a party in deals, bring proceedings, or be prosecuted.
Key Features:
- Owned by two or more individuals who share profits and losses.
- Partners are personally liable for the partnership's debts.
- Requires a partnership deed to outline the terms of the agreement.
Comparison of Sole Proprietorship and General Partnership
| Feature | Sole Proprietorship | General Partnership |
|---|---|---|
| Definition | Owned and operated by a single individual | Shared ownership and management by two or more individuals |
| Ownership | One individual with complete control | Multiple partners sharing profits and responsibilities |
| Liability | Unlimited personal liability for business debts | Unlimited personal liability for all partners' debts |
| Management | Sole proprietor manages all aspects | Management responsibilities shared among partners |
| Taxation | Business income taxed as personal income | Profits passed through to partners' personal tax returns |
| Formation Requirements | Easy to establish with minimal regulatory requirements | Requires a partnership agreement; may benefit from registration |
| Credibility | May be viewed as less credible due to lack of formal structure | Generally seen as more credible due to multiple stakeholders |
| Business Continuity | Ends upon owner's death or decision to close | Can continue if partners agree, unless specified otherwise |
| Profit Sharing | Sole owner bears all risks | Shared risk among all partners |
| Risk Exposure | Minimal compliance and ongoing obligations | More regulatory oversight depending on business nature |
REGISTER SP | REGISTER GP |
Benefits of CAC Business Name Registration
CAC Post-Registration Service for Business Names
Maintaining compliance with the CAC's requirements is essential to ensure the continuity and credibility of your Business Name (Sole Proprietorship or General Partnership).
Whether you need to change your business details, file annual returns, or obtain certifications, our CAC-accredited professionals ensure your records remain accurate and up-to-date.
