Registering as a Business Name has a few benefits such as: - It is the most affordable and convenient in terms of registration modalities with the CAC as it comes with simpler requirements and procedure - It can commence on a small-scale plan - The business can be micromanaged by a sole proprietor or a partnership - It has its business trade name in the CAC’s registers and obligated to do its regulatory annual returns filing and fulfil other statutory obligations - Expenditure is manageable and financial business operations is at par with the income/profits - The proprietor(s) is capable of managing a considerable size of transactions.

On the flip side of registering an idea as a Business Name, as it not a legal entity, it means: - It does not have, so cannot enjoy the benefits of a corporate legal personality… - The liabilities of the proprietor(s) is personal and unlimited. He is obligated to resolve business issues in his own name and not in the business’... - Since it lacks an adequate financial structure of a capital base (share capital) it may not conveniently settle creditors or other 3rd parties… - The business name may lose its identity to a trademarks registration… - The Business Name structure may not be suitable for the actual business goals in comparison to the market needs it is intended to meet… - It may lose out on capital investment partnerships from interested investors - It is capable of being grounded with the exit of the proprietor or partner(s).

A LLC is a business entity that has a more formal structure with a share capital base, and is legally protected by the law. It has a legal personality distinct from its owner and enjoys a larger range of benefits including brand recognition, can acquire assets, can sue and be sued in its name, is preferred by investors, has perpetual succession and many other benefits. If your business intention has a large scale financial projection, then a LLC registration is the best way to go. It can be registered with a sole director/shareholder or a board of directors who act as managers of the company, and shareholders who are the first contributors to the company and enjoy equity vesting in the long run. The share capital structure of the company forms the financial base on which the company operates its business and which stands as a platform for sustainability.

Definitely you can! Upgrading your business is one of the best decisions for expansion goals you could ever make. You can upgrade/convert your Business Name (BN) to a Limited Liability Company (LLC) so it can have and enjoy all the rights and benefits of a corporate legal personality, and for the purpose of tax payment benefits. The Corporate Affairs Commission -CAC- recognizes that businesses would want to scale-up, and have made provisions for a conversion from a Business Name to a private company limited by shares. A few implication of a conversion is: - It becomes a legal personality and can conduct human-like activities such as acquire assets in its name, can sue and be sued, has perpetual succession, etc - There is a share capital base in place - It increases the profit margin of the business - There is a sole director/shareholder of a board and other shareholders who manage the affairs of the business and contribute to its financial structure So ultimately, the conversion vests on the business a legal personality with all the benefits that accrue to a limited liability company.

An Incorporated Trustees is a Non-Governmental Organization (NGO) and a not-for-profit entity that contributes a range of social, economic, sporting, educational, scientific, cultural or developmental growth in the society. This type of organization - that can be incorporated as a foundation or any other type of establishment - has defined visions and missions from the onset. More importantly it channels its resources solely for the good of the beneficiaries. So if your interest is in founding a church, society, mosque, association, club, union, forum, an initiative, etc… registering as an Incorporated Trustees with the Corporate Affairs Commission is the best way to achieve your goals. The members of an I.T are called Trustees and together are called a Board of Trustees with a Chairman and a Secretary. Membership is not less than 2 and not more than 15, and each trustee can maintain office for a period of term decided by the Board. It has a corporate legal status meaning it can sue and be sued in its own name, can own assets, can have perpetual succession and have a structured governance. Again, the liability of the Trustees are limited meaning, the Trustees properties do not attach to the organisation in case of legal responsibility.