READ THE FOLLOWING CORPORATE INFORMATION BEFORE YOU DECIDE TO REGISTER A COMPANY OR BUSINESS NAME
- Olooja E-Hub
- Apr 21, 2023
- 1 min read
A company is a business arrangement which enjoys legal personality.
It is a corporate body and it is separate from its members (owners).
The liabilities of members (owners) of a company may be limited by shares or guarantee or may be unlimited.
BUSINESS NAME
A business name means the name and style under which a business is carried on.
It may be a sole proprietorship or a partnership.
A business name is not separate from the proprietor or partners for the purpose of liability.
The liability of the proprietor or partners in a business name is not limited.
One of the cardinal differences between a company and business name is that upon incorporation, a company becomes a legal entity that can sue and be sued while a business name does not metamorphose to a legal entity or person after the registration.
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