Types of Corporate Affairs Commission Registrations in Nigeria
The Types of Corporate Affairs Commission CAC Registrations in Nigeria, are just 3. At least, as at the time of publishing this article. This registrations, are different depending on the nature and size of your business.
This is a very short article. Walking you through this article, is Adegbola Valentine.
The types of CAC Registrations for your business includes:
1. Your Business Name
Your business name under the Corporate Affairs Commission, is the most simplest type of registration. Because, it is mostly meant for small or startup businesses. Freelancers, and also sole proprietors. As it’s the most simplest, it’s also the most affordable type of registration. However, you or your business is limited. Meaning your business is you, and you are your business. Should you face any challenges in your business, and it involves spending. Your personal assets or finance is used for this.
Also check here, for What Is Corporate Affairs Commission (CAC) In Nigeria.
2. Limited Liability Company
The Limited Liability Company, LLC for short is a great idea, if your business is between medium to large scale. As it gives your business it’s own legal identity. Meaning your business is separated from you. Your business can be sued, and it can also sue without involving you.
This type of registration is perfect, if you are a big company or if you want to expand, attract potential investors, easily get access to grants or loans. Also allows you bid for contracts.
3. Incorporated Trustees.
This registration is solely for NGO’s(Non Governmental Organization), Non Profitable Businesses or Organizations, Foundations or Associations. Check this article for what is a non profit business, for a better understanding of what non profit means.
In continuation, if your dream, or focus is to build a non profit business, like running a foundation, association, or a charity society. Then this type of CAC registration is for you.
Those are the Types of Corporate Affairs Commission CAC Registrations in Nigeria
Conclusion
Since you already know what type of registration the CAC can give your business, the decision is left to you to choose the type you want.
Take note, the CAC registration, is a must for every and any business that wants to operate in Nigeria. And also that wants to be big, known and legal.
You can check this article here, where I made mentioned of the benefits of CAC for your business. Corporate Affairs Commission Benefits For Your Business In Nigeria
