WHY YOU MUST GO CORPORATE!
Your Practical Business/Company Registration Guide

From the Desk of:

GIDEON ELE & CO. (RC: 129019)

(Legal Aides, Real Estate Consultancy & Business Development Consult)

We exist in a corporate world, and must learn to do business corporately. The need to incorporate any business is very crucial now, because we exist in a corporate world.

Weather you work for a firm, a company, you’re a petty trader or you’re self- employed you need to have a business name or your own company name. This however does not affect your current employer’s business/job in any way. What then is a business or company name?  It simply means your unique and corporate personality or means of identification to the public, business wise. Every business ought to be incorporated for her to be trusted by her prospective clients and partners. No matter the kind of business you embark on, the reasons why you must incorporate your business with government authorities will always outweigh the reasons why you would not want to incorporate it. Infact, the Company & Allied Matters Act, (CAMA) 2014 makes it unlawful to engage in any form of business transactions with any individual or business which is not reorganized by law.

As an incorporated (registered) business operator, you become corporate, hence very conscious and lawful in your business dealings with the public. It therefore builds your reputation and trust base with the public, because the public knows that you can sue and be sued in the law court in the case of any form of suspected fraudulent business transactions with you or the client.

Principal Government Agency for the Incorporation & Regulation of Businesses or Company in Nigeria

Corporate Affairs Commission (CAC)

In Nigeria, the principal legislation or law for the management of businesses and companies is the Company & Allied Matters Act, (CAMA), 2004 which also established the Corporate Affairs Commission (CAC) for the purpose of Regulation & Control of all businesses & companies in Nigeria. The CAC as provided by the CAMA 2004 empowers it to register, deregister, regulate and review all business names and companies in Nigeria.

The Federal Inland Revenue Service (FIRS):

Going corporate automatically makes the business operator a tax payer. Another principal agent in business incorporation for the purpose of remittance of TAX (income or VAT) for government is the Federal Inland Revenue Service (FIRS). This agency is responsible for the issuance and remittance of Tax for government at the state and federal level. The FIRS also issues Tax Identification Numbers (TIN) to business owners.

Commercial Banks

Another key agency you must consider while going corporate is the commercial bank. As a registered business or company, profits from the business are not paid into your private account; they’re paid into your business/company/corporate account for possible tax remittance from the account to the FIRS (Federal Inland Revenue Service). On opening a corporate account, you’re to provide your Tax clearance from FIRS (TIN No.), specify which business or company model, the owners or shareholders or directors of the business/companies, who and who is signatory to the account.  

Types of Businesses and Companies in Nigeria.

The following business and companies exist in Nigeria:

i.                    Sole proprietorship or Enterprise (One person alone)

ii.                  Partnership (two persons or more)

iii.                Private Limited Company (Two persons & above)

iv.                Public Limited Company (50 persons & above)

Which ever business you intend to run, the business capacity will determine the type of business or company you will need to register. If you are a small business operator and you run it alone, then an Enterprise business model will do, also, two persons can come together to form a Partnership to share profit together. Private Limited companies, these are businesses usually established by family, friends and relatives. They are usually formed by share holders’ money. CAMA 2004 stipulates that every private limited company must end with the ‘LTD’ acronym. Public limited companies are huge business empires that have the need to reach the larger public.

Benefits of Incorporation/Registration

The benefits for incorporating a business or company are so numerous. Generally, it keeps the business operator on a safe side under the law.

1. Protect Your Personal Assets
incorporating your business is one of the best ways you can protect your personal assets. A corporation can own property, carry on business, incur liabilities, and sue or be sued.

As a separate legal entity, a corporation is responsible for its own debts (limited liability). That means creditors of a corporation generally can seek payment only from the assets of the corporation -- and not from the personal assets of shareholders, directors and officers. In effect, that means business owners can conduct business without risking their homes, cars, savings, or other personal property. Owners of a sole proprietorship or partnership, on the other hand, face unlimited liability for both business and personal assets.

2. Have Easier Access to Capital
Raising capital is generally easier for a corporation, since a corporation can issue shares of stock. This may make it easier for your business to grow and develop. If you’re in the market for a bank loan, that’s another reason to incorporate. In most cases, banks would rather lend money to corporations than to unincorporated business ventures. Corporations generally have access to more alternative sources of capital through which they can pay off their debts.

3. Enhance Your Business’ Credibility
The benefits of incorporating go beyond finances. Suppliers, customers and business associates often perceive corporations as being more stable than unincorporated businesses. In a sense, having “LTD, PLC or Inc.” ” after your business name conveys permanence, credibility, and stability, and communicates your commitment to the ongoing success of your business venture. 

4. Perpetual Existence
Corporations are the most enduring legal business structure. A corporation can continue indefinitely, regardless of what happens to its individual directors, officers, managers, or shareholders. This means that by incorporating your business, the business continues to exist even when you are no longer around.

5. Gain Anonymity
A corporation can offer anonymity to its owners. If you want to open a small business and don’t want your involvement to be public knowledge, your best choice may be to incorporate. 

Incorporating/Registering a Business or a Company

The processes for registering a business or company is quite rigorous as there are very technical areas that requires technical know-how, experience and expertise. We as a business consulting firm with years of experience, we often bear the burden unbehalf of our clients. As a business development firm, we often encourage and assist young & old entrepreneurs on how they can become incorporated. After our years of experience & expertise in business development consultancy, we have decided to compile a simple & practical process of incorporating any business or company, in a practical ebook, title: “Why You Must Go Corporate”. The guide provides a simple exposition on how anyone can incorporate their business/company from any part of Nigeria.

The Content of this Guide is………

ü      Developing the Business/Company Profile

ü      Deciding on a Business/Company Type/Model

ü      Deciding on a Business/Company Name

ü      Incorporating/Registering a Business/Company

ü      Tax Clearance Processing

ü      Setting up of Corporate Account

A grasp of this invaluable information could upgrade your business career and put you on the right track of business success. The value of this information is very huge, considering its content. How much will it cost you to grab this product? If I ask you to donate N50k it wont be much, but I will be giving it out to only interested people like you for a little cost of N5k! To get a copy, kindly order it in our office or via our corporate account.

GTB Bank:   Gideon Ele & Co. No: 0153855073

First Bank:   Gideon Ele & Co. No: 2025029426

After payment, please text your name, email & details to: 07063249904, 08188573805, your product will be delivered to you within 24hrs on confirmation of your order.

I will see you @the top!

Gideon Ele & Co. (RC: 129019)

(Real Estate Consultancy, Legal Aides, Business Development)

#15/26 Ebony/Orazi Road, Port Harcourt.

07063249904, 08188573805.

E-mail: gideonwealth@gmail.com
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