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Types of CAC Registrations

Basically, there are three types of registrations that can be done under CAC. They are Business Names, Companies, and Incorporated Trustees. Business Name A business name is the name and style under which a business is carried on. Common examples of business names are the enterprises, ventures and “& Co”. The following are some of the features of a Business Name: A business name may be a Sole Proprietorship or a Partnership. It is a Sole Proprietorship if it is registered or carried on by just one person. That person’s name is used to register the business. He is the only proprietor. A business name is a Partnership if it is carried on by two or more persons. Under the law, a business name does not enjoy legal personality; that is, it is not separate from the proprietor or partners for the purpose of liability. This means that, if the business runs into any kind of trouble, like defaulting to repay a bank loan, the bank can sue the proprietor or partners to get back the