Which people make up the members of a company?

Which people make up the members of a company?

April 11, 2019

According to section 79 of the Companies and Allied Matters Act cap C20 LFN 2004. The following people make up members of the company.

(1) The subscribers to the memorandum of the company.
(2) Every other person who agrees in writing to become a member of a
Company, and whose name is entered in its register of members.
(3) In the case of a company having a share capital, each member shall be a shareholder of the company and shall hold at least one share.

Team 618 Bees

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  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
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