How to remove a deceased proprietor(s) from a Business Name

How to remove a deceased proprietor(s) from a Business Name

May 09, 2019

Where there are two or more proprietors registered as joint owners of a Business Name and one of them dies, the following steps will be required at the Corporate Affairs Commission (CAC) to ensure the surviving proprietor(s) can continue running the business;

  1. Duly completed application form.
  2. Duly completed form for removal of partners.
  3. Formal application for removal of partner(s).
  4. Copy of partnership agreement where applicable.
  5. Submission of original Business Name Form for cancellation.
  6. Death certificate of deceased proprietor.
  7. Updated Annual Returns.
  8. Payment of prescribed fees.

Do you have any question or clarification regarding the topic in this post that was not answered/provided? Do you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.comor call us on 012803791 to speak to any of our consultants that are always on hand to provide answers to such questions.

 

 

 

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.

  • 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. 

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.

  • Who benefits from copyright in Nigeria?

    The creator of the original copyright work (the Author) is the one who benefits but he can transfer his right to a third party.

  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • Does Trademark registration protect my website domain name?

    Yes, it does.

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