How to legally close a Business Name which is no longer doing business.

How to legally close a Business Name which is no longer doing business.

November 14, 2019

In order to legally close a Business Name which is no longer doing business, one will have to file a Notice to the Corporate Affairs Commission for Cessation of business/removal of name from register.

Requirements for filing notice of cessation of business and removal of Name from the register of business names include the following:

  1. Notice of cessation of business by proprietor or personal representative of proprietor in case of deceased proprietor.
  2. Consent of partners in case of a partnership.
  3. Submission of certificate and documents of registration for cancellation.
  4. Photocopy of means of valid identification of the proprietor(s).
  5. Updated Annual Returns filing.
  6. Payment of the prescribed fees.

Once all of these requirements have been satisfied, file all documents with receipt of payment at the Corporate Affairs Commission close to you. This process can take about a month but soon after all documents have been vetted by the Commission and found to be in satisfaction of the requirements of the commission, the business name will be delisted and will no longer exist in the Register of Companies.

NOTE:

The personal representative should deliver the notice of cessation of business to the Commission within three months of cessation of the business

618 Bees can help you quickly and easily close a Business Name you no loner need. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application for cessation of Business with the Corporate Affairs Commission.

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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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. 
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • 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 classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • What is the basic criteria for registering a Design?

    The design must be new and original. This means that it must be a unique design not similar to an already existing design.
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
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