Ever wondered about the difference between a business name and a registered company in Nigeria? Let's break it down for you in simple terms.
Legal Structure
Business Name (BN): It's just you (or you and your partners), with a fancy business name.
Registered Company (RC): A separate legal entity from you.
Liability
BN: You're personally responsible if things go wrong.
RC: Your personal assets are more protected.
Who's in Charge?
BN: You (or you and your partners) run the show.
RC: Shareholders own it, directors run it.
Keeping it Going
BN: Might not survive if something happens to you.
RC: Can keep going even if people come and go.
Registration Numbers
BN: Starts with "BN"
RC: Starts with "RC"
Cost and Complexity
BN: Usually cheaper and simpler to set up.
RC: Costs more and involves more paperwork.
Getting Funding
BN: Can be harder to get loans or investments.
RC: Often seen as more credible by banks and investors.
Which One's Right for You?
Choose a Business Name if you're just starting out or keeping things small.
Go for a Registered Company if you're dreaming big or need more protection.
Remember, we're here to support your business journey, whatever path you choose. Need more info? We're always happy to chat! 💜