Difference between BN AND RC in CAC Matters. In corporate affairs matters ,these two words are abbreviated but in this article we shall reveal the meaning of BN and RC.
What is BN? AND What is RC IN Corporate affairs Matters?
A business name is a name and style which the owner of the business chooses to trade with. in order for a business name to be legally recognized, the owner must opt for the registration with corporate affairs commission.
We have in previous posts explained on the steps to register a business name,the pricing as well, the pricing for business name registration is N20k.
A business name upon registration gets a number with corporate affairs commission, this number is known as BN, so BN is a Business Name Number.
A business name is not a company for purposes of corporate affairs matters.
RC explanation- in corporate affairs matters ,a company gets Registered when it complies with the requirements of corporate affairs .
we have different categories of companies, we have a limited liability company,limited partnership, and limited liability partnership, these aforementioned companies can be limited by shares or limited by guarantee or unlimited.
The meaning of RC for purpose of corporate affairs matters is Registered code,it is a code given by the corporate affairs commission to every company registered with it.
In essence while BN pertains to business name,RC pertains to a company.