What is a Business name?
A business name can be defined as a name or style which the owner of a business trades with, or carries on his/her business activities.
The Business name you choose and register becomes yours after passing through the approval process set by the corporate affairs commission.
A business name goes through a lot of procedure before it can be properly registered in law.
In the process of registering a business name, the applicant must start with name availability search.
The result of the search will determine the next step to take, in the event the result it is approved.
The applicant is expected to start payment of the filing fees,but this is secondary .
The filing for registration is primarily done by inputting the names,email address,phone number and passport photo,identity card of the owner.
The process of registering a business name continues with payment of filing fees and submitting the application to cac.
How to Officially Remove/Strike Off a business name from cac register.
Upon the application for registration the Registrar is expected to Enter the Business name in the Cac Registry,see Section 575 of CAMA 2004.
The registrar shall issue the firm the certificate of registration in the prescribed form containing the business name.
PROHIBITED BUSINESS NAMES /RESTRICTED BUSINESS NAMES -Most names are either prohibited or restricted .
what are the names that needs permission before you can add it to your business name?
it is important that despite the fact you choose a name for the commission to approve for registration.
Names that contains Word like “NATIONAL”GOVERNMENT”MUNICIPAL”STATE”FEDERAL”CHAMBER OF COMMERCE ,”CO-OPERATIVE,
Names contain word “Building society”Guarantee”Investment”Bank”Insurance” are prohibited and restricted from the public registering .
However the commission might register if you have compelling reasons to convince them that the business name won’t ,but they are prohibited for business names.
The other names prohibited are name likely to be similar with a registered name or trademark. see section 579 of CAMA 2004.
HOW TO OFFICIALLY/LEGALLY REMOVE A BUSINESS NAME FROM CAC REGISTER :
If any firm,company or individual registered under this 2004 CAMA ACT CEASES to carry on business ,it shall be the duty of the partner in the firms,at the time when it ceased to carry on business or of the individual or if he is dead,his personal representative ,within three months after the business has ceased to be carried on ,to send by post,or deliver to the registrar a notice ,stating that the firm or individual has ceased to carry on business.
it is glaring from the foregoing that the applicant has to notify the commission,or his partner should within three months of the cessation of business of the registered business name.
To officially close a business name in Nigeria ,you can write to the commission, stating why you are demanding for the closure of the business name.
The corporate affairs commission upon reception of the application, will de-register the name, by removing it from the register of business names in Nigeria.
it is note worthy that debts and liabilities incurred by the business names are transferable to the owner of the business name.