The aim of this article is solely focused on the importance of having your BUSINESS NAME, registered as an enterprise as opposed to other forms of business registrations such as, Public Limited Liability Company, Private Limited Liability Company and Company Limited by guarantee, Etc.
It is important to state that a BUSINESS NAME is different from a company. A company is seen as a separate legal entity from its owners. While a business name does not confer any special right or privileges or license to carry on the business itself.
Also, a single individual can undertake the registration of a BUSINESS name otherwise known as an enterprise but not a company.
BUSINESS NAME registration is the process of getting a unique BUSINESS NAME registered as an enterprise with the Corporate Affairs Commission in Nigeria.
By registering your BUSINESS NAME, you get legal identification.
Many advantages abound for registered BUSINESS NAME owners. And one of such is that nobody else can register a business with that same name as yours.
Having said, all these, we shall proceed further to adumbrate the advantages o business registration as an enterprise.
1. ACCOUNT OPENING
One of the great benefits of business registration is simply for Bank account opening.
This means that the bank account will bear your BUSINESS NAME and not your name.
For instance, your business name is ESY Academy. And you want to open a bank account that will bear the name as such. This won't be possible because the business name is not registered.
However, once you have undertaken the process of business registration as an enterprise and has been given approval and registered by the Corporate Affairs Commission, like ESY Media, you can open an account with it.
And having a bank account with your BUSINESS NAME makes you look professional, and build trust in your customers, bank and your product supplier as the case may be.
2. FEDERAL GOVERNMENT SMALL BUSINESS INCENTIVES
When you register your business name, you stand a chance of growing your business through the various business incentives extended to Micro, Small and Medium Enterprises (MSMEs) by the Federal Government. This is one benefit business registration enjoys.
3. QUICK ACCESSES TO LOAN
There may be a time when your capital isn't enough to fund a particular business development or expansion. And you look out for loan from financial institutions.
This could be frustrating when your business isn't registered. No banking institution will want to fund an un-registered business enterprise.
Also, having a registered business name is sometimes among the criteria to get a business loan.
4. A UNIQUE IDENTITY
As every human being differs, so also is BUSINESS NAMEs of every registered enterprise. No person can register ESY Media as its BUSINESS NAME because; we have first taken that step first.
This makes us Unique, as nobody can bear such business name.
To make every business unique is the reason why you have to conduct a search and a business name reservation first before you can proceed to registering your unique business name.
In conclusion. Having a business registered, that's, BUSINESS NAME gives you that feeling that you should be serious with your business. If you as an entrepreneur haven't registered your business name, please take the necessary steps to register it now.
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