Individuals, Partnership
Firms and Companies or their
combination can register a Business Name. However, there are restrictions prohibitions for infants and persons previously involved in
fraudulent trade practices, respectively. Unlike in the case of infant where
the Registrar has discretion, registration should be refused in case of persons
previously involved in fraudulent practices. This proposition is supported by
the following provisions of the Companies and Allied Matters Act.
On the one hand,
by section 579(3) of CAMA, the
Registrar may refuse to register a Business Name if the individual or partner
in the firm is less than 18 years, and where he accepts to register, the
minor’s signature must be counter-signed by that of a Magistrate, Legal
Practitioner or Police Officer of the rank of ASP and above (ASP+).
On the other
hand, by virtue of Section 579(4) CAMA,
the Registrar shall not register a new Business Name if he has reputable
evidence that the individual, firm or a company applying has previously been
involved in fraudulent trade malpractices in local or international trade using
another business name.
Also, where
illiterate or blind persons are involved in formation of Business Name, Section 579(3) of CAMA requires that
illiterate and blind jurats, respectively, should be affixed.
Lastly, by Section 574(1) of CAMA, application for
registration of business name is required to be filed to the Registrar of
Business Name within 28 days of the commencement
of business. Thus, a business name can start business without registration
but must register within 28 days of the commencement of business.
On
the other hand, a company must not start business until it is registered, while
non business organizations (incorporated trustees) can operate without
registration; but, cannot take advantage of incidences of incorporation until
their trustees are registered as incorporated trustees.
© Onyekachi Duru Esq and www.legalemperors.com, 2016. (All Rights Reserved) Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Onyekachi Duru Esq and www.legalemperors.com with appropriate and specific direction to the original content.
© Onyekachi Duru Esq and www.legalemperors.com, 2016. (All Rights Reserved) Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Onyekachi Duru Esq and www.legalemperors.com with appropriate and specific direction to the original content.