• It gives you credibility as a business owner.
• It gives legal protection.
• It helps to safeguard your business name.
• You can use the document to open a bank account for your business.

• It is one of the major requirements for getting loans, grants, and other business support.
• To access a government contract or to become a supplier in major companies.
• Continuity and perpetual support.

PART A: LIMITED LIABILITY COMPANY

A limited liability company is a private limited company with more than one Owner. The owners of an LLC are liable to the debts of the Company to the extent of the number of shares they own. In a Limited Liability Company structure, the owners are not personally liable for the debts or liabilities of the Company.

A Limited Liability Company operates in a hybrid form, taking characteristics and patterns from Corporations, Sole Proprietorships, and that of a Partnership. The Owners of an LLC are referred to as Members, where a Board is formed and a Chairman of the Board is elected. LLC is allowed to operate under States status, the reason each state can have its own different modus operandi

Membership of a Limited liability Company can be attained by an Individual, Foreigners, Corporations, Foreign Entities and even other Limited Liability Companies can be a member of another LLC. In LLC, a more formal partnership agreement between the Members is formed which is why an Article of Incorporation or Organisation is filed in the CAC while registering your Business as an LLC. Limited Liability Companies don’t Pay Taxes themselves but do so as an Entity

PART B: BUSINESS NAME OR SOLE PROPRIETORSHIP

A Sole Proprietorship Business is the simplest form and structure of Business Registration. As the name implies, a Sole Proprietorship is not really a legal entity per se, but rather a reference to the owner of the Business who is also personally responsible for the Debts and liabilities of that Business or Entity

It is an Unincorporated Business that is owned and controlled by one person who pays Personal Income Tax (PIT) on profits that he or she might have earned from the Business

Other names for Sole Proprietorship are

• Sole Trader
• Proprietorship
• Individual Entrepreneurship

PART C: INCORPORATED TRUSTEES

The Incorporated Trustees is another form of Company structure where the essence of the entity is not for profit nor is it a Business but rather an Entity that is formed by a group of persons based on culture, belief, religion, a charity cause, scientific matter, Literacy, Social Development, etc.

• Church
• Mosque
• Social Clubs
• Charity Organization
• Scientific fairs
• Open research & Development
• Non-for-Profit Organizations
• Social Development Company
• Orphanages
• NGO-MFI (Non-Governmental organization Microfinance Institution)