Quick Answer: What Is The Difference Between A Trading Name And A Registered Business Name?

What’s the difference between registering a company and business name in Nigeria?

A Business name is a registration of a trade name for purposes of business whereas a Company of the incorporation of a separate legal entity to conduct business..

How much does it cost to register a trading name?

Business name – For each business name, you can pay $37 for 1 year or $87 for 3 years. See the current list of business name fees on the ASIC website.

How much does it cost to register a business name in Nigeria?

How Much Does it Cost to Register a Business Name in Nigeria? Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company.

When should you register a business name?

You need to register a business name if you conduct business under a name other than your own. A business name, also known as a trading name, is a name or title under which a person, or other legal entity, carries on business.

What is a trade name example?

A trade name is generally considered the name a business uses for advertising and sales purposes. A trade name is sometimes referred to as a “fictitious” or “doing business as (DBA)” title. For example, “McDonald’s” may be the trade name, but the legal name is “McDonald’s Corporation.” A trademark is a brand name.

What can a sole trader call themselves?

If you own a business as sole trader then you should call yourself the owner. You will often see people being given titles which overrate their position.

What is the difference between a trade name and an LLC?

The LLC name, or legal name, is the official name of the entity that is used to sign documents, file tax returns, file lawsuits, or to submit a loan application with a bank. On the other hand, a business name, or trade name, is the name the public uses to identify your business.

Is a business name a juristic person?

While some had maintained that a Business Name can only sue or be sued through the Proprietors as it is neither a legal nor juristic person and therefore cannot sue or be sued. Others have maintained a firm position that Business Names can sue and be sued provided the Rules of Court permits.

Does an LLC protect my business name?

Once your LLC or corporation application is approved, your name is protected in the state: No other business will be able to form an LLC or corporation with the same name in that state. However, there’s nothing to stop a business that operates as a sole proprietorship or partnership from using your name in the state.

How do you pay for a business name?

How to applySelect the ‘Renew online’ button.Enter your account number or ABN.Select the business name you want to renew.Select the renewal period.Review the details displayed and confirm your authorisation.Make your payment.Submit the information.

Can a company trade as another name?

It is possible to officially register a company name at Companies House, but then use one or more ‘trading names’ as required by yourself or your organisation. Some companies trade under different names, with the name registered at Companies House belonging to the original company.

Can a sole trader have a trading name?

By having a sole-trader or partnership ABN operation you are permitted to trade under your personal legal name/s. If you would like the ability to conduct your business under an unrelated name, such as ‘ABC Plumbing’ or ‘Joe’s Cafe’, then this is required to be registered as a business name.

What is the difference between company and business name?

DIFFERENCE BETWEEN A BUSINESS NAME AND COMPANY REGISTRATION A business name can be formed by one or more persons i.e. sole proprietorship or partnership while a company needs a minimum of two persons as members as well as directors to be registered.

Does a trading name have to be registered?

A trading name is not a registered business name. If you wish to continue using a trading name, you need to register it as a business name.

Can two businesses have the same name?

Because business names are registered on a state-by-state basis, the fact that a company in another state has the same name as yours is usually not a cause for concern. However, you are right in that there could be intellectual property issues (namely, trademark) when two companies have the same name.

Can a sole trader use the same name as a limited company?

It is quite common for people who want to be a sole trader to register a limited company with their preferred business name. This makes sure that the name is reserved on the Companies House register and that no-one else can register the same name. … What you are actually doing is forming a limited company.

How many trading names can a sole trader have?

two business namesYou can register two business names under the one ABN, as long as both businesses are the same structure type. In this article, we’ll explain whether you can register two business names under your ABN and processes involved.