Question: How Do I Upgrade From Business Name To Limited Liability Company?
Ohi Igbinoba, Benin City
Answer: Entities that wish to convert from Business Name to Limited Liability Company have the option of dissolving the Business Name and registering the same name as a Limited Liability Company. However, the problem is that the Corporate Affairs Commission (CAC) cannot guarantee that the same name would be approved for the purpose of incorporating a limited liability company.
Howbeit, to upgrade a Business Name to a Limited Liability Company, you are required to do the following:
- Write an application to the Corporate Affairs Commission. There, you should state your wish to change your Business Name to a Limited Liability Company. Howbeit, your letter should be printed on the letterhead of your Business Name, and signed by its Proprietor(s).
- Attach to your letter, a copy each of (a) Your application for registration of your Business Name and (b) Certificate of registration of your Business Name.
- Pay the prescribed fee.
Upon grant of consent to use the restricted name, you will process a new registration as a limited liability company. However, you must follow the prescribed procedure for incorporation of a limited liability company.
For more, visit www.smefinance.org