How Do I Upgrade From Business Name To Limited Liability Company?

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:

1. 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).
2. 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.
3. 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

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