Please note that minors cannot be part of a company/business except there are 2 adults already.

A Business Name means the name and style under which a business is carried on. A Business Name may be a Sole Proprietorship or a Partnership. It is a Sole Proprietorship if it is carried on by an Individual or a Corporate Body solely. It is a Partnership if it is carried on by two or more Individuals or Corporate Bodies or a combination of Individuals and Corporate Bodies. A Business Name does not enjoy legal personality. It is not separate from the proprietor or partners for the purpose of liability. The liability of the proprietor or partners in a Business Name is not limited.

A Company is a business arrangement which enjoys legal personality. It is a corporate body and separate from its members (owners). The liabilities of members (owners) of a Company may be limited by shares or guarantee or may be unlimited. A Company may be public or private. The name of a Company must end with the word “Limited” or “Limited by Guarantee” or “Unlimited” or their abbreviations (“Ltd or PLC” or “Unltd” or “Ltd/Gte”)

An Incorporated Trustees is the registered trustees of a Not-for-Profit Association. The objects of the Association must be religious, educational, literary, scientific, social, developmental, cultural, sporting or charitable. The Trustees are the legal representatives of the Association and can acquire property, sue and be sued in the name of the Association. The Trustees are subject to the directions of the Association and its Governing Council (if any).

A Limited Liability Partnership (LLP) is a partnership arrangement with legal personality separate from the partners. The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or what is outstanding, in the event of winding up, in the amount agreed to be contributed to the partnership by each partner. An LLP must have at least two (2) “Designated Partners” who shall be responsible for compliance with the requirements of the Act by the LLP. The Designated Partners must be individuals at least one of whom must be resident in Nigeria. The name of an LLP must end with the word “Limited Liability Partnership” or the abbreviation “LLP”.

A Limited Partnership (LP) is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited while the liabilities of a limited partner are limited (unless he takes part in the management of the partnership). An LP shall not consist of more than 20 persons. The name of an LP must end with the word “Limited Partnership” or the abbreviation “LP”.