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Rheatobi
What Are The Pros And Cons Of Having Your Business Registered With CAC?
~2.3 mins read
In Nigeria, a business entity can either be registered with the CAC as a private/public limited liability company under part A of CAMA, as a business name under part B of CAMA and incorporated trustees under Part C of CAMA.
It is not compulsory for a business owner to register his business with the CAC infact the law allows an individual to trade in his full names without more, however where an individual decides to trade in a name other than his real name, the law makes it compulsory for such name to be registered with the CAC.
Registration under part A is for entities who want to have a corporate personality, ability to sue and be sued in their corporate name and ability to raise money from equities by selling their shares. This type of business arrangement is good for individuals who have various stakes in a business entity and want to define their business relationship.
Registration under Part B is otherwise known as one man business or sole proprietorship. It's for small and medium sized enterprises. The major disadvantage is that it does with the owner.
All registered business entities are liable to pay various taxes and thus have a TIN. For companies under part A, they are liable to pay company income tax, education tax and value added tax while the directors and members are liable to pay personal income tax. In addition to these taxes, they are also liable to pay annual returns to the CAC.
For entities under part B, they are liable to pay VAT and the proprietor and staff are liable to pay personal income tax. They are also liable to pay annual returns to the CAC.
Part C is a not for profit entity and a whole lot has been changed about their operations.
An individual who is not registered with CAC is liable to pay personal income tax. The disadvantage of not registering is that companies and corporations would not want to have business dealings with you.
It is not compulsory for a business owner to register his business with the CAC infact the law allows an individual to trade in his full names without more, however where an individual decides to trade in a name other than his real name, the law makes it compulsory for such name to be registered with the CAC.
Registration under part A is for entities who want to have a corporate personality, ability to sue and be sued in their corporate name and ability to raise money from equities by selling their shares. This type of business arrangement is good for individuals who have various stakes in a business entity and want to define their business relationship.
Registration under Part B is otherwise known as one man business or sole proprietorship. It's for small and medium sized enterprises. The major disadvantage is that it does with the owner.
All registered business entities are liable to pay various taxes and thus have a TIN. For companies under part A, they are liable to pay company income tax, education tax and value added tax while the directors and members are liable to pay personal income tax. In addition to these taxes, they are also liable to pay annual returns to the CAC.
For entities under part B, they are liable to pay VAT and the proprietor and staff are liable to pay personal income tax. They are also liable to pay annual returns to the CAC.
Part C is a not for profit entity and a whole lot has been changed about their operations.
An individual who is not registered with CAC is liable to pay personal income tax. The disadvantage of not registering is that companies and corporations would not want to have business dealings with you.
Source: Nairaland
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Rheatobi
Top 10 Legitimate Work From Home Jobs For Moms And Students
~3.3 mins read
Work from home is the ultimate indication of freedom for many. Most especially for mothers and students who are looking for career options that are both rewarding and flexible, work from home jobs can be a fantastic, feasible option.
1. Content Writer.
If content writing is your forte, then you can look at companies and website that offers freelance writing jobs. There is always an enormous demand for well-researched and web content, and recruiters are constantly on the lookout for professionals who can create fresh contents that attracts traffic.
2. Social Media Consultant.
All of those hours spent on Facebook, Instagram and Twitter can finally be put to good use. Social media has become a vital component of advertising and PR for companies in many different industries. If you are a savvy social media user, you can use your skills to manage social media accounts for a business and get paid for it.
3. Virtual Assistant.
If you are looking for an office job that doesn’t require you to go into an office, becoming a virtual assistant could be a great fit. Tasks will vary depending on the company but can include things like scheduling appointments, data entry, organizing records, email management, social media management, and editing.
4. Proofreader.
Proofreading is another great part-time opportunity. Proofreaders typically are very detail-oriented and can find even the smallest of errors. As a remote proofreader, you’ll ensure consistency, check formatting, confirm facts, check grammar, and more.
5. Blogger.
Over the past decade, blog monetization has gained momentum. To monetize your blog, you can sign up for Google Adsense, which will allot you ads to place on your blog. After this, it’s a waiting game to see if your account is approved. If it is, you can continue to receive ad placements and earn a steady, if not large, income from it.
6. YouTuber.
If you’re not camera shy and you are good with a video camera, YouTube might be the right platform for you. Choose a niche subject you want to make videos on and get started, but make sure its a topic that will interest a good audience of people.
7. Translator.
If you are proficient in a second language, becoming a document translator is an option you should definitely consider. Plenty of international businesses, scholars and authors would be willing to enlist your services for their translation needs if you can prove your proficiency.
8. Transcriptionist.
If you’re a really great typist, well, then you may be able to earn some good money in transcription. Transcriptionists are paid by the lines or words typed, the audio minute transcribed or, less frequently, by the hour.
9. Online Tutor.
Create short 5 – 10 minutes videos on any topic or subject that interests you on online learning platforms like Udemy, Skillshare, and Teachable. You get paid for each student that enrolls for your course.
10. Web Developer.
Do you have some understanding of coding and web design? Then you can easily work from home as a website developer. Even if you are a novice who is interested in the job, you can find dozens of easy online tutorials that can help you get started.
Source: Invoice
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