A business name is a small scale entity that does not end with LTD or Limited, buy properties in its name, enter into contract in its name. A business name does not have directors and shareholders nor shares.
A business name is a small entity that is owned by a sole proprietor or partners. Examples are Mai Mai Stylings
KeneOG Properties
A business name liability is not separate from its owner. The owner bears it all.
A business name is not a company.
A registered business name can obtain loans and grants but it is widely recognised as a small and medium enterprise.
A business name cannot use its name to buy a land. It can't pay taxes in its name.
If the owner's name is Esmelda Oge, it is Esmelda that will use her name to buy land, pay personal income tax, enter into contract as Esmelda Oge and not as Esmelda Kitchen Hub.
Good news, you can upgrade your business name to a limited by shares company.
That is Esmelda Kitchen Hub to Esmelda Kitchen Hub Limited.
Take notice that before you upgrade, you upgrade your status inactive to active through annual returns and also pay for outstanding years.
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