Advocate Okonjo Alfred Ikechukwuka Law Firm provides services to new and existing businesses by acting as a company formation/incorporation agent. Our law firm provides company formation services as part of the general services of assisting foreign individuals and other business entities to set up their legal presence. Our specialist knowledge and vast experience enable us to provide fast and efficient company formation services. We can incorporate a company limited by shares company limited by guarantee and register a foreign company in Nigeria.

A business can be organized in one of several ways, and the form its owners choose, will affect the company’s and owners’ legal liability and income tax treatment. Here are the most common options and their major defining characteristics.

Public limited company (PLC)
The public limited company,. (PLC), is an important and popular legal structure in Nigeria. Foreign companies often use this legal form when establishing a subsidiary. An Ltd. (PLC) is a corporation with a legal entity whose liabilities are covered exclusively by its own assets. The base capital, determined in advance, is divided into shares. The (PLC) is not only the ideal structure for large companies, it is also suitable for small and medium-sized companies. It is the most commonly used legal form for holdings and financial companies.

Limited liability company (SARL)
A limited liability company, LLC, (SARL) is a company with an own legal entity formed by at least one or more individuals or companies with a predetermined capital (nominal capital). Each partner participates by paying in an initial share of the capital. The partner’s liability is limited to the predetermined nominal capital.

General partnership
A general partnership consists of two or more natural persons who together form a corporation to run a trade, manufacturing, or other commercial business. All partners are jointly liable, with no limitations towards the company’s creditors.

Sole enterprise
One-man businesses usually engage in trade, manufacturing or commerce business and have no legal personality. This legal structure is often chosen by young entrepreneurs wanting to establish a small business on their own. Everyone can start up a one-man business any time and start working right away. No dedicated seed capital is needed. However, the proprietor is liable for debts incurring from the one-man business with his personal assets.

A one-man business can easily be transformed into a limited liability company or a public limited company at a later point. It is the easiest legal structure to dissolve.