ENTREPRENEURSHIP CONTINUES with Pastor Happiness

How To Register Your Business

You need a legal person to advice you on business name or Limited Liability Company registration.

A business can be registered as a business name or Limited Liability Company or as a Non-Government Organization (NGO)

WHAT IS A BUSINESS NAME?

1. A BUSINESS NAME: A business name is a trading name you use to do transactions. It can be a partnership or it can be owned by an individual. People can pay you check and the liability of your business will be on you as an individual. You are not seen as a separate entity. You can’t have access to certain opportunities with a business name when you operate a business name. You can start with a business name as an entrepreneur.  

2. LIMITED LIABILITY COMPANY: It has shareholders and board of directors. They are people who are involved in the day to day running of the business. You need to have people who can add value to your business when you want to have a limited liability company. You need accountants, lawyers and other professionals. You need to audit your financial record annually. It is recognized as an entity on its own. It can sue and be sued because it is recognized as an entity on its own. 

LEGAL IMPLICATION OF OWING A BUSINESS

You need to have up to Eleven Thousand Naira to have your business name registered with Corporate Affairs Commission (CAC) Nigeria. One of the disadvantages of operating a business name is that you may not easily get a loan from the banks. Personal Income Tax will be one of your core duties. Duration for registration is up to 6 months after CAC most have checked thoroughly if your business name of your choice exists.

Payment of tax is compulsory; invasion of tax is very illegal.

Key Players in Taxation

1. Legislatures

2. Tax Administrators

3. Federal Inland Revenue Service  (FIRS)

4. State Board of Internal revenue services

5. Local Government

Every business is expected to pay tax; every instrument of transaction should be documented. You can also outsource accountants and auditors. You need experts and also it is important you leverage on the church, you will not audit your account by yourself and so you need and external auditor. 

Sole Proprietors/Partnership Businesses taxation

·         VAT – Value Added Tax (5% of distributing)

·         WHT – Withholding Tax (10% of total invoice amount) services 5% and goods 10%

·         Personal Income Tax -

Limited Liability Companies taxation:

·      VAT

·      WHT

·      Personal Income Tax

·      Company Income Tax

The Anointed Offices of God

The Prophet: He is like an ambassador. He is a person who goes to the people behalf of God. He is not an ordinary person; he is a man carrying anointing. A prophet has to decrease for his kingdom to rise. 

The Priest: He goes to God on behalf of the people; he also talks to God on behalf of the people. The prayers, worships and others are parts of the priestly ministry. Dominion mandate is a combination of the natural and the supernatural. You don’t have to act only with your natural intellect; you have to utilize the two dimensions of dominion. If there is an accumulated judgment against a particular people, it is only the priest that can intervene on behalf of the people. For every priest you need 12 kings. 

The King: The agent that goes to the people on behalf of God. He implements the plans of his government; he does the work of implementation. A kingly office is the office that is responsible for carrying out the plans of the government. Two offices go to God to hear from Him, the king and the prophet. As citizens of the kingdom of God you need to hear and take instructions from your kingdom. It is very important that the prophets begin to activate kings so as to carry out this task. Again you don’t anoint kings in the public rather you do that in private and the kingly anointing will rest upon them.