In partnership company, entrepreneurs may be required to upgrade to a limited company in order to enjoy some of the benefits that comes with Limited Company.
Some of the benefits that Limited Company enjoys are in terms of tax liability, protection of personal assets and many others.
Here are the process that partnership company will be required to following in order to upgrade to limited company;
1. First, a cessation form will be needed to be filled. Partnership company need to wind-up or closed during the upgrading process.
2. All fields in the BN/6 form should be filled appropriately and accurately.
3. If you would like to use your current name of partnership, you will need to surrender your original Partnership Business Certificate
4. Registration number
5. You will need to write down the real date of cessation for your partnership company.
6. Partnership Company Director or a Secretary signature will be required
7. As you hand in you cessation letter you should attach it with the partnership certificate
8. Once the above has been completed, you will need to now follow the instruction on forming a Limited Company.
Kindly note, that you will not be required to perform a name search during this process since you are going to use your current existing partnership business name. However, if your partners want to have a new business name, then you will be required to perform a business name search.
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Here is to your Success!
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