BENEFITS OF CORPORATE PERSONALITY! This article is written to further explain the benefit that your company will get after registration of your company with certificate of incorporation in hand. The certificate makes your company a separate entity from yourself and other benefit which will be talked about in these article will your company also get. One of the benefits is that your company can acquire any property in its own name. This benefit will relief you of the too many taxes government charge on individual ownership of property thereby making your company the legal owner of your property which will ultimately reduce your tax. Another benefit is that of perpetual succession that is the life span of your business. Well according to the law that guide incorporation, any company that is fully registered under Corporate Affairs Commission can be in existence forever so far it is not declared bankrupt, the death of the CEO does not put an end to the company because the company is a separate person from those who form it. There is also a benefit of limited liability which put the liabilities of the business only on the company. After incorporation the liability of the company is not on the directors who form it expect in the case where they are limited by the amount of shares they have with the company. A registered company also have the benefit of borrowing from financial institution in the company name which implies that whatever amount the directors borrow from financial institution is not their debt but that of the company. This benefit is one that makes so many businesses survive out there. With the above benefit you should understand that better, that registering your company is not just an official duty but something you need to do to have all this benefits. But you must note that in some extreme cases this right and benefits can be irrelevant in some extreme court case.
Posted on: Sun, 06 Oct 2013 11:30:55 +0000
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