According to the Ghana’s company’s code 1963 (Act 179), section 9C, a private company unlimited by Shares is a company with no limit on the liability of its members. An unlimited liability company is a hybrid company incorporated with or without a share capital and the legal liability of the shareholders or members is not limited. The joint, several and non-limited liability of the members or shareholders to meet any insufficiency in the assets of the company apply only upon the formal liquidation of the company.

In other words, an unlimited liability is one in which the liability of the shareholders for the debts of the company is unlimited. There is no separation between personal and company resources of the shareholders in situations where the company has to pay debts. There is maximum exposure to risks.

Unlimited liability is the exact opposite of the limited liability where the liability of the investors or owners of a company is limited to the amount of money that they have contributed or invested in the business.

 

Requirements

• Original identity card

• Tax Identification Number (TIN)

 

Procedure of registering a business name

The procedure for registering a business in Ghana begins with the registration of a business name. Here are the steps followed in registering a sole business name.

• Pay for a registration form A at the registrar general department and fill in your details in the registration form A.

• A well filled registration form A should then be submitted to the registrar general together with the processing fees through their user bank

• Upon completion of registration, certified true copy and registration certificate will be ready for collection.

• Having acquired your business registration certificate, you will be ready to complete the registration and start the business.

 

Requirements for registering business name

• Principle place of business

• Name of the business

• Nature of the business

• Name, postal address, nationality and other important details

 

Sole Proprietorship Business Registration Fees & Charges

• Registration of business name at 50 cedis

• Certified true copy at 10 cedis

• Filling of form D at 25 cedis

 

Registration form A

This is a primary document required to register a sole proprietorship business. It is provided by the act 151 of business name registration of 1962 constitution of Ghana. This form consists of the following information:

• Business name

• General nature of the sole proprietorship business (e.g. manufacturing, service, commerce, transport, construction and others) Principle activity of the business Date of commencement of business Business location information (city, region, street, house/flat) Sole proprietor personal details (surname, first name, middle name, date of birth, gender, occupation, marital status e.t.c) Residential addresses of the business person. This includes where the proprietor live; city, street, district among other details.