Last week I received a call from one of my clients in diaspora. The client was calling to make an enquiry for CAC registration which is what we do at Modesty Corporate Services.
The question was to find out how much we can do a business name . In the course of the conversation, he told me why he wanted to register the business as an enterprise. Funny enough, it was to own properties that he would not want to own in his personal name .
I was a bit shocked to hear this . Legally, A BUSINESS NAME/ENTERPRISE IS NOTA LEGAL ENTITY and SO CANNOT OWN A PROPERTY unlike a LIMITED LIABILITY COMPANY which can do so.
Buying a property with a business registered as an enterprise can make you lose the property in the future. I had to rightly advise the client not to do that . If at all he wants to register a business to own properties, it must be a limited liability company. The client was really grateful for the fact that he spoke to an expert not just in CAC registration but real estate.
This is something to take note of . So many persons don’t know this and many other vital things about real estate. This is basically why I advocate for ALWAYS WORKING with an EXPERT. Don’t just think is land you are buying. There are many things an expert in real estate will know you don’t know.
When your car is faulty you go to a mechanic. When you are sick , you visit a doctor if you want to deal with it medically. When you want to invest in properties, you definitely need a realtor who knows real estate. make up your mind to always use experts.
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