Here are Some Case Scenarios

Unpaid Shares

Yes. That is done through post incorporation registrations. Post incorporation registrations involve change of directors, secretary, shareholders, registered address, alteration of objects of the company, increase or reduction of share capital

Deceased sole proprietor of a business name

Mr. Davis registered his business as a sole proprietor in 1992. He ran the business since then, opened corporate accounts to that effect and had dealings and transactions with a lot of individuals and firm. His business was booming and he was well to do. His son later joined him in running the business but was never registered at CAC as a partner. In early 2019, Mr. Davis suddenly fell ill and could not survive it. He died. The son is however confused on how to legitimately continue the business.

Business name owned by an individual commonly known as sole proprietorship is not distinct from the owner. The entity does not have a separate legal personality from the individual. Therefore where the sole proprietor dies, the business dies with him. Though such a situation can be legally resolved, it can however be avoided by registering more than one proprietors. So that upon the demise of one partner the other(s) can keep the entity running