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This is for non-profit organizations such as churches, ministries, charity organizations, associations, and similar bodies; it is a legal personality established not for business but for charitable purposes, and it can be used to secure both local and international charity grants and donations.

It is for sole proprietors or small partnerships.
Easy business to run, small tax and small annual return to pay.
Procedures are straightforward, which makes decision making easier.
Covers a smaller range of businesses.
Cannot have subsidiaries or group of businesses.
Does not have shares or require share capital, hence cannot issue shares/equity.
The name of the business cannot carry the word ‘Limited’ or ‘Ltd’.
The business cannot sue or be sued in its name as it is not a legal personality. Any suing
will be done through the proprietor(s).

It’s a more complex system of business.
It is a legal personality that can sue and be sued in its own name.
Can now have a single director and a single shareholder.
The company name must carry the word ‘Limited’ or ‘Ltd’.
Can cover a much wider range of businesses.
Tax and Annual Return are a bit more.
It is a more credible outfit and better attractive to investors since it is controlled by a board of directors and not just individuals.
Procedures are longer but standard.
The only class of registration that can eventually have subsidiaries or group of
companies after all requirements are fulfilled.