The Corporate Affairs Commission (CAC) has commenced two new
forms of business registration pursuant to CAMA, 2020.
This followed the successful deployment of the Online
Application for Limited Liability Partnerships (LLPs) and Limited Partnerships
(LPs).
Garba Abubakar, the Registrar General made the announcement
in a statement by Rasheed Mahe, CAC Head of Media.
Abubakar described the LLP as a partnership arrangement with a legal personality, separate from the partners.
The liabilities of the partners of an LLP are limited to the
amount agreed to be contributed or outstanding in the event of winding up.
An LLP shall have at least two “Designated Partners” who
would be responsible for compliance with the requirements of the Act by the
LLP.
The designated partners should be individuals, at least one
of whom must be resident in Nigeria.
However, the LP is a partnership arrangement with at least
one general partner and at least one limited partner.
The liabilities of a general partner are unlimited, while
the liabilities of a limited partner are limited unless the individual partakes
in the management of the partnership.
An LP should not consist of more than 20 persons and that
the name of an LP should end with the word “Limited Partnership” or the
abbreviation “LP”.
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