By: Ovie Adasaji
Corporate Affairs Commission’s Registrar-General, Garba Abubakar, has announced the commencement of two new forms of business registrations.
In a statement signed by the commission’s Head of Media, Rasheed Mahe, Abubakar said that the development is pursuant to CAMA, 2020 and follows the successful deployment of the Online Application for Limited Liability Partnerships, LLPs; and Limited Partnerships, LPs.
While describing the LLP as a partnership arrangement with a legal personality, separate from the partners, Abubakar added that the liabilities of the partners of an LLP were limited to the amount agreed to be contributed or outstanding in the event of winding up.
He also said that an LLP shall have at least two “Designated Partners” who would be responsible for compliance with the requirements of the Act by the LLP, adding that the designated partners should be individuals, which at least one of whom, according to him, must be resident in Nigeria.
The CAC boss described LP as a partnership arrangement with at least one general partner and at least one limited partner, stressing that the liabilities of a general partner were unlimited, while the liabilities of a limited partner were limited, unless “he partakes in the management of the partnership”.
He further stated that 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”.
