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”.

2 thoughts on “CAC commences new forms of business registration

  1. I was wondering if you ever considered changing the layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?

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