Did you know that the Corporate Affairs Commission (CAC) has commenced the registration of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs)?
On 31st August 2021, the CAC vide a public notice informing the public that the Commission has commenced the registration of LLPs and LPs and has deployed the registration interfaces on the Company Registration Portal (CRP). These registrations can now be done using the CRP.
Please see below the basic information in respect of the registration of LLPs and LPs –
LLP
- a partnership arrangement with legal personality separate from the partners;
- required to have at least two (2) “Designated Partners” (individuals, one of which must be resident in Nigeria) responsible for compliance with the law;
- the liabilities of the partners are limited to the amount agreed to be contributed or what is outstanding in the event of winding up;
- the name must end with the word “Limited Liability Partnership” or the abbreviation “LLP”.
LP
- a partnership arrangement with at least one general partner and at least one limited partner;
- the liabilities of the general partner are unlimited while the liabilities of the limited partner are limited (unless he/she takes part in the management of the partnership);
- consists of less than 20 persons;
the name must end with the word “Limited Partnership” or the abbreviation “LP”.
