Breaking: CAC Announces New Forms of Business Registration

• The Corporate Affairs Commission (CAC) of Nigeria 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).

EkohotBlog reports that Garba Abubakar, the Registrar General of the Commission made the announcement in a statement by Rasheed Mahe, CAC Head of Media.

The LLP was described by Abubakar as a partnership arrangement with a legal personality, separate from the partners.

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He said that 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.

In buttressing the new arrangement, he said an LLP will have at least two “Designated Partners”; they will be responsible for compliance with the requirements of the Act by the LLP.

In the new arrangement by the commission, it was revealed that one of the designated partners should be an individual resident in Nigeria.

He said, “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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