BY AGENCY REPORT, NOVEMBER 29, 2021 | 10:35 PM
The Corporate Affairs Commission (CAC) has deployed an electronic platform for registration of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs) to further boost and diversify the nation’s business environment.
The Commission said in a statement posted on its website that the LLPs and LPs registration platform has been successfully deployed on the CAC Company Registration Portal (CRP).
The deployment of the registration interfaces for LLPs and LPs followed the recent commencement of registration of the two new types of business organisations.
”Customers and members of the general public wishing to register LLPs and LPs may now do so on the CRP,” the Commission said.
Explaining the technicalities, CAC Registrar-General (RG), Alhaji Garba Abubakar, said: ”The LLP is a partnership arrangement with legal personality separate from the partners.
“The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or what is outstanding in the event of winding up.
He stressed 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.
”The Designated Partners shall be individuals at least one of whom must be resident in Nigeria. The name of an LLP shall end with the word “Limited Liability Partnership” or the abbreviation “LLP”,” Abubakar explained.
About an LP, Abubakar said that ”it 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 he takes part in the management of the partnership,” he said.
The CAC RG added that ”An LP shall not consist of more than 20 persons. The name of an LP shall end with the word “Limited Partnership” or the abbreviation “LP”.
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09 February 2022