CAC Commences Registration for LLP, LP
By Ashemiriogwa Emmanuel
The Corporate Affairs Commission (CAC) has announced the commencement of the registration for the Limited Liability Partnership (LLPs) and Limited Partnership (LPs).
Recall that Business Post reported last week that the Registrar General of the CAC, Mr Garba Abubakar, disclosed at a meeting that the new business forms would be available for business owners by the end of August 2021.
As declared in a statement issued by the management on Tuesday, the commission has also deployed the registration interface for the LLPs and LPs on the Company Registration Portal (CRP) to enable customers and members of the general public to register.
According to the statement, partners of the LLP are limited to the amount agreed to be contributed or what is outstanding in the event of winding up.
The partnership must also consist of, at least, two designated partners who will be responsible for the requirements of the Act by the LLP, with one who must be domiciled in Nigeria.
The name of an LLP form of business on registration will end with the word “Limited Liability Partnership” or its abbreviation “LLP”, the commission stated.
As for the LP, which is a partnership arrangement involving at least one general partner and a limited partner, the agency said that the liabilities of the general partners are unlimited, while that of the limited partners are limited except he is involved in the management of the partnership.
CAC noted that the LP arrangement shall contain not more than 20 business participants, as the last word on the name of business under this arrangement will be “Limited Partnership” or the abbreviation which is “LP”.
The two new forms of business registrations, which were introduced in the Companies and Allied Matters Act (CAMA) 2020, will provide entrepreneurs with options of registering their ventures with the CAC.