Corporate Affairs Commission unveils 2 new business ownership types

The Corporate Affairs Commission (CAC) has unveiled two new forms of business registrations in Nigeria, pursuant to Company and Allied Matters Act Arrangement (CAMA), 2020, and commenced the registration.

Penpushing reports that, the Registrar-General of the Commission, Garba Abubakar, made this known in a statement, explaining that the development followed the successful deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs

The statement signed by the Head of Media of the Corporate Affairs Commission (CAC) Rasheed Mahe, described the Limited Liability Partnerships (LLPs) as a partnership arrangement with a legal personality, separate from the partners.

Penpushing further reports that, the Registrar-General added that the liabilities of the partners of an Limited Liability Partnerships (LLPs) were limited to the amount agreed to be contributed or outstanding in the event of winding up.

The statement explained that Limited Liability Partnerships (LLPs) shall have at least two “designated partners” who would be responsible for compliance with the requirements of the Act by the Limited Liability Partnerships (LLPs)

Penpushing also reports that, he emphasised that the designated partners should be individuals, at least one of whom must be resident in Nigeria, stressing that Limited Liability Partnerships (LLPs) is a partnership arrangement with at least one general partner and at least one limited partner.

The statement explained that the liabilities of a general partner were unlimited, while the liabilities of a limited partner were limited, unless he partakes in the management of the partnership.

Penpushing reports that, the commission boss stated that an Limited Liability Partnerships (LLPs)  should not consist of more than 20 persons and that the name of an Limited Liability Partnerships (LLPs) should end with the word “Limited Partnership” or the abbreviation “LP”.

The Registrar General of the Corporate Affairs Commission(CAC),it is recalled had on August 19 expressed his commitment to ensure that the new forms of business registrations were unveiled by the end of August 2021.

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