The Corporate Affairs Commission (CAC) has introduced two new forms of business registration pursuant to CAMA, 2020.
Garba Abubakar, the Registrar General made the announcement in a statement by Rasheed Mahe, CAC Head of Media.
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.
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 should be individuals, at least one of whom must be resident in Nigeria.
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”.