Businesses owners and intending owners will have to contend with additional huddle as the federal government begins the addition of two new forms for business registration in pursuant to CAMA, 2020 Implementation.
This becomes evident following the deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs).
The Registrar General of the Corporate Affairs Commission, Garba Abubakar says the LLPs are a partnership arrangement with legal personality separate from the partners and the liabilities of the partners of an LLP were limited to the amount agreed to be contributed or outstanding in the event of winding up.
The RG adds that an LLP shall have at least two (2) “Designated Partners” who will be responsible for compliance with the requirements of the Act by the LLP.
He however added the Designated Partners shall be individuals at least one of whom must be resident in Nigeria.
On the The LP, the Registrar General described it as a partnership arrangement with at least one general partner and at least one limited partner.
He stressed that the liabilities of a general partner were unlimited while the liabilities of a limited partner were limited (unless he takes part in the management of the partnership).
Alhaji Garba Abubakar further stated that an LP shall not consist of more than 20 persons and that the name of an LP shall end with the word “Limited Partnership” or the abbreviation “LP”.