The Corporate Affairs Commission (CAC) has implemented an electronic platform for the registration of Limited Liability Companies (LLP) and Limited Partnerships (LP) to further boost and diversify the nation’s business environment.
The Commission said in a statement posted on its website that the LLP and LP registration platform has been successfully implemented in the CAC’s Company Registration Portal (CRP).
The deployment of the registration interfaces for LLP and LP followed the recent start of registration of the two new types of business organizations.
“Customers and members of the general public who wish to register LLP and LP can now do so with the CRP,” the Commission said.
Explaining the technicalities, the General Secretary of the CAC (RG), Alhaji Garba Abubakar, said: “The LLP is a partnership agreement with independent legal personality from the partners.
“The responsibilities of the partners of an LLP are limited to the amount agreed to contribute or what remains pending in the event of dissolution.
He emphasized that an LLP will have at least two “designated partners” who would be responsible for meeting the requirements of the Act.
”The Designated Partners will be natural persons at least one of whom must be a resident of Nigeria. The name of an LLP will end with the word “Limited Liability Company” or the abbreviation “LLP,” ”Abubakar explained.
About an LP, Abubakar said that “it is a partnership agreement with at least one general partner and at least one limited partner.
”The responsibilities of a general partner are unlimited while the responsibilities of a limited partner are limited; unless he participates in the management of society, ”he said.
The CAC RG added that “An LP may not be made up of more than 20 people. The name of an LP must end with the word “Limited Company” or the abbreviation “LP”.
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