Overview of Limited Liability Partnership (LLP) Registration
One of the key developments introduced to the Nigerian business sphere by the Companies and Allied Matters Act (CAMA) 2020 was the introduction of a Limited Liability Partnership (LLP) as an entity that can be registered in all states in Nigeria.
A Limited Liability Partnership (LLP) is a body corporate with a legal personality separate from its members. It is a hybrid business form that infuses two types of business; a partnership and a limited liability company.
This option is suited to a group of professionals (accountants, lawyers, doctors, architects, etc) with lots of experience and clients between them, as it allows them to pool resources together, thereby lowering the cost of doing business while increasing the LLP’s capacity for growth.
By Sections 747 and 748 of CAMA, every LLP is to have at least 2 partners (no maximum) who may be an individual or body corporate, provided such person has not been found by a court in Nigeria or elsewhere to be of unsound mind and is not an undischarged bankrupt.
Features of Limited Liability Partnership (LLP)
Here are some of the salient features of Limited Liability Partnership:
A hybrid form of organisation
Separate Legal Entity
Artificial Legal Person
Number of Partners in an LLP
Business Management and Structure
Limited Liability Partnership agreement
Suffix in name
Benefits of Limited Liability Partnership Registration
The key benefits of a LLP Registration are listed below:
Requirements for registering a Limited Liability Partnership (LLP) in Nigeria
You'll have to provide the following details upon Submission;
- The name of the limited liability partnership - 2 names (A name availability check will be conducted at the CAC and when one of the 2 proposed names is available, the name will be reserved).
- Details of at least 2 partners (Name, address, signature, passport, I,D, phone, email, etc).
- Details of at least 2 designated partners, one of whom must be resident in Nigeria.
- Description of business activity.
- Details of verifiable registered address and address of the head office (if different from registered address), company’s email, and phone number.
- Details of members (individual or corporate).
- Details of Person with Significant Control (one who directly or indirectly has at least 5% of interest, voting rights in the partnership, can remove or appoint a majority of partners and exercise any significant control over the affairs of the company.
- Contribution of each member to the partnership.
- Partnership Agreement (We can provide this).
Where the above requirements have been complied with, the CAC shall within 14 days of the submission of the application register the LLP and issue a digital certificate of incorporation stating the name, date, and registration number of the LLP.
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