A General Partnership involves persons, corporations, or trusts coming together to form a lasting partnership for a specific period.

In this business arrangement, two or more individuals agree to share a jointly-owned business's responsibilities, assets, profits, and financial and legal liabilities. Liabilities are not capped as they would be in, say, a partnership formed as a Limited Liability Partnership (LLP) or a Limited Liability Company (LTD)

 

A General Partnership is a straightforward way for two or more people to start a business with minimal formalities compared to other structures. Partners share responsibilities, profits, and liabilities, with no separate legal entity created. This means each partner is personally liable for the business's debts.

Partners are collectively responsible for each other's actions in a general partnership, and personal assets are at risk. The partnership may dissolve if a partner withdraws or passes away. No restrictions exist on who can become a partner and minimum share capital is required.

We offer a range of services to make it easy for you to get started, from facilitating registration with the Corporate Affairs Commission (CAC) to obtaining your Tax Identification Number (TIN). Our comprehensive business support will ensure you have everything you need to succeed.

Start your business today with SplashDict!

General Partnership certificate nigeria

Register your General Partnership Business in Nigeria

Here's how SplashDict's team of CAC-accredited consultants can help:

  • Business Name Search and Reservation: We'll search to see if your desired business name is available and then reserve it with the Corporate Affairs Commission (CAC) to keep it safe for your use.

  • Documentation Preparation: We'll help you get all the necessary documents ready for registration hassle-free.

  • Submission and Processing: Once your documents are ready, we'll handle the submission process on your behalf, ensuring that all requirements are met and that your application is processed efficiently by the CAC.

  • Tax Registration: We'll assist you in registering for taxes and obtaining a Tax Identification Number (TIN) with the Federal Inland Revenue Service (FIRS).

  • Ensuring Legal Compliance: Our team ensures your business registration follows all the laws and regulations in Nigeria, including getting any needed permits or licenses.

  • Delivery of documents: As soon as your business is registered at CAC, we will deliver a full set of digital company documents to you, including; Certificate of Registration and Status Report.

  • Secure Digital Storage: We keep your documents safe online for easy access whenever you need them, at no extra cost. No waiting or paying fees like on the CAC portal.

  • Free Business Bank Account: We offer you a choice of up to 8 business bank or payment institution accounts, including popular ones like GTB, UBA, and First Bank.

  • Free Domain Name: To help establish your business online, we'll give you a free .com or .com.ng domain name for a year, through our partnership with a leading domain provider in Nigeria.

Our Process

Make Payment Online

Add the product to the cart below, then proceed to checkout and complete the secured online payment.

Tell us about your business

Come up with a name for your business and Answer a few questions. Our easy online form can be completed in just 5 minutes or less.

We'll process Application

Based on the information you provide, We will process and file the documents.

Receive your documents

Once your registration documents have been approved by the Corporate Affairs Commission (CAC), you will receive your completed business entity package by e-mail/mail.

Why choose SplashDict?

Fast

Register on our platform in 5 minutes - we'll then prepare and file all the necessary documents.

Efficiency

100% digital processes - ensuring smooth delivery, from anywhere, anytime.

Reliable

Founders can always rely on us to securely manage their confidential information—safe from any unauthorized and prying eyes.

Transparent pricing

No hidden fees, no bad surprises - helping you plan ahead.

Packages

Find the best package to start your business:

Standard

₦25,000

  • Registration of General Partnership Business Name.
  • CAC Filing Fee Included.
  • Preparation and submission of required documents.
  • Digital delivery of Certificate of Registration and Status report.
  • Digital Storage of Documents.
  • Registration and provision of Tax Identification Number (TIN).
  • 2 to 7 Business Days Delivery.

Premium

₦60,000

  • Registration of General Partnership Business Name.
  • 1-year Full Corporate Secretarial Support.
  • CAC Filing Fee Included.
  • Preparation and submission of required documents.
  • Digital delivery of Certificate of Registration and Status report.
  • Digital Storage of Documents.
  • Registration and provision of Tax Identification Number (TIN).
  • VAT Registration.
  • PAYE Registration.
  • Business Seal.
  • Business Bank Account opening assistance.
  • Free .com or .com.ng Domain Name.
  • 2 to 10 Business Days Delivery.
requirements

Requirements for Registering a General Partnership in Nigeria

To complete the Registration of Your General Partnership Firm in Nigeria, you'll have to provide the following details upon Submission;

  • Proposed Name of the Business (2 Names).
  • The objectives and nature of business.
  • Details of at least 2 partners (Name, address, signature, passport, I.D, phone, email, etc).
  • Details of verifiable registered address and address of the head office (if different from registered address), company’s email, and phone number.
  • Partnership Agreement (We can provide this). 

Features of General Partnership Business

How does a General Partnership Work?

  • Formation: A general partnership is formed when two or more individuals agree to carry on a business together to make a profit. 

  • Ownership and Management: Each partner contributes capital, labor, skills, or property to the partnership and shares in the profits and losses according to the partnership agreement or, if no agreement exists, equally. 

  • Partnership Agreement: The partnership should have a formal, written partnership agreement with details such as the partners' rights and responsibilities, and how profits should be allocated.

     

  • Individual Decision-Making: In a general partnership, each partner has the agency to unilaterally enter into binding agreements and business deals, and all other partners are bound by the terms.

  • Compensation: Partners receive distributions from the partnership’s profits. These distributions should be in accord with the allocation of profits detailed in the partnership agreement.

  • Joint Liability: Partners in a general partnership have shared liability for the debts and obligations of the business. Every partner agrees to unlimited personal liability for their actions, the actions of all other partners, and those of any employees.

  • Taxation: All members pay tax on their share of income. The business is not taxed.

Benefits of General Partnership Business

General Partnership have several advantages that make them popular:

  • Legal Recognition: It establishes the existence of the partnership in the eyes of the law, which can be important for various purposes such as opening bank accounts, entering into contracts, and obtaining licenses.

  • Easy to form: Like a Sole Proprietorship, forming a general partnership requires formal procedures and the drafting of essential documents, such as the contract of partnership that highlights the obligations of each partner in the business. 

  • Tax Flexibility: General partnerships are pass-through entities for tax purposes, meaning that profits and losses are passed through to the individual partners who report them on their personal tax returns. 

  • A Unique Identity: Registration of your new business name makes it unique as nobody can bear such a business name subsequently.

Examples of Sole Proprietorship Business

A sole proprietor can work as an independent contractor or operate a small business and can own businesses in many industries. Examples include:

- Legal Services: Solo Practicing Lawyer, Legal Consultant, Paralegal Services.

- Financial Services: Financial Consultant, Tax Preparation Service, Bookkeeping Services.

- Real Estate: Real Estate Agent, Property Manager, Vacation Rental Owner.

- Entertainment and Event Services: Event DJ, Party Planner, Magician, Event Photographer.

- Art and Design: Freelance Artist, Interior Designer, Tattoo Artist, Craftsmanship.

Business Name Registration in Nigeria

- Retail Businesses: Grocery Store Owner, Boutique Owner, Electronics Shop Owner, Bookstore Owner, etc.

- Food and Beverage Businesses: Restaurant Owner, Food Truck Owner, Coffee Shop Owner, Juice Bar Owner, etc.

- Health and Wellness Businesses: Fitness Trainer, Yoga Instructor, Massage Therapist, Nutritionist, etc.

- Home Services: Electrician, House Cleaning Service, Landscaper, Pest Control Operator, etc.

- Technology and IT Services: Computer Repair Technician, Software Developer, IT Consultant, Digital Marketing Specialist, etc.

- Beauty and Personal Care Services: Hair Salon Owner, Nail Salon Owner, Spa Owner, Makeup Artist, etc.

- Construction and Trades: General Contractor, HVAC Technician, Roofing Contractor, Carpentry Services.

- Education and Tutoring: Private Tutor, Educational Consultant, Language Instructor, Test Preparation Tutor.

- Transportation Services: Ride-share Driver, Courier Services, Car Detailing Services, Vehicle Rental Services.

- Travel and Tourism: Travel Agent, Tour GuideVacation Rental Management.

- Consulting and Coaching: Business Consultant, Life Coach, Career Advisor, Wellness Coach.

- Environmental Services: Environmental Consultant, Recycling Services, Eco-friendly Products Retailer.

- Manufacturing and Production: Handmade Product Manufacturer, Custom Clothing Designer, Artisanal Food Producer, Specialty Product Manufacturer.

 

These examples demonstrate the diverse range of industries and professions in which sole proprietors can operate their businesses.

Frequently Asked Questions (FAQs)

You can find some of our most frequently asked questions below;

A Sole Proprietorship is a business structure owned and operated by a single individual, where there is no legal distinction between the business and its owner.

A sole proprietor has complete control over the revenue and operations of their business. However, the sole proprietor is also personally responsible for all debts, lawsuits, and taxes their company accrues.

So, if their business is sued, personal assets like their home, credit score, and savings are unprotected.

Registering your business offers simplicity in formation, control over decisions, and easy tax reporting. A unique name distinguishes your business and is necessary for opening a bank account and obtaining a tax clearance in Nigeria. Proper registration enhances credibility and facilitates business transactions.

Disadvantages include unlimited personal liability for business debts, limited access to financing options, and potential difficulty in raising capital.

While not always required, it's advisable to register your business name to protect it and establish legal rights. Registration also lends credibility to your business.

You can register your business name with the appropriate government authority, such as the Corporate Affairs Commission (CAC) in Nigeria. The process typically involves submitting the required documents and paying the registration fee.

SplashDict is equipped with accredited experts and the necessary resources to assist you in completing the Sole Proprietorship Business Name Registration in Nigeria.

Choose a name that reflects your business's identity, is memorable, and is not already in use by another business. Ensure it complies with naming guidelines and is available for registration.

Apart from resonating with your brand, your business name must comply with the CAC’s naming guidelines, which are in place to make sure business names are special, fitting, and don’t infringe on someone else’s trademark. 

Here are some of CAC’s naming guidelines: 

  • Your business name has to stand out and be different from other business names or trademarks.
  • Your business name should be related to what your business does; It shouldn’t mislead or confuse folks. For example, your business name should not imply you own a makeup studio if you are running a fashion store. 
  • Your business name must not be offensive, rude, discriminatory, or go against what’s considered good behavior in society.
  • Your business name must follow all the laws and regulations in Nigeria. Don’t pick a name that suggests anything illegal or unethical. Also, don’t choose names that could trick or fool the public.
  • Certain words are off-limits unless you get special permission. For example, words like “Federal,” “National,” and “Government” are reserved and need clearance from the right authorities before you can use them in your business name

The documents for registering your business name with the CAC include:

  • Proof of your business’s registered address, such as a utility bill or lease agreement. 
  • A valid form of government ID (National identity card, international passport, driver’s license, voter’s card)
  • National Identity Number (NIN)

The registration process timeline varies depending on CAC and the efficiency of processing. This is the timeline:

  • Name Search and reservation: 6 - 24 hours from submission.
  • Grant of Certificate of Registration: 24 -96 Hours from filing.
  • Total time: Approximately 2 - 7 days.

Yes, you can operate multiple businesses under the same Sole Proprietorship. However, each business name may need to be registered separately if they are distinct from each other.

In a Sole Proprietorship, the business is solely owned and operated by one individual, while a Partnership involves two or more individuals sharing ownership and responsibilities. The primary distinctions lie in ownership structure, decision-making authority, and liability.

In a Sole Proprietorship, the owner retains full control over business decisions, whereas in a Partnership, decision-making is shared among partners.

Additionally, in terms of liability, both structures expose owners to personal liability for business debts, but in a Partnership, this risk is distributed among partners, whereas in a Sole Proprietorship, the owner bears it alone.

Sole Proprietorship is ideal for individuals seeking complete control over their business operations, while Partnership suits those looking to share responsibilities and resources with others. Choosing between the two depends on factors such as ownership preferences, risk tolerance, and long-term business objectives. 

The primary differences between Sole Proprietorship and Limited Company (LTD) lie in ownership structure, liability, taxation, and regulatory requirements.

In a Sole Proprietorship, the business is owned and operated by a single individual, who has unlimited personal liability for business debts and obligations. On the other hand, a Limited Company is a separate legal entity distinct from its owners (shareholders), providing limited liability protection to shareholders, meaning their assets are generally not at risk for business debts.

In terms of regulatory requirements, setting up and operating a Sole Proprietorship is relatively simple and inexpensive, with minimal formalities required. In contrast, forming a Limited Company involves more complex procedures, such as registration with CAC, drafting Articles of Association, and compliance with ongoing reporting and disclosure obligations, including annual filings and maintaining corporate records.

Overall, while Sole Proprietorship offers simplicity and full control to the owner, it comes with unlimited personal liability. Limited Company status provides limited liability protection to shareholders, but entails more formalities and potential tax complexities. Choosing between the two depends on factors such as risk tolerance, tax considerations, growth plans, and long-term business goals. 

Yes, you can convert your Sole Proprietorship into a different business structure, such as a Limited Liability Company (LTD), if needed. The process involves registering the new structure and complying with relevant regulations.

Transitioning from a Sole Proprietorship to a Limited Liability Company (LTD) is a significant step that offers various advantages, including limited liability protection and potential tax benefits.

Sole proprietorship and One-Person Company are two different forms of ownership. In a sole proprietorship, a business is managed and controlled by a person.

However, in the case of an OPC, an individual can commence the operation as per the rules and regulations of laws. Moreover, an OPC is registered under the Registrar of the Company.

A limited liability company (LTD) provides the business owner with liability protection and tax advantages, while sole proprietors bear personal liability for their business. Additionally, an LTD can be owned by investors, while a sole proprietorship is usually owned and managed by an individual.

Frequently Asked Questions (FAQs)

You can find some of our most frequently asked questions below;

An unincorporated business structure that two or more parties form and own together is called a partnership. These parties, called partners, may be individuals, corporations, other partnerships, or other legal entities.  

Partners may contribute capital, labor, skills, and experience to the business. They may have unlimited legal liability for the actions of the partnership and its partners.  

The most common type of partner is a general partner, who actively manages and exercises control over the business operations.  

Limited partners have limited legal liability. This type of partner cannot manage or exercise control over the business.

Among the most common types of partnerships are general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP).  

A partnership can even start without an oral or written contract. Where there is a written contract between the partners, it is called a partnership agreement. The partners agree on the purpose of the partnership and their rights and responsibilities.

A partnership agreement is a mutual deal between all partners which decides the rights and duties of partners. In some firms, a partner can also modify the agreement if he wishes. 

Every partner is jointly liable with all the other partners and also individually, for all acts/activities of the firm, during the course of business while he/she is a partner. This means that if a loss or injury is caused to any third party or a penalty is levied during the course of business all partners will be held liable even if the injury or loss was caused by one of the partners.

While partnerships are the easiest business entity to form, if your business has multiple partners, you may want to consider establishing a limited liability partnership (LLP).

An LLP is a good idea if the partners have careers like attorneys, accountants, or doctors and need protection from being held personally liable for another partner’s negative actions. For example, if one partner is sued for malpractice, the other partner(s) will not be held personally liable.

A good example of a General Partnership is a law firm. Each lawyer in the firm has value to contribute. While they have the ability to work independently, they each benefit from a larger market reach made available by the additional members' reputations and skills. They share the costs and profits from doing business, pay income taxes on their income, and have unlimited liability for the firm.

All individual members of a General Partnership agree on how the business is run and share responsibility for all aspects of the business. This means that all partners are responsible for the daily operations of the business in the capacity agreed upon.

It usually takes 3-14 business days for the General Partnership Firm Registration in Nigeria.

Name Search: 6 - 24 hours from submission.
Grant of Certificate of Registration: 2 - 10 Days from filing.
Total time: Approximately 3 - 14 days.