Formation of General Partnership Firm
A partnership, also known as a general partnership, is a business structure comprised of two or more owners who agree to share all profits, shares, and liabilities of the business. A general partnership is the easiest way to start a business with two or more people because there are fewer formalities than in other business structures.
Upon completing the order, you’ll be redirected to submit your information to process your registration.
General Partnership Registration
General Partnership Registration Pro
Here are some of the features to expect from our Sole Proprietorship Registration package.
Accredited Consultants: Our consultants are fully accredited by the Corporate Affairs Commission with several years of industry experience.
General Partnership Business name: Your new partnership business name will usually be registered within 2 to 10 working days; when your new business name gets approved by the corporate affairs commission (CAC), you can start trading immediately.
Corporate affairs commission (CAC) Filing Fee Included: CAC charges a filing fee for business registration. This is included in the package price, so what you see is what you pay – there are no hidden costs.
FREE Business Bank Account from one of our banking partners: We provide a choice of up to 8 business bank or payment institution accounts including; GTB, UBA, First Bank, Access Bank, Standard Chartered, etc.
Digital delivery of documents: As soon as your business is registered at CAC, we will deliver a full set of company documents to you by email, including; Certificate of regisration and status report.
Tax Identification Number: We’ll apply to the Federal Inland Revenue Service (FIRS) for TIN after business name registration.
VAT Registration: Allow our highly trained staff to handle the formalities of your VAT registration. VAT registration also enables deals with suppliers and customers who are not willing to deal with businesses that are not VAT-registered.
PAYE Registration: PAYE registrations are compulsory for all businesses that employ people and pay them monthly salaries. Avoid potential complications by allowing our highly trained staff to take care of the registration and administration on your behalf.
Digital storage of Documents: We store your documents safely online and can be requested for free whenever you need them. Unlike on CAC portal, where you’ll pay to get your documents after 7 days of registration.
Free .com or .com.ng Domain Name: We have partnered with one of Nigeria’s leading domain name providers to offer you a free .com or .com.ng domain name for 1 year, and help establish the online presence of your new business.
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.
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