Here are some of the features to expect from our Sole Proprietorship Registration package.
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.
Learn More form our Blog
We've put together some articles that might interest you.
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.
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