Formation of Limited Partnership (LP)
A Limited Partnership (LP) is a vehicle for doing business in Nigeria. It is a partnership consisting of a minimum of two partners, with at least one general partner and one limited partner. An LP does not have a separate legal entity from the partners, i.e. it cannot sue or be sued or own property in its own name.
Upon completing the order, you’ll be redirected to submit your information to process your registration.
Limited Partnership (LP) Registration
Limited Partnership (LP) Registration Pro
Here are some of the features to expect from our General Partnership 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;
A Limited Partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the Limited Partnership, and a limited partner, who has limited liability but cannot participate in management.
LP agreement is the 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.
A Limited Partnership (LP) is a type of partnership that consists of at least one general partner and at least one limited partner. A Limited Liability Partnership (LLP) does not have a general partner, since every partner in an LLP is given the ability to take part in the management of the company.
In a limited partnership, the general partner is responsible for managing the company’s day-to-day activities. The limited partner in a limited partnership does not participate in making managerial decisions for the business. The limited partner is more like a silent partner that has invested in the company. In a limited liability partnership, all partners of the company are allowed to make management decisions for the company.
A Limited Partnership can be formed by any business type, while LLPs can only be used by certain types of professions, such as accountants and architects. Every partner of an LLP must have the appropriate occupational license, which is not a requirement in a limited partnership. This requirement prevents an LLP from adding talented partners with business expertise, simply because they are not licensed professionals.
The Certificate of Incorporation (COI) in Nigeria is issued by the Corporate Affairs Commission (CAC). The Certificate acts as conclusive evidence of the formation of the LP.
A Limited Partnership offers protection from liability for the debts and obligations of the Limited Partnership to the limited partners. In a General Partnership, all of the partners are jointly and severally liable for the debts of the partnership.
It usually takes 3-14 business days for the Limited Liability Partnership (LLP) 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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