The Corporate Affairs Commission (CAC) has opened an online portal for the registration of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs).
The deployment of the portal is in conformity with the parts C and D of the Companies and Allied Matters Act (CAMA) passed into law in 2020 by President Muhammadu Buhari.
Registrar General of the CAC, Garba Abubakar, who made this known shortly after the deployment, described the LLP as a partnership arrangement with legal personality separate from the partners, noting that the liabilities of the partners of an LLP were limited to the amount agreed to be contributed or outstanding in the event of winding up.
Abubakar disclosed that an LLP shall have at least two (2) “Designated Partners” who will be responsible for compliance with the requirements of the CAMA by the LLP.
He added, however, that the Designated Partners shall be individuals at least one of whom must be resident in Nigeria.
The Registrar General described On the LP as a partnership arrangement with at least one general partner and at least one limited partner.
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According to him, the liabilities of a general partner were unlimited while the liabilities of a limited partner were limited (unless he takes part in the management of the partnership).
An LP, Abubakar stressed, shall not consist of more than 20 persons and that the name of an LP shall end with the word “Limited Partnership” or the abbreviation “LP.”
Two Nigerians, a senator, Muhammed Abba Aji and his daughter, Fatima have become the first Nigerians to Register an LLP.
Abba Aji, the Director General of the North East Governors Forum (NEGF), expressed elation at the development saying it was unprecedented.
He lauded the reform initiatives of the CAC Registrar General for redeeming his earlier pledge to deploy the LLP and LP interfaces on the Companies Registration Portal by the end of August, 2021.
Abba Aji revealed his intention to establish a Law firm along with his Partner adding that their focus was to venture into the provision of Pro Bono services particularly in the North East.
