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CAC unveils new forms of business registration

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The Company Affairs Fee (CAC) has commenced two new types of enterprise registration pursuant to CAMA, 2020.

This adopted the profitable deployment of the On-line Utility for Restricted Legal responsibility Partnerships (LLPs) and Restricted Partnerships (LPs).

Garba Abubakar, the Registrar Normal made the announcement in a press release by Rasheed Mahe, CAC Head of Media.

Abubakar described the LLP as a partnership association with a authorized persona, separate from the companions.

The liabilities of the companions of an LLP are restricted to the quantity agreed to be contributed or excellent within the occasion of winding up.

An LLP shall have no less than two “Designated Companions” who could be liable for compliance with the necessities of the Act by the LLP.

The designated companions needs to be people, no less than certainly one of whom have to be resident in Nigeria.

Nevertheless, the LP is a partnership association with no less than one common associate and no less than one restricted associate.

The liabilities of a common associate are limitless, whereas the liabilities of a restricted associate are restricted except the person partakes within the administration of the partnership.

An LP shouldn’t include greater than 20 individuals and that the title of an LP ought to finish with the phrase “Restricted Partnership” or the abbreviation “LP”.

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