CAMA 2020: CAC commences registration of Limited Liability Partnerships, one other
The Corporate Affairs Commission, CAC, has commenced the registration of two new forms of business registrations pursuant to CAMA, 2020.
The development followed the successful deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs).
Speaking shortly after the deployment, the Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar described the LLP as a partnership arrangement with legal personality separate from the partners and added 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.
The RG said an LLP shall have at least two (2) “Designated Partners” who will be responsible for compliance with the requirements of the Act by the LLP.
He however added that the Designated Partners shall be individuals at least one of whom must be resident in Nigeria.
On the The LP, the Registrar General described it as a partnership arrangement with at least one general partner and at least one limited partner.
He stressed that 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).
Alhaji Garba Abubakar further stated that an LP 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.”
Meanwhile Senator Muhammed Abba Aji and Daughter Fatima have become the first Nigerians to Register an LLP.
Senator Abba Aji who is the Director General, North East Governors Forum ( NEGF) said he was thrilled with the development which he further described as unprecedented.
He applauded the reform initiatives of the Registrar General and for redeeming his earlier pledge to deploy the LLP and LP interfaces on the Companies Registration Portal by the end of August, 2021.
Senator Aji revealed his intention to establish a Law firm along with his Partner adding that their focus was to venture in the provision of Pro Bono services particularly in the North East.
It would be recalled that the Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar had on Thursday 19th August, 2021 given a commitment that the new forms of business registrations were to be unveiled by the end of August, 2021.
