{"id":49414,"date":"2021-09-02T14:39:21","date_gmt":"2021-09-02T13:39:21","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cac-unveils-new-forms-of-business-registration"},"modified":"2021-09-02T14:49:33","modified_gmt":"2021-09-02T13:49:33","slug":"cac-unveils-new-forms-of-business-registration","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cac-unveils-new-forms-of-business-registration","title":{"rendered":"CAC unveils new forms of business registration"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a>. <\/strong><\/span>The Corporate Affairs Commission (CAC) has commenced two new forms of business registration pursuant to CAMA, 2020.<\/p>\n<p>This followed the successful deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs).<\/p>\n<p>Garba Abubakar, the Registrar General made the announcement in a statement by Rasheed Mahe, CAC Head of Media.<\/p>\n<p>Abubakar described the LLP as a partnership arrangement with a legal personality, separate from the partners.<\/p>\n<p>The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or outstanding in the event of winding up.<\/p>\n<p>An LLP shall have at least two \u201cDesignated Partners\u201d who would be responsible for compliance with the requirements of the Act by the LLP.<\/p>\n<p>The designated partners should be individuals, at least one of whom must be resident in Nigeria.<\/p>\n<p>However, the LP is a partnership arrangement with at least one general partner and at least one limited partner.<\/p>\n<p>The liabilities of a general partner are unlimited, while the liabilities of a limited partner are limited unless the individual partakes in the management of the partnership.<\/p>\n<p>An LP should not consist of more than 20 persons and that the name of an LP should end with the word \u201cLimited Partnership\u201d or the abbreviation \u201cLP\u201d.<\/p>\n<p>You are cooking your books to hide facts \u2013 Reps accuse CAC<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Corporate Affairs Commission (CAC) has commenced two new forms of business registration pursuant to CAMA, 2020. This followed the successful deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). Garba Abubakar, the Registrar General made the announcement in a statement by Rasheed Mahe, CAC Head of [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":49413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,3808,254],"class_list":["post-49414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-cac","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CAC unveils new forms of business registration - Nigeria<\/title>\n<meta name=\"description\" content=\"The Corporate Affairs Commission (CAC) has commenced two new forms of business registration pursuant to CAMA, 2020. 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