Under the CAMA 2020, a new structure for partnerships was introduced i.e. the Limited Liability Partnerships (LLPs). Section 746(1) of CAMA 2020 defines a Limited Liability Partnership as a body corporate with legal personality separate from its members.

It is a hybrid of a partnership and a limited liability company and particularly suitable for professional businesses like that of accountants, lawyers, doctors, architects etc. It allows them pool resources together, thereby lowering the cost of doing business while increasing the business growth potential.

To commence business, the LLP has to be registered under the Company Registration Portal (CRP) of the Commission.

All LLPs must end with the words ‘Limited Liability Partnership’ or the abbreviation ‘LLP’.

For easy and affordable business registrations for all business structures, visit our website at www.businesslegal.ng or send us a direct message today.