Nigerian Partnership Business Registration Service
With our CAC Partnership Registration Service, you can be confident that your firm will be registered legally and efficiently, allowing you to focus on growing your business in Nigeria.
SPLASHDICT
CAC Registration Support for Partnerships
A partnership is a business entity in which two or more people or businesses work together as one company or business. There is a General partnership (GP), Limited partnership (LP), and Limited liability partnership (LLP).
A limited partnership has general partners and limited partners. The limited partners are only liable up to their investment in the partnership while the general partners have extensive liability. In a limited liability partnership, all of the partners are limited partners.
One key advantage of a partnership in Nigeria is the ability to share resources, expertise, and capital, enabling faster business growth. Partnerships are also easier and cheaper to set up compared to other business structures.
SplashDict simplifies partnership registration in Nigeria with a fully digital process, allowing you to register from anywhere. Our CAC-accredited Chartered Secretaries ensure accuracy, efficiency, and transparency throughout.
Partnership Registration Service Package - Features
We offer services to streamline your Partnership Firm Registration process:
Choosing Type of Partnership to Register
Here are the types of Partnership Structures we can register for you:
General Partnership Business Name Registration
Nigerian General Partnership (GP) Business Name Registration with the CAC
The general partnership as a legal form is a commercial enterprise run by several personally liable partners. The owners of a general partnership can be individuals or corporations—or both.
A general partnership has no legal personality of its own and is therefore not a legal person. On the other hand, it may be represented under its name in business dealings and acquire rights, and contract obligations or represent a party in deals, bring proceedings, or be prosecuted.
Key Features:
- Owned by two or more individuals who share profits and losses.
- Partners are personally liable for the partnership's debts.
- Requires a partnership deed to outline the terms of the agreement.
Limited Partnership (LP) Registration
Nigerian Limited Partnership (LP) Registration with the CAC
A Limited Partnership is a business that comprises at least one general partner, one limited partner, and not more than 20 partners. The general partners have unlimited personal liability, i.e., they are responsible for making business decisions and managing the business as a whole.
On the other hand, the limited partners are those whose liabilities are limited to their investment in the business. Also known as silent partners, they are responsible for investing in the business rather than running the day-to-day operations.
Some examples of businesses that run this structure are real estate businesses, investment companies, etc.
Key Features:
- Combines elements of a partnership and a company.
- Requires at least one general partner with unlimited liability and at least one limited partner with limited liability.
- Often used for venture capital, real estate investments, and professional partnerships.
Limited Liability Partnership (LLP) Registration
Nigerian Limited Liability Partnership (LLP) Registration with the CAC
A Limited Liability Partnership (LLP) is a flexible business structure that combines the advantages of a traditional partnership with the liability protection of a company.
In an LLP, partners enjoy limited liability, meaning their assets are shielded from the business’s debts and obligations, protecting them in case of financial difficulties. This structure is ideal for businesses looking to share management and profits while minimizing risk.
In Nigeria, an LLP allows for unlimited partners, whether individuals or corporate entities, with each partner’s liability limited to their capital contribution, protecting personal assets from business obligations.
Key Features:
- Offers limited liability to all partners.
- Often used for professional firms, such as law firms and accounting firms.
Comparison of General Partnership, Limited Partnership (LP), and Limited Liability Partnership (LLP)
Here's a comparative table highlighting the key differences among General Partnerships, Limited Partnerships (LP), and Limited Liability Partnerships (LLP):
| Feature | General Partnership (GP) | Limited Partnership (LP) | Limited Liability Partnership (LLP) |
|---|---|---|---|
| Definition | An informal agreement between two or more to operate a business. | A partnership with at least one general partner and one limited partner. | A formal partnership that provides limited liability protection to all partners. |
| Liability | Unlimited liability for all partners; personal assets are at risk. | General partners have unlimited liability; limited partners have liability limited to their investment. | All partners have limited liability, protecting personal assets from business debts. |
| Management | All partners participate in management and decision-making. | General partners manage the business; limited partners do not participate in management. | All partners can participate in management without risking personal liability. |
| Number of Partners | There is no limit on the number of partners. | Maximum of 20 partners. | There is no maximum limit on the number of partners. |
| Use Cases | Small businesses, professional firms, and family-owned businesses. | Venture capital firms, real estate investments, and professional partnerships. | Professional firms, technology startups, and businesses seeking limited liability. |
| Taxation | Pass-through taxation; income is taxed at individual partner levels. | Pass-through taxation; income is taxed at individual partner levels. | Pass-through taxation; income is taxed at individual partner levels. |
| Existence | May dissolve upon the death or withdrawal of a partner unless otherwise stated. | Limited partners can withdraw without dissolving the partnership, but general partners’ withdrawal may dissolve it. | Continues to exist despite changes in partnership structure or membership. |
| Public Disclosure | Minimal public disclosure requirements. | Limited public disclosure; generally requires filing with CAC for certain documents. | Must file annual returns and maintain public records, including financial statements. |
REGISTER GP | REGISTER LP | REGISTER LLP |
Benefits of Partnership Registration
Registering your Partnership in Nigeria offers numerous advantages:
Why Choose SplashDict for CAC Partnership Registration?
We streamline your business setup process with expert guidance and efficient service.
Expert Team
Our team of Chartered Secretaries ensures seamless business setup.
CAC-Accredited Agents
Our team of CAC-accredited agents ensures seamless and compliant registration.
Transparent Pricing
Clear and upfront pricing with no hidden fees.
Fast & Efficient
Experience fast and easy registration with our streamlined online platform.
Secure & Reliable
Robust security measures protecting your data and documents.
Dedicated Support
Receive continuous support from our team throughout and beyond the registration process.
FAQs
Common frequently asked questions and answers related to CAC Partnership Registration Service:
- General Partnership (GP): All partners share equal responsibility for the business and unlimited liability for debts.
- Limited Partnership (LP): Consists of at least one General Partner with unlimited liability and one or more Limited Partners whose liability is limited to their investment.
- Limited Liability Partnership (LLP): All partners have limited liability, meaning their assets are protected, and they can participate in business management.
- In a General Partnership, all partners share management responsibilities and have unlimited liability for business debts.
- In a Limited Partnership, the General Partner manages the business and has unlimited liability, while Limited Partners are passive investors with liability limited to their capital contributions.
- In an LLP, all partners have limited liability, meaning they are not personally liable for the business’s debts, and all partners can take part in management.
A partnership agreement is a contract between business partners that sets out the rules by which the partnership will be organized and run. As partnerships can be set up without one, the general law lays down certain key aspects of partnership administration, unless the partners otherwise agree. This is one of the main reasons it’s crucial to have a written partnership agreement, as you may want to run the partnership differently.
For example, in law, partners share profits equally. In practice, many partnerships want to allocate profits differently depending on how long each partner has been with the business, or how much initial capital they’ve contributed.
A partnership agreement can override the general law, so each partner knows where they stand. Moreover, unlike companies, partnership agreements are private, so the partners can keep their business affairs confidential.
Even if you’re going into business with a friend or relative, you should still have a partnership agreement. Ideally, you’ll never need to refer to it, but unfortunately, disagreements can arise, and a partnership agreement can help to resolve the conflict quickly.
Partnerships offer several benefits, including:
- Easy to establish with a simple setup process
- Flexibility in business operations
- Business owners share risks and rewards
- Entrepreneurs can pool resources and share responsibilities
- Partners can capitalize on different skill sets
- Raising funds may be easier with more owners
- Profits go right into partners' pockets, providing for easier tax reporting
- Employees want to work for the partnership if they have an opportunity to become a partner.
It usually takes 3-14 business days for the Partnership Registration in Nigeria.
Name Search: 6 - 24 hours from submission.
Grant of Certificate of Registration: 2 - 10 Days from filing.
Total time: Approximately 3 - 14 days.
Insights & Updates
Explore our blog for valuable resources on Partnership Registration.
