Partnership Registration in Nigeria

A Partnership Business in Nigeria involves two or more individuals or entities agreeing to conduct business together, sharing profits, losses, and responsibilities.

Under CAMA 2020, partnerships can be registered as Limited Partnerships (LPs) or Limited Liability Partnerships (LLPs) with the CAC, offering varying degrees of liability protection and management flexibility, distinct from general partnerships registered as Business Names.

A Limited Partnership (LP) has at least one General Partner who manages the business and has unlimited liability, while Limited Partners have liability limited to their investment.

A Limited Liability Partnership (LLP) is a separate legal entity where all partners enjoy limited liability protection, making it ideal for professional firms and growing businesses.

Choose an LP if you want investors who contribute capital without managing the business.

Choose an LLP if all partners will actively participate in the business and want their personal assets protected.

Any two or more individuals, corporations, or a mix of both can register an LP or LLP with the CAC. LLPs are often restricted to professionals (e.g., lawyers, accountants) in some states, requiring proof of licensure.

Foreigners can participate but must comply with additional requirements, such as a business permit from the NIPC for LLPs. At least one partner in an LLP must reside in Nigeria to ensure compliance with CAMA 2020.

Both LPs and LLPs require a minimum of two partners (individuals or corporations). There is no maximum limit, but all partners’ details (names, addresses, IDs) must be provided during registration. For LPs, at least one must be a general partner and one a limited partner.

Yes, for LLP. An LLP must have at least two Designated Partners, and at least one of them must be resident in Nigeria.

You'll generally need:

• Proposed partnership name
• Business details and registered address
• Details of all partners
• Valid identification
• Partnership Agreement
• Capital contribution details
• Passport photographs and signatures

Most LP and LLP registrations are completed within 3–10 working days, subject to CAC processing and approval.

Upon successful registration, you'll receive:

• CAC Certificate of Registration
• CAC Status Report
• Partnership Agreement

LP Benefits: Limited partners enjoy liability protection up to their investment, ideal for passive investors, while general partners retain management control. LPs offer a flexible structure for investment-focused businesses.

LLP Benefits: All partners have limited liability, protecting personal assets, and can manage the business, making LLPs suitable for professional firms. As a separate legal entity, an LLP can own assets, enter into contracts, and sue or be sued independently. Both structures enhance credibility and ensure compliance with CAMA 2020.