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General Partnership Business Name Registration
₦35,000.00
Register Your Nigerian General Partnership Business Name
In Nigeria, a General Partnership Business Name is ideal for two or more individuals or entities looking to collaborate and run a business together. This structure allows partners to share profits, responsibilities, and decision-making, making it perfect for small businesses that value teamwork and joint effort.
Our General Partnership Business Name Registration service is tailored for entrepreneurs, vendors, and other small business owners who want to operate together under a registered business name without complex registration procedures. Let us help you set up your business smoothly with our trusted registration service and establish your presence in Nigeria's market.
Upon completing the order, you'll be redirected to submit your information to process your registration.
Our Process
Choose a Package
Select a package, add to cart, and complete secure online payment.
Provide Information
Fill out our simple online form with your business details.
We Process Your Application
We'll prepare and file the necessary documents with the CAC.
Receive Documents
Get your completed business entity package.
Register General Partnership Business Name in Nigeria
Here's how SplashDict's team of CAC-accredited consultants can help:
Business Name Registration: Nigerian General Partnership Business Name Registration with the CAC.
Documentation Preparation: We handle all required registration documents.
Business Name Search and Reservation: We check availability and secure your desired business name.
CAC Filing Fee Included: No hidden costs; package price covers all fees.
Submission and Processing: We manage the entire process for swift approval.
TIN Assistance: Tax Identification Number issued upon registration.
Documents Delivery: Receive your Certificate of Registration and Status Report.
Ongoing Secretarial Support for statutory filings and compliance.
Requirements for Registering a Partnership Business Name in Nigeria
Here are the requirements for registering a GP with the CAC:
Proposed Business Names: At least two (2) options (1st choice and alternative).
Partners: A General Partner must have at least two partners and a maximum of 20.
Capital Contributions: The amount each partner will contribute to the partnership.
Business Objectives: Description of the nature and objectives of the business.
Partners' Details: Provide full names, addresses, occupations, and means of identification for all partners.
Business Address: Proposed business address (can be a home address or a separate business location).
Partnership Agreement: A draft agreement outlining the partners' rights, duties, and responsibilities.
Features of General Partnership Business
How does a General Partnership work?
Unlimited Liability: All partners have unlimited personal liability for the debts and obligations of the GP. This means their assets can be used to cover any business losses, posing a significant financial risk.
No Corporate Tax: A general partnership is a pass-through entity; it does not pay income taxes. Instead, each partner reports their share of the partnership's profits or losses on their tax return.
Not a Separate Entity: A general partnership is not a separate legal entity from its partners. It cannot own property or sue and be sued in its name; these actions are taken on behalf of the GP by the partners.
Easy Dissolution: A general partnership can be easily dissolved at any time, typically when a partner decides to leave or passes away unless otherwise specified in the partnership agreement.
Number of Partners: A General Partnership must have at least two partners. There is a maximum limit of 20 partners.
Taxation: The partnership itself does not pay federal income taxes. Instead, profits and losses are passed through to the partners, who report them on their tax returns.
General Partnership Business Name Registration Package
Find the best GP package to start your Business:
Benefits of General Partnership Business Registration
GPs have several advantages that make them popular:
Shared Management: Each partner has an equal right to participate in decision-making unless otherwise specified in the partnership agreement.
Enhanced Credibility: Registration of General Partnership status demonstrates a commitment to professionalism and legitimacy.
Shared Liability: While each partner is personally liable, the shared responsibility can sometimes reduce the risk of individual losses.
Raising Capital: It is easier to raise capital by admitting new partners. Existing partners can contribute additional capital as needed.
No Minimum Capital Requirement: Unlike some business structures that require a minimum capital investment to form, a general partnership does not have such requirements.
Exclusive Business Name Use: Registration Protects the business name from being used by others.
Why Choose SplashDict for CAC Partnership Registration?
We streamline your General Partnership Business Name Registration process with 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
Frequently asked questions about General Partnership Business Name Registration in Nigeria:
A General Partnership is a business arrangement where two or more individuals agree to share the assets, profits, and financial and legal liabilities of a jointly-owned business.
- It’s the default structure for partnerships. Just like sole proprietorship is the default business structure for individual business owners, a general partnership is the default for multi-owner businesses.
- You and your partners are personally liable. Similar to sole proprietors, partners in a general partnership take on personal responsibility for the business. That means equal liability for debts or legal action. Partners can adjust the split of both profits and liabilities in their partnership agreement, but an equal split is the default.
- You’re taxed only one time. General partnerships are pass-through entities, meaning partners pay income taxes on profits at the personal level.
Registering with CAC (Corporate Affairs Commission) gives your partnership legal recognition, enhances credibility, and may be required for certain business transactions or obtaining loans.
To register a General Partnership in Nigeria, you need to:
- Propose Business Names: Provide at least two proposed names for the partnership.
- Business Address: Submit a business address and email address for the partnership.
- Personal Information: Provide personal details of the partners, including phone numbers, email addresses, and date of birth.
- Identification: Submit valid forms of identification for all partners.
- Passport Photographs: Include passport photographs of the partners.
While a written partnership agreement is not legally required, it is highly recommended to outline the terms of the partnership, including profit distribution, capital contributions, and operating procedures.
A General Partnership is a pass-through entity, meaning profits and losses are passed through to the partners, who report them on their individual tax returns. This avoids double taxation.
In a General Partnership, all partners have unlimited personal liability for the debts and obligations of the business. This means their personal assets can be used to cover any business losses.
The registration process timeline varies depending on CAC and the efficiency of processing. This is the timeline:
Name Search and reservation: 6 - 24 hours from submission.
Grant of Certificate of Registration: 24 -96 Hours from filing.
Total time: Approximately 2 - 7 days.
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