Limited Liability Partnerships
A Limited Liability Partnership (LLP) is a type of partnership where, in contrast to a regular partnership, each partner has a restricted amount of liability. So, an LLP is more similar to a Limited Liability Company than a typical partnership.
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FAQs On Limited Liability Partnership
LP is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited, while the liabilities of a limited partner are limited, unless he partakes in the management of the partnership. An LP should consist of not more than 20 persons and the name of an LP should end with the word “Limited Partnership” or the abbreviation “LP”.
The LLP is a partnership arrangement with a legal personality, separate from the partners. 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. An LLP shall have at least two “designated partners” who would be responsible for compliance with the requirements of the Act by the LLP. The designated partners should be individuals, at least one of whom must be resident in Nigeria.
- Partners’ personal assets are shielded from business liabilities.
- The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
- Designate and non-designate members. You can operate the LLP with different levels of membership.
- Protecting the partnership name. By registering the LLP you prevent another partnership or company from registering the same name.
- The operation of the partnership and distribution of profits is determined by written agreement between the members. This agreement is one of the documents issued after completion of registration.
No, a minor cannot be a partner
No, it is not possible
- The name of the limited liability partnership
- The proposed business of the limited liability partnership
- The address of the registered office of the limited liability partnership
- The name and address of each of the persons who are partners of the limited liability partnership on incorporation;
- The name and address of the persons who are to be designated partners of the limited liability partnership on incorporation
The documents that will be issued is the certificate, partnership agreement and status report after payment of necessary filing fees