Common Contracts
1 similar Limited Liability Partnership Agreement contracts
Limited Liability Partnership under Companies and Allied Matters Act, 2020Limited Liability Partnership Agreement • July 3rd, 2022
Limited liability partnership (LLP) like limited partnership has been in existence in most countries for some time now. It was only introduced in Nigeria as one of the business entities by Companies and Allied Matters Act 2020 (the Act). It combines characteristics of partnership and company, particularly in the area of limited liability as all the partners have limited liability. The business community in Nigeria for years desired for a hybrid of partnership and company to carry on business and with the introduction of LLP, it is believed that their desire has been met. The Act made provisions for registration of limited liability partnership before commencement of business as well as provisions on management and winding up of the limited liability partnership. The Act also provides for appointment of designated partners and person(s) with significant control that are distinguishing attributes of LLP from other types of partnership. This paper examined the entire provisions of the Act
