How to register a partnership in Nigeria

How to register a partnership in Nigeria

October 19, 2018

A partnership is a form of business formed by two or more people. Not more than 20 persons can form a partnership, unless it is a partnership of lawyers or accountants.

Follow the simple steps below to register your partnership;

  • Choose 2 names for the proposed partnership in order of preference
  • Conduct a search for availability of the name on the Corporate Affairs Commission (CAC) website
  • Reserve the available name by paying reservation fees after which a notice of approval will be sent by the commission
  • Obtain a registration form at the Corporate Affairs Commission

The following details will be required on the registration form;

  • Address and place of business
  • Full names of partners.
  • Name of the business
  • Nature of Business
  • Postal Address

Submit the following documents alongside the duly completed form;

  • Valid means of identification for each partner
  • Copy of degree certificate for one of the partners
  • Passport photographs of partners

Once the registration form has been completed, it is important to engage the services of a lawyer to assist in drafting a partnership deed. A partnership deed is a legally enforceable document that guides the operation of the partnership business. It should contain the following details;

  • Name of the firm.
  • Names and addresses of the partners.
  • The nature of the business.
  • The term or duration of partnership.
  • The amount of capital to be contributed by each partner.
  • The extent of withdrawal on the firm’s account that can be made by each partner..
  • Rights of partners.
  • Duties of partners.
  • Remuneration to partners.
  • The ratio in which the profits or losses are to be shared among the partners.
  • The basis for the calculation of goodwill at the time of admission, retirement, and death of a partner.
  • The keeping of proper books of accounts and the preparation of Balance Sheet.
  • Settlement of account on the dissolution of the firm.
  • The procedures to be adopted in the case of disputes among the partners.
  • Arbitration clause.

Do you wish to know how to register your partnership? Or you have any question or clarification regarding its registration or regarding the partnership deed? Log on to our website – www.618bees.com or call us on +23412803791 to speak to any of our consultants to provide answers to such questions.

Best regards,

Team 618 Bee

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

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