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Nairaland Forum / Nairaland / General / Business / Limited Liability Partnership And Limited Partnership (126 Views)
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|Limited Liability Partnership And Limited Partnership by elyonchee(f): 8:39pm On Aug 18, 2021|
CAMA 2020 introduced these two new legal entities. Some days ago while filing a name reservation for a client, I saw it is has been added I don't know whether CAC has fully started it's implementation maybe they must have or have not fully implemented it's commencement.
What is a Limited Liability Partnership?
It is a corporate body that can sue, hold or acquire or sell properties in it's name. It has perpetual succession and a corporate legal personality, in the sense that the entity is separate from the partnership. In this type of entity, the partners are liable for the amount of money or assets. Partners personal assets are not liabilities except where the partners defraud their clients or lenders.
Limited Partnership one general partner and limited partner.
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