Formation and Registration of Business Names, Partnerships, and Incorporated Trustees

Vocabulary-style flashcards covering the formation, registration, and legal requirements of business names, LLPs, LPs, and Incorporated Trustees based on CAMA 2020.

Registrar of Business Names

The Registrar-General appointed under section $9$ of the Companies and Allied Matters Act.

Business Name Registration Deadline

The requirement for individuals, firms, or companies to furnish a statement for registration within $28$ days after commencing business.

Minor Signatory Requirement

The rule that a minor's signature on a Business Name application must be countersigned by a Legal Practitioner, Magistrate, or a Police Officer of or above the rank of ASP.

Limited Liability Partnership (LLP)

A body corporate formed under CAMA that is a legal entity separate from its partners and has perpetual succession.

Designated Partners

At least two individuals in an LLP responsible for compliance, at least one of whom must be resident in Nigeria.

General Partners

One or more persons in a limited partnership who are liable for all debts and obligations of the firm.

Limited Partners

Partners in a limited partnership who contribute capital or property and are not liable for debts beyond the amount contributed.

Limited Partnership Capacity

A partnership structure that, according under Section $795(2)$, shall not consist of more than $20$ persons.

Incorporated Trustees

A body corporate formed by an association of persons bound by religious, sporting, cultural, social, or similar purposes under Part F of CAMA.

Special Clause

A provision for Incorporated Trustees prohibiting property distribution among members and requiring transfer to charitable objects upon dissolution.