It is mandatory in Nigeria to have every business registered.
A partnership business is no different and is also required by law to be registered with the Corporate Affairs Commission (CAC).
Procedure for Registering a Partnership Business in Nigeria
- Pay a visit to the nearest Corporate Affairs Commission and obtain a name reservation form. The following is to be attached to the reservation of name form and submitted to the CAC office
- The proposed name for the business
- The general nature of the business or proposed activities to be carried out in the business
- The full address of the principal place of business and every other subsidiary place of business;
- Where the registration to be done is that of a firm; the present forenames and surnames, nationality, age, sex, occupation and usual residential address of each of the individuals who are the intending partners, and the corporate name and registered office of such corporation which is an intending partner as the case might be
- The proposed date of commencement of the business or activities
- A passport sized photograph of the owners.
- The Certificates of professional qualification in cases where the business is of a professional nature.
- A name search will be carried to determine availability. This takes a period of about two weeks. If the name you choose is not available, you will reapply for another name search after changing the name you wish to use. If the name is available the registration process continues.
- For a Partnership business, you will be required to provide details of a partner including the partners’ photograph, address and telephone number.
A Partnership business should have a minimum of two members and a maximum of twenty members. The Partnership business is regulated by the Partnership Law or Act and partners can also come up with a Partnership agreement or Deeds of Partnership with details on the terms of Partnership.