A Limited Liability Partnership (LLP) is a type of partnership where, in contrast to a regular partnership, each partner has a restricted amount of liability. So, an LLP is more similar to a Limited Liability Company than a typical partnership.
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LP is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited, while the liabilities of a limited partner are limited, unless he partakes in the management of the partnership. An LP should consist of not more than 20 persons and the name of an LP should end with the word “Limited Partnership” or the abbreviation “LP”.
The LLP is a partnership arrangement with a legal personality, separate from the partners. The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or outstanding in the event of winding up. An LLP shall have at least two “designated partners” who would be responsible for compliance with the requirements of the Act by the LLP. The designated partners should be individuals, at least one of whom must be resident in Nigeria.
No, a minor cannot be a partner
No, it is not possible
The information required are as follows:
The documents that will be issued is the certificate, partnership agreement and status report after payment of necessary filing fees
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