REGISTRATION OF LIMITED LIABILITY PARTNERSHIPS
A limited liability partnership (“LLP”) is a type of partnership where the liability of all partners is limited to the amount that they each contributed. This is unlike a limited partnership where there exists at least one general partner whose liability is unlimited while the rest of the partners have limited liability.
LLPs combine the simplicity of a traditional partnership with the limited liability benefit similar to that of a company. An LLP is a body corporate with separate legal personality from the partners and can own property and be sued in its own name.
The LLP must have at least 2 partners (either an individual or corporation) and 1 manager (an individual).
From a tax perspective, the income of an LLP is taxed on the individual partners and is not subject to corporate tax.
LLPs are regulated by the Limited Liability Partnerships Act, 2011 which provides for the registration of such partnerships among other things. The process is outlined in Part IV of the Act and the Limited Liability Partnerships (Registration) Rules, 2012.
Currently registration of LLPs is done online via the Business Registration Service in eCitizen.
How can we assist you?
We can advise you on setting up of the appropriate business entity for your business needs and assist in registration process. Please contact us for our services at email@example.com or visit our website at https://netsheria.com/ for more on our services.
5 dangers of unsigned contracts and agreements
5 dangers of unsigned contracts and agreements: A contract has been defined as a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law. It is advisable that parties [...]
Why you should always include an Arbitration Clause in a contract document
WHY YOU SHOULD ALWAYS INCLUDE AN ARBITRATION CLAUSE IN A CONTRACT DOCUMENT An arbitration clause is a provision in a contract that requires the parties to resolve any disputes that may arise through arbitration rather [...]
7 Examples of what to disclose at the initial stages of contract negotiation
7 EXAMPLES OF WHAT TO DISCLOSE AT THE INITIAL STAGES OF CONTRACT NEGOTIATION Material facts: Parties to a contract should disclose all material facts that are relevant to the transaction. This includes things like [...]
Red flags in Contracts
BEWARE OF THESE RED FLAGS!!!! Many clients have been asking us how to tell that a contract/agreement is not favorable, considering all clauses have been stated in the agreement. Some have signed and gone [...]