Is it possible to convert partnership to a private company? In this article, this is the topic we want to explore.
Partnerships in Nigeria are usually registered and structured under Business Names. Business names are registration forms provided by CAC for persons who do not want the technicalities that accompany corporate structures.
With this, let’s proceed to examine the subsequent subheading as it takes us into the core of the article.
How To Convert Partnership To Private Company In Nigeria
In this section, we would proceed to list the processes so it would be easier for you to checklist them.
- Make a formal application to the Registrar General of CAC for
conversion. - Application must be accompanied by the original Business Name certificate.
- The authorization of conversion from the partnership must also be provided
- Submit evidence of filing of up to date annual returns.
- Pay prescribed fees as provided by CAC
- The Registration General will generally review application and grant approval where satisfied.
- Where approval is granted, the applicant may re-register a private company.
In conclusion, the advantages that come with structuring as a registered company are quite apparent. Many businesses are undergoing a restructuring due to these corporate benefits.
The steps highlighted above are quite simple. Any applicant operating a partnership form may switch to a company and enjoy the benefits.
References
1 Shannon Okubor, “How To Upgrade From Business Name To Company Incorporation In
Nigeria” available at, https://www.sme360.ng/2022/08/04/how-to-upgrade-from-business-
name-to-company-incorporation-in-nigeria/ accessed on Feb 23 2023
2 https://resources.diylaw.ng/converting-business-name-limited-liability-company/
accessed on Feb 23 2023
3 https://businesspilot.net/how-to-change-your-business-name-to-limited-company-in-
nigeria/ accessed on Feb 23 2023
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