Partnership business enables two or more individuals with a common goal to pool resources to start a business venture.
Business is one of the best things to do to realize dreams. Even with a million degrees, without a business venture, you will only be used by people you work for; at the end of the day you will hate yourself. To be your own boss, you must own a business.
Nigeria has several business opportunities which require a partnership company. To register a partnership business in Nigeria, the following is the procedure to follow:
- Conduct a name search at the Corporate Affairs Office to determine whether the name you intend to use for your business is legitimate.
- Obtain a name reservation form from the nearest Corporate Affairs Commission.
Fill the form and attach the following documents
- Passport Sized Photograph
- Degree or professional certificate.
The name reservation form contain the following
- Address and place of business
- Address of the principal place of business including plot number, name of building or street.
- Copy of College Certificate for one of the partners.
- Full names of partners.
- Name of the business
- Nature of Business
- Passport for each partner
- Passport photo for each partner
- Postal Address
Once you have filled the name reservation form, you will be required to have a partnership deed.
A partnership deed can be prepared by a qualified lawyer. Alternatively, you can download a sample of partnership deed and modify it to suit your company details.
A partnership should contain the following details
- Name of the firm.
- Names and addresses of the partners.
- The nature of the business.
- The term or duration of partnership.
- The amount of capital to be contributed by each partner.
- The drawings that can be made by each partner.
- The interest to be allowed on capital and charged on drawings.
- Rights of partners.
- Duties of partners.
- Remuneration to partners.
- The ratio in which the profits or losses are to be shared among the partners.
- The basis for the calculation of goodwill at the time of admission, retirement, and death of a partner.
- The keeping of proper books of accounts and the preparation of Balance Sheet.
- Settlement of amount on the dissolution of the firm.
- The procedures to be adopted in the case of disputes among the partners.
- Arbitration clause.
Once you have submitted the partnership deed and name reservation form, you will be required to wait for 2 to 4 weeks to get a certificate of incorporation.