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Companies and Allied Matters Act 2020 · Part C

Section 748Minimum number of partners

(1)
Every limited liability partnership shall have at least two partners.
(2)
If at any time the number of partners of a limited liability partnership is reduced below two and the limited liability partnership carries on business for more than six months while the number is so reduced, the person, who is the only partner of the limited liability partnership during the time that it carries on business after those six months and has the knowledge of the fact that it is carrying on business with him alone, is liable personally for the obligations of the limited liability partnership incurred during that period.
Cite as: Companies and Allied Matters Act 2020, section 748

What this section means

From the Part overview: CAMA 2020 Part C: limited liability partnerships (sections 746 to 794)

  • If the number stays below two for more than six months, the sole remaining partner who knows it is trading with him alone is personally liable for the obligations incurred in that period (section 748).

Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.