Sign inSign upSign in
Menu

Companies and Allied Matters Act 2020 · Part C

Section 766Extent of liability of limited liability partnership

(1)
A limited liability partnership is not bound by anything done by a partner in dealing with a person if the—
(a)
partner in fact has no authority to act for the limited liability partnership in doing a particular act ; and
(b)
person knows that he has no authority, does not know or believe him to be a partner of the limited liability partnership.
(2)
A limited liability partnership is liable if a partner of the limited liability partnership is liable to any person as a result of a wrongful act or omission on his part in the course of the business of the limited liability partnership or with its authority.
(3)
An obligation of the limited liability partnership whether arising in contract or otherwise, shall be solely the obligation of the limited liability partnership.
(4)
The liabilities of a limited liability partnership shall be met out of the property of the limited liability partnership.
Cite as: Companies and Allied Matters Act 2020, section 766

What this section means

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

  • Its obligations are solely its own, and its liabilities are met out of its property (section 766).

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.