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Difficulty: MediumPartnership: Types, Deed, Rights, and Dissolution

Which of the following represents the correct chronological sequence of procedural steps for registering a partnership enterprise with the Corporate Affairs Commission (CAC) in Nigeria?

  1. 1Conducting a name availability search and reservation with the Corporate Affairs Commission (CAC).
  2. 2Drafting and executing the formal Partnership Deed outlining rights, duties, and profit-sharing ratios.
  3. 3Submitting the completed registration application forms alongside required statutory filing fees to the CAC.
  4. 4Receiving the official Certificate of Registration from the Corporate Affairs Commission (CAC).

Answer

The correct order of steps is: conducting a name search and reservation with the CAC, drafting and executing the Partnership Deed, submitting the registration application forms with statutory fees, and receiving the official Certificate of Registration.
The correct procedural order begins with verifying and reserving an available business name with the Corporate Affairs Commission (CAC). Next, the partners execute their Partnership Deed to govern their internal relationship. Following this, the formal registration forms and statutory fees are submitted to the CAC. Finally, upon review and approval, the CAC issues the Certificate of Registration.

Step-by-Step Solution

1
Determine the initial administrative requirement prior to registration.
Conducting a name availability search and reservation with the CAC comes first.
The regulatory authority must confirm that the proposed firm name is unique and legally permissible before any documentation can be processed.
2
Identify the internal legal agreement step among partners.
Drafting and executing the Partnership Deed follows name approval.
Partners must establish their contractual rights, capital contributions, and operational rules before submitting business details.
3
Determine the formal filing phase with the regulatory body.
Submitting completed registration forms and statutory fees to the CAC is the third step.
The application materials and required fees must be lodged with the commission to initiate official evaluation and approval.
4
Identify the concluding outcome of the registration process.
Receiving the Certificate of Registration is the final step.
The certificate serves as legal proof of registration, granted only after full compliance and verification by the CAC.

Key Concept

Partnership Formation and Business Name Registration Procedure
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Topics

Partnership: Types, Deed, Rights, and Dissolution

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