Expanding the Scope of Business Activities under the Companies and Allied Matters Act: One- Person Companies and Partnerships in Focus
Keywords:Partnership, Companies and Allied Matters Act, Company Law, One-Person Company
The Companies and Allied Matters Act, 2020 repealed and replaced the Companies and Allied Matters Act, 1990. Before its repeal, the latter recognized private and public companies limited by shares, co-operative societies and businesses registered under businesses names as the only vehicles for business activities. The companies and Allied Matters Act, 2020 came along with new vehicles, namely, One-Person private Company limited by shares, limited liability and limited Partnerships. The addition of these new vehicles into the corpus of Nigeriaâ€™s company and commercial laws and the retention of existing ones are rightly in our view, meant to align the range of entrepreneurial activities with global best practices.