1. Introduction
A Limited Liability Company (LLC) in Nigeria is a popular business structure that provides limited liability to its owners, meaning their personal assets are protected from business debts and liabilities. This structure is suitable for small to medium-sized businesses and offers a balance between flexibility and formal requirements.
2. Key Features
- Limited Liability: Shareholders are only liable for the company’s debts up to the amount of their share capital.
- Legal Entity: The LLC is a separate legal entity from its owners, allowing it to own property, enter into contracts, and sue or be sued in its name.
- Ownership: Owned by shareholders, who can be individuals or corporate entities. A minimum of two and a maximum of fifty shareholders is required.
- Management: Managed by directors appointed by the shareholders. The number of directors should be between two and five.
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