Public Company
“Section 22. Definition of Public Company
A public company is a company which-
(a) is a company limited by shares;
(b) has a minimum of two members and a maximum of unlimited members;
(c) has a minimum authorized share capital as may be prescribed by the Commission;
(d) has a minimum of two directors; and
(e) is a company whose shares may be transferred freely.”
Private Company
“Section 23. Definition of Private Company
A private company is a company which-
(a) is a company limited by shares;
(b) has a minimum of two members and a maximum of fifty members;
(c) restricts the right to transfer its shares;
(d) has a minimum of two directors; and
(e) is a company whose shares may not be transferred freely.”
Company Limited by Guarantee
“Section 24. Definition of Company Limited by Guarantee
A company limited by guarantee is a company which-
(a) has no share capital;
(b) has a minimum of two members;
(c) has a minimum of two directors;
(d) is a company in which the liability of its members is limited to the amount which the members have undertaken to contribute to the assets of the company in the event of its being wound up.”
Unlimited Company
“Section 25. Definition of Unlimited Company
An unlimited company is a company which-
(a) has no limit on the liability of its members;
(b) has a minimum of two members;
(c) has a minimum of two directors; and
(d) is a company in which the liability of its members is unlimited.”
Limited Liability Partnership (LLP)
“Section 746. Definition of Limited Liability Partnership
A limited liability partnership is a body corporate which-
(a) has a minimum of two partners;
(b) has a maximum of twenty partners;
(c) has a registered office in Nigeria;
(d) is a body corporate which is formed and registered under this Act; and
(e) has limited liability.”
Please note that these sections are subject to amendment and updating, and it’s always best to consult the most recent version of the Act or seek professional advice for specific guidance.
