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Board Resolution For Partnership for Nigeria

Board Resolution For Partnership Template for Nigeria

A Board Resolution for Partnership is a formal document that records the decision of a company's board of directors to enter into a partnership arrangement with another entity in Nigeria. This document, governed by the Companies and Allied Matters Act (CAMA) 2020, serves as official evidence of the board's approval and authorization for the partnership. It outlines the key terms, conditions, and parameters of the partnership, including capital contributions, profit-sharing arrangements, and management responsibilities. The resolution must comply with Nigerian corporate law requirements and typically includes specific authorizations for designated officers to execute related partnership documents.

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What is a Board Resolution For Partnership?

A Board Resolution For Partnership is a crucial corporate document required when a company in Nigeria intends to enter into a partnership arrangement with another entity. This document is essential for compliance with the Companies and Allied Matters Act (CAMA) 2020 and serves multiple purposes: it formally records the board's decision to enter into the partnership, provides authorization for executing partnership agreements, and outlines key partnership terms. The resolution should be used whenever a company plans to form a partnership, joint venture, or similar collaborative business arrangement. It typically includes details about capital contributions, profit sharing, management structure, and specific powers granted to company officers. The document is particularly important in the Nigerian business context as it provides evidence of proper corporate governance and compliance with local regulatory requirements.

What sections should be included in a Board Resolution For Partnership?

1. Header and Date: Title of the document, company name, date, and location of the meeting

2. Attendance: List of board members present, absent, and any other attendees

3. Quorum Confirmation: Statement confirming that the required quorum is present for valid decision-making

4. Background: Context of the proposed partnership and reasons for entering into it

5. Recitals: Key considerations and facts that led to the decision

6. Resolution Statements: Formal statements of the board's decisions regarding the partnership

7. Partnership Details: Key terms of the partnership including structure, capital contributions, and profit sharing

8. Authorization: Specific powers granted to officers to execute partnership documents

9. Certification: Authentication of the resolution by authorized signatories

What sections are optional to include in a Board Resolution For Partnership?

1. Special Conditions: Any specific conditions or requirements unique to this partnership

2. Risk Assessment: Analysis of potential risks and mitigation strategies, if required

3. Regulatory Compliance: Specific mentions of compliance with relevant regulations, if needed

4. Exit Provisions: Special provisions for partnership termination or exit, if predetermined

5. Conflict Resolution: Specific procedures for resolving partnership disputes, if agreed upon

What schedules should be included in a Board Resolution For Partnership?

1. Partnership Terms Sheet: Detailed terms and conditions of the partnership agreement

2. Financial Contributions: Schedule of capital contributions and financial commitments

3. Key Personnel: List of key personnel involved in managing the partnership

4. Business Plan: Overview of partnership objectives and operational plan

5. Due Diligence Report: Summary of due diligence findings on potential partners

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions






























Clauses




















Relevant Industries

Manufacturing

Technology

Financial Services

Real Estate

Agriculture

Oil and Gas

Telecommunications

Professional Services

Retail

Healthcare

Construction

Education

Mining

Transportation

Energy

Relevant Teams

Legal

Corporate Secretariat

Board Secretariat

Compliance

Corporate Governance

Risk Management

Business Development

Finance

Executive Management

Operations

Relevant Roles

Chief Executive Officer

Managing Director

Company Secretary

Legal Counsel

Board Chairman

Board Director

Chief Financial Officer

Chief Operating Officer

Partnership Manager

Business Development Manager

Corporate Governance Officer

Compliance Officer

Risk Manager

Investment Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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