HOW TO OPEN A PARTNERSHIP ACCOUNT IN NIGERIAN BANKS

A partnership account is designed for unincorporated business entities between two or more individuals of equal rights, they share their profit, losses, assets and responsibility together and their liability to the business is not limited.

Partnership account is different from a corporate account because it is not registered as a legal corporate entity,  and it is not the same with a joint account because the relationship between the signatories are more formal and business oriented.

This category of account is tier three  and it can be savings or current account.

REQUIREMENTS AND DOCUMENTATION

the following documents and requirements is needed before a partnership account can be created:

1. Duly completed Account Opening Form
2. 2 Passport Photographs for each signatory
3. Copy of Certificate of Business Registration
4. Form CO2
5. Valid means of Identification for each Signatory
6. Memo & Article of Association/Partnership Deed
7. Two Reference Forms
8. Board Resolution to open account
9. Valid Utility Bill
10. Search Report (Conducted by the bank)
11. Bio Data form: Know Your Customer Requirement
12. Operating Instructions
13. Evidence of SCUML Registration
14. Tax Identification Number
15. Membership certificate of professional body (if any)
16. Entry interview sheet
17. Status inquiry instituted (where applicable)
18. Visitation Report
19. Residence permit (Expatriates)