The States of Guernsey has responded to increasing demands from local and international businesses for limited liability partnership structures (LLPs) and has approved draft legislation which is expected to receive Royal Assent and come into force before July 2014.
Carey Olsen corporate partners, advocate David Crosland and advocate Tom Carey, hosted a recent seminar outlining the legislation.
- A body corporate with separate legal personality and unlimited capacity
- Each LLP needs a written agreement which sets out the relationship between the members
- Significant flexibility to organise the LLP to suit business requirements
- In the absence of express provisions the Law will impose certain standard terms
- LLPs are suited to professional service firms, special purpose vehicles, management companies and general partner vehicles
- An existing Guernsey partnership will be able to convert to LLP status and LLPs will also be capable of migration into and out of Guernsey
Category: Finance & Business