We expect the LLP will be useful in a wide variety of circumstances as an organisation for the conduct of services businesses and for investment activity. In particular the structure will permit both passive investors and active partners to operate within the same structure. The internal organisation of the LLP will typically be governed by an agreement amongst the partners, the content of which is highly flexible allowing the LLP to be adapted to many different circumstances. Where the LLP is to be used in the provision of investment services in the funds sector, the Jersey Financial Services Commission (in conjunction with Appleby and others) has developed a detailed and comprehensive licensing policy. Appleby advised on the first regulated LLP in Jersey and the first regulated structure involving an LLP in Jersey.