Jersey to revamp its Limited Liability Partnership Legislation
Published: 24 Jan 2017
First published by Appleby in January 2017
Limited Liability Partnerships (LLPs) are partnerships governed by the terms of their partnership agreements with some benefits also attributable to companies such as a separate legal personality and limited liability for members. LLPs were introduced in Jersey in 1997 under the Limited Liability Partnership (Jersey) Law 1997 (the 1997 Law) and have since been used for a variety of purposes.
In Autumn 2016, the draft Limited Liability Partnership (Jersey) Law 201- (the New Law) was approved by the States Assembly aiming to make Jersey LLPs more competitive for use as a vehicle of choice for local and international business. The New Law is subject to crown assent and it is anticipated to come into force in early 2017.
For more information regarding the proposed changes, please read more.