Limited liability partnerships in Guernsey
The Limited Liability Partnerships (Guernsey) Law 2013 (LLP Law) is now in force and from 13 May 2014 the Registrar of Limited Liability Partnerships has been in a position to accept applications to register limited liability partnerships incorporated under the new law. Limited liability partnerships combine the flexible features of general partnerships with the benefit for its members of limited liability.
As such, it has become a vehicle of choice for professional persons in jurisdictions in which it has been introduced. However, as the LLP Law provides a flexible vehicle, we anticipate it may be usefully applied in a variety of commercial contexts and provide additional structuring options. As such, it will be of interest to both the local and international business community.
The central characteristics of a limited liability partnership established under the LLP Law are as follows…
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