The Limited Liability Partnerships (Jersey) Law: An introduction
These notes are intended to provide an introduction to the main features of the Limited Liability Partnerships (Jersey) Law and certain other legislation relevant to the operation of Limited Liability Partnerships.
Limited Liability Partnerships are a distinctive type of legal entity created by the Limited Liability Partnerships (Jersey) Law 1997 (the Law). They are different from partnerships, limited partnerships and limited liability companies. A Limited Liability Partnership has the following essential characteristics:
- It is a partnership with a separate legal personality. Whilst having the characteristics of a partnership whose existence depends upon the continued existence of at least two of the partners comprising it, a Limited Liability Partnership can own its own property and sue and be sued in its own name. It offers limited liability to all partners but does not affect liability in respect of personal debts or for losses caused by a partner.
- The maximum amount that a partner in a Limited Liability Partnership could lose if judgment were to be made against the Limited Liability Partnership would be his interest in the property of the Limited Liability Partnership together with certain amounts paid to him from its property if it was, at the time, insolvent. He remains, however, fully responsible in respect of his own debts and losses caused by him…
If you are registered and logged in to the site, click on the link below to read the rest of the Mourant Ozannes briefing. If not, please register or sign in with your details below.
News from Mourant Ozannes
Briefings from Mourant Ozannes
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.