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…
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