1. Jersey Developments
1.1 Limited Liability Companies arrive in Jersey
On 11 September 2018, the Draft Limited Liability Companies (Jersey) Law (the LLC Law) was adopted by the States of Jersey paving the way for limited liability companies (LLCs) to be established in Jersey. The LLC Law will now go before the UK Privy Council for final review and approval. Regulations to bring the new law into force are currently being progressed by the States.
The LLC Law largely mirrors the Delaware model. LLCs offer the limited liability protection of a company and the flexibility and privacy of a partnership in one vehicle. They have become increasingly popular vehicles globally and particularly in the US. We expect to see a reflection of this trend in Jersey following the implementation of the LLC Law.