After much research into the laws of other jurisdictions Guernsey has approved draft legislation to introduce Limited Liability Partnerships.  This is expected to receive Royal assent prior to July 2014.  These corporate bodies combine features from traditional partnerships with features from limited liability companies.  They are more commonly used where joint management is contemplated.

Key features of these Limited Liability Partnerships are;

– It is a corporate body with separate legal nature and unlimited capacity
– It can be formed for any lawful purpose
– It can carry on business and hold assets in its own name
– The members of the Limited Liability Partnership are not liable for the company debt except what they have agreed to contribute to the company
– A register of members is open to the public
–  It is possible to redomicile limited liability partnerships to and from Guernsey
– Flexible management arrangements

Guernsey has followed the examples of the UK and Jersey in introducing this Partnership in order to provide a wider range of products and increase its attractiveness as an offshore financial centre.

Chesterfield is in an excellent position as an experienced offshore fiduciary provider to offer advice tailored to your individual needs with regards to Limited Liability Partnerships or any other form of offshore company incorporation in a variety of jurisdictions in order to find the best solution for your needs.  If you would like further specific advice regarding this please do not hesitate to contact us by following the link below or call us on our offices Telephone Number: 44 20 7097 1385  or Contact Us