Guernsey financial services practitioners have another vehicle to use in providing solutions for their client base – Limited Liability Partnerships (LLPs), which is a body corporate with separate legal personality from its members and unlimited capacity. Partners in an LLP are referred to as members (must be a minimum of two) and there is no limit to the number of members.
The Limited Liability Partnerships (Guernsey) Law, 2013 was approved in December last year and came into force from 13 May. 28, 14
LLP’s may be used for wide variety of purposes, but especially by professional businesses for global investments and asset holding. Subject to any agreement among the members, a member of an LLP is not liable for the debts of the LLP or any other member of the LLP.
Registrations of LLPs must be made through a Guernsey corporate service provider at the Guernsey Registry.