Jersey's Economic Development Department (EDD) has this week issued a consultation
paper reviewing the Jersey law on Limited Liability Partnerships (LLPs).
The consultation is part of EDD’s ongoing work to assist Island businesses
– both large and small – by reviewing Jersey’s corporate structures.
Launching the consultation, Philip Ozouf, the Minister for Economic Development,
announced that:
“This review is good for business – from those thinking of setting
up a small team of tradesmen to big financial services firms – and shows
EDD’s commitment to work with all sectors to promote the Island’s
economic growth.”
The Limited Liability Partnership (Jersey) Law was an innovative concept when
it was passed in 1997. However, since then, LLP laws have been introduced in
many other jurisdictions.
To ensure that Jersey's law remains up-to-date and competitive, EDD wishes
to review it in the light of these developments, the Department explained.
The consultation paper sets out a number of different options for developing
the Jersey LLP structure. In particular it considers a variety of issues which,
while somewhat technical, are essential for the smooth working of the LLP structure
– both in the Island and as an international vehicle.
These include: the legal status of an LLP; the registration process, including
the current requirement to lodge a £5 million bond (which means that no
small business has used the current LLP structure); disclosure and accounting
requirements; tax and insolvency treatment; and migration of LLPs.
Responses are invited by 11th July, 2008.
Free Tax-News
RSS Feed