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Jersey Consults On Legal Status Change For Limited Partnerships

by Robert Lee, Tax-News.com, London

11 September 2009


Jersey’s Economic Development Department is asking members of Jersey’s business community for their views on draft legislation which would introduce to the Island limited partnerships with legal personality.

Since the introduction to Jersey of limited partnerships in 1994, they have proved increasingly popular, particularly as investment vehicles, according to the authorities.

The Economic Development Department has announced that it is seeking to build on that success with the introduction of two further limited partnership laws, introducing different possible legal statuses for limited partnerships.

The two laws are the draft Separate Limited Partnerships (Jersey) Law 200- and the draft Incorporated Limited Partnerships (Jersey) Law 200-. These provide respectively for the establishment of Separate Limited Partnerships (SLPs) and Incorporated Limited Partnerships (ILPs).

The SLP will have legal personality but without being a body corporate (as is already the case for a Scottish limited partnership), whereas the ILP will be a body corporate.

The Department believes that a wider range of uses of Jersey limited partnerships would be made by consumers if they had the option of creating a limited partnership with legal personality.

Minister for Economic Development, Senator Alan Maclean,announced that:

“I welcome this consultation on introducing Limited Partnerships with legal personality. These innovative vehicles will benefit the Island’s finance industry by adding to the range of attractive investment products we can offer and will help to maintain Jersey’s position as one of the world’s leading finance centres”.

The closing date for responses is October 5.


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