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It is possible to register limited partnerships in both Jersey and Guernsey, in Jersey under the Limited Partnerships (Jersey) Law 1994 and in Guernsey under the Limited Partnerships (Guernsey) Law 1995.
A limited partnership comprises one or more general partners acting on behalf of a number of limited partners. The general partners operate the business of the partnership on behalf of the limited partners. Typically, the liability of the limited partners will be confined to the capital that they have contributed or agreed to contribute to the partnership and the general partners will be liable for the remaining debts of the partnership. A limited partner may incur unlimited liability if he participates in the conduct or the management of the business or if he otherwise transacts business on behalf of the partnership.
In both Jersey and Guernsey there is no limit on the number of limited partners that a limited partnership can have and both general and limited partners can be corporate entities.
Only the name and address of the general partner will be available as a matter of public record. Information on the limited partners and their contributions need be available only to other partners.
Accounts may be maintained in any currency. A fee of £500 in Jersey and £100 in Guernsey is payable at the time of registration. No annual or periodic fees are payable.
A law has been proposed in Guernsey which will allow a limited partnership to be treated as a separate legal entity.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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