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It is possible to form a limited liability partnership in Jersey under the provisions of the Limited Liability Partnerships (Jersey) Law 1996.
Unlike a limited partnership the limited partners will not incur unlimited liability if they are actively involved in the running of the business. Initially at least, an application to register as a limited liability partnership is likely to be accepted only if made by a substantial professional practice. However it is not necessary for the professional practice concerned to carry on its business in Jersey.
Under present proposals, a Jersey limited liability partnership is required to enter into a guarantee or similar agreement with a financial institution based in Jersey to provide surety to its creditors for an amount of up to œ5 million.
There is no requirement for a Jersey limited liability partnership to publish its financial statements.
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.
For further information contact Jonathan G. Hooley on Tel (indirect line): + 44 (0) 1481 721000, Tel (direct line): +44 (0) 1481 719544, Fax: +44 (0) 1481 722373.
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