First Published in The Royal Gazette, Legally Speaking,
September 2020
It's been almost four years since limited liability
companies were brought to Bermuda on October 1, 2016 under the
Limited Liability Company Act 2016.
Our LLC Act was modelled closely on Delaware's popular
limited liability statute and includes many of the same features
that have made LLCs a prevalent, and comfortable, corporate vehicle
in the United States.
Much ink has already been spilt highlighting the flexibility
accorded to LLCs in Bermuda but this article focuses on certain
features of LLCs that have taken centre stage in highlighting that
flexibility in our recent experience.
While the LLC Act does contain basic provisions regarding how an
LLC is formed and managed, it is also highly deferential to the
desires and intentions of the LLC's members as expressed in the
governing LLC agreement. In this way, LLCs are similar to limited
partnerships - with the added benefit of limited
