ARTICLE · 22 JULY 2016

Bermuda To Introduce Delaware Style Limited Liability Companies

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Bermuda's House of Assembly has concluded its third reading of the Limited Liability Company Bill 2016 which has now been introduced to the Senate.

BermudaWealth Management

Tonesan Amissah

Matthew Ebbs-Brewer

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Bermuda's House of Assembly has concluded its third reading of the Limited Liability Company Bill 2016 which has now been introduced to the Senate.

A limited liability company (LLC) is a hybrid legal structure allowing the contractual and operational flexibility of a partnership to be housed within a corporate entity. Subject to approval by the Senate, the introduction of LLC will be the first new corporate structure introduced in Bermuda in 100 years. Although new in Bermuda, LLCs are of course well known to those located in or who do business with, the United States of America. In particular, Bermuda's legislation has been modelled on the Delaware LLC and consequently will provide a welcome degree of familiarity to clients and their advisers.

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