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ARTICLE · 15 NOVEMBER 2016

Cayman LLC – Default Provisions

Dillon Eustace
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The Limited Liability Companies Law, 2016 allows for the formation of a Cayman LLC without the need for its members to enter into an agreement as to the business or affairs of the LLC.

Cayman IslandsCorporate/Commercial Law
Jonathan Law
Jonathan Law
Derbhil O'Riordan
Derbhil O'Riordan
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The Limited Liability Companies Law, 2016 (the "Law") allows for the formation of a Cayman Limited Liability Company (an "LLC") without the need for its members to enter into an agreement as to the business or affairs of the LLC (an "LLC Agreement"). Where an LLC Agreement is not entered into the registration statement filed with the Cayman Registrar is deemed to be its LLC Agreement and a number of default provisions set out in the Law will apply to govern the conduct of the LLC's business.

This guide sets out the default provisions which will apply to any LLC whose members have chosen not to adopt an LLC Agreement. We would recommend that an LLC should only be operated without an LLC Agreement where that LLC will have a sole member who will also act as the manager of the LLC and where the LLC will not undertake any regulated business governed by the laws of the Cayman Islands. In any other circumstances a detailed analysis of the specific purposes of the LLC and

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