Key Features Of Cayman LLCs

Primacy of freedom of contract

Overall the drafting of the LLC Law adopts a similar approach as adopted with respect to exempted limited partnerships (ELPs) under the Cayman Exempted Limited Partnership Law (the ELP Law) in that many of its default provisions remain subject to the relevant LLC Agreement.

Reflection/Improvement on ELP and Exempted Companies Provisions

Many of the provisions of the LLC Law combine the flexibility of certain provisions of the ELP Law while also reflecting the corresponding provisions for Cayman Islands exempted companies under the Companies Law but with enhancements made generally to increase the flexibility of LLCs as compared to exempted companies and certainty/ease of use for members/managers of LLCs.