On 18 December 2015, the Limited Liability Companies Bill, 2015
(the Bill) was published in the Cayman Islands.
The Bill is expected to be enacted in early 2016, although
commencement of the law is expected to be proclaimed on a later
date in 2016.
Once the Bill becomes law, a new class of Cayman Islands entity,
the limited liability company (LLC), will be
available for use in investment funds and other international
structures, and in corporate transactions generally. The LLC
is loosely based on the Delaware limited liability company with
various amendments, resulting in a hybrid between an exempted
company and an exempted limited partnership.
The Bill is the culmination of many months of development in
which Ogier was centrally involved. As practitioners, we are
excited about the potential uses of LLCs and not just in the
investment funds context. The LLC will offer the benefits of
a company in that it will be a body corporate with separate legal
personality
