Limited Liability Partnerships Legislation Commenced

HM Government of Gibraltar is commencing legislation on 24 March 2016, providing for Limited Liability Partnerships and this is the latest addition to the expanding suite of Gibraltar products that can now be offered.

The Limited Liability Partnership is a very flexible vehicle and has been primarily designed with professional service providers in mind, whose partners may potentially be at risk from the careless or accidental negligence of a colleague. However the Limited Liability Partnership is also available in respect of any type of trade, profession and occupation. A further benefit is that any agreement that may be in place between the members remains confidential between the members and the Limited Liability Partnership and no disclosure or registration requirements apply. Additionally the Limited Liability Partnership is also regarded as fiscally tax transparent and members can undertake management functions without forfeiting their limited lability protection.