ARTICLE · 20 FEBRUARY 1996
Guernsey Introduces Limited Partnership Law
The Limited Partnerships (Guernsey) Law, 1995 comes into force today, 1 February 1996. The Guernsey law, which was prepared following extensive consultation with the finance sector and drew on precedents and experience from other jurisdictions, has been refined to make the legislation as simple and as flexible as possible.
In general a limited partnership consists of one or more persons called "general partners" who are liable for all the debts and obligations of the firm, and one or more persons called "limited partners" who at the time of entering into the partnership contribute or agree to contribute a stated amount of capital and are not liable for the obligations of the partnership beyond that amount.
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