Proposed Guernsey LLP Not Modelled On Jersey Precedent

For immediate use

There is some reporting in the media currently of proposals in Guernsey to introduce limited liability partnerships which shows understandable confusion and misunderstanding. Comment has been very much on the lines that "Guernsey may follow its neighbour Jersey" in introducing LLPs and this gives entirely the wrong message. This notice is issued to set the record straight.

It is not correct that the draft Guernsey LLP follows the Jersey precedent either as to timing or as to substance. A Guernsey LLP was under consideration early in 1995 and before anyone in Guernsey had heard of plans for a Jersey version. Furthermore, the proposed Guernsey LLP bears little resemblance to the Jersey version and, most importantly, was designed for use by local professional practices and not to accommodate UK practices.