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ARTICLE · 20 JULY 2016

LLC Law Introduced In The Cayman Islands

Carey Olsen
Carey Olsen
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On 8 July 2016 the Cayman Islands government brought into force the Limited Liability Companies Law, 2016 (Cayman LLC Law) and confirmed that the Registrar of Companies...

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Nick Bullmore
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On 8 July 2016 the Cayman Islands government brought into force the Limited Liability Companies Law, 2016 (Cayman LLC Law) and confirmed that the Registrar of Companies would be ready to register limited liability companies from 13 July 2016.

The Cayman LLC Law was enacted in June 2016 in response to industry demand generated largely by feedback from the US asset management industry. The law creates a legal framework for the formation of Cayman Islands limited liability companies (Cayman LLCs), which are a type of company with a flexible constitution determined by contract (LLC Agreement), much like a partnership.

Similar in many ways to the Delaware limited liability company, the Cayman LLC is a company with separate legal personality that otherwise resembles a limited partnership in having its members' liability limited by reference to the amounts of capital they have agreed to contribute (or have contributed) rather than by shares or guarantee. A Cayman LLC will

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