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ARTICLE · 18 DECEMBER 2014

LLP – Guernsey's New Flexible Business Structure*

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The principal concept of an LLP is that it combines the most advantageous features from a traditional partnership and a company.

GuernseyWealth Management
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Guernsey introduced its form of limited liability partnership with effect from 13 May 2014 in response to increasing demand for this type of structure in Guernsey, with all the benefits and advantages that Guernsey offers generally as a jurisdiction in which to do business. Whilst LLPs have been introduced in several other jurisdictions, including the UK (from 2000) and a number of offshore jurisdictions, in drafting the Limited Liability Partnerships (Guernsey) Law, 2013 (the "Law") Guernsey has had the advantage of being able to learn from those other regimes to develop an alternative business structure that will be attractive to a wide variety of users, both domestic and international.

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