Introduction
The Limited Liability Partnerships (Jersey) Law, 2017 (the
Law) is now in force and the Registrar of Limited
Liability Partnerships (the Registrar) is in a
position to accept applications to register Jersey limited
liability partnerships (LLPs) incorporated under
the Law. A LLP is a legal person distinct from its partners which
can own property, sue and be sued in its own name. Each of its
partners is obliged to contribute effort and skill OR capital to
the business of the LLP and is an agent of the partnership but not
of the other partners.
Generally speaking a LLP agreement is required and can be
drafted in such manner and on such terms as the partners agree.
The Law also seeks to ensure that creditors dealing with LLPs
remain protected by requiring a specified solvency statement (a
Solvency Statement) to be made by the LLP, prior
to any withdrawal of partnership property and contemplates such a
statement being made annually.
