By Daniel O'Connor
Jersey has introduced two new forms of limited partnership. A
separate limited partnership (SLP) is a legal person, similar to a
Scottish limited partnership. An incorporated limited partnership
(ILP) is a legal person and a body corporate. Carey Olsen
registered the first of the structures (an SLP) in 2011 and others
have followed since.
The 'traditional' Jersey limited partnership (JLP) is
treated as transparent for all UK tax purposes and counsel's
advice is that SLPs and ILPs will receive the same treatment. The
SLP and ILP laws have been tailored to reinforce the existence of
separate legal personality and body corporate status before foreign
courts:
- An SLP is a legal person whose capacity is not limited and
which can sue and be sued in the name of the SLP or its general
partner (GP);
