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Going offshore - Jersey's LLP plans take shape

Article Abstract:

The Finance and Economics Committee of the States has recently issued its draft Limited Liability Partnerships (Jersey) Law that is intended to attract leading British accountancy, law, architectural, surveyor and other professional firms to Jersey Island in Great Britain. It defines a Limited Liability Partnership (LLP) as a legal entity that is distinct and separate from its individual partners. The LLP will be held liable for the partnership's debts and losses, thereby absolving individual partners of such obligation except in cases when they were personally responsible for loss in the course of their work. While the law should attract professional firms since it favors their interests, observers note a number of issues that could make it difficult for these firms to take the offshore route to limiting professional liability. One of these is the question of whether English courts will recognize offshore registration of UK firms.

Partnerships, Limited liability, Jersey

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Article Abstract:

The legal issues that have to be resolved when a limited liability partnership is formed in the UK are discussed, with focus on the relationship between members, and the audit and disclosure requirements.

Accounting and auditing, Partnership

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