Jersey Finance hails new LLC legislation

Posted: 13/09/2018

Geoff-Cook_GF_2018The introduction of legislation in Jersey that enables the establishment of limited liability companies (LLCs) has the potential to significantly enhance business with the US, according to Jersey Finance.

The Draft Limited Liability Companies (Jersey) Law was approved by Jersey’s government this week, allowing LLCs to be established in Jersey for the first time.

Combining the flexibility and privacy of a partnership with the protective limited liability of a company, LLCs have become popular globally for a wide variety of uses, from SMEs and holding companies to fund structuring. 

In the US, they account for over two-thirds of all new transparent business structures formed in the country each year. Jersey Finance believes the introduction of a Jersey LLC will give US advisers, investors, businesses and fund managers a familiar option for cross-border structuring.

Geoff Cook (pictured), CEO of Jersey Finance, commented: “In the US, LLCs are a structure of choice for alternative investment funds, with US advisers and managers being familiar with LLC structures and aware of the benefits they can provide in terms of tax transparency.  We are confident the Jersey LLC can provide an attractive proposition for US-based hedge fund managers, particularly in operating master-feeder structures.”

The new law follows the Limited Liability Partnerships (Jersey) Law 2017, which came into force in August. It represented a major overhaul of Jersey’s LLP legislation, which dated back to 1997, offering LLPs as a streamlined structure for professional services businesses and investment activity.

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