What is a Limited Liability Partnership ?
A Limited Liability Partnership (LLP) shares many features of a normal partnership. However, unlike normal partnerships, a member is not liable for any debt of the LLP (or any other member) by virtue solely of their membership of it.
Any liability of a member - either to contribute funds or cover a shortfall on its winding up, is limited to whatever the member has agreed with the LLP or other members. This liability will be set out in the Members Agreement on incorporation (or as amended).
In Guernsey an LLP can be incorporated to carry on lawful business with a view to a profit or any other lawful activity. The LLP has its own separate legal personality from that of its members and it carries on business with the members acting as agents.
Every LLP incorporated in Guernsey must have at least 2 members who are admitted in accordance with the members agreement. The members can be natural persons or a body corporate.
In Guernsey, every LLP must have a Resident Agent who is an individual member resident in Guernsey or who is a Guernsey Corporate Service Provider.
