New LLP Law: greater flexibility creates a more attractive regime

The new Limited Liability Partnerships (Jersey) Law 2017 has taken effect, replacing the previous 1997 law. Changes introduced by the new law make limited liability partnerships (LLPs) a more attractive vehicle with greater flexibility. Instead of having to contribute effort and skill, partners may contribute capital; a partnership secretary is responsible for the administrative functions rather than a designated partner, and partnership interests may be transferred.