The Jersey Limited Liability Company (LLC)

• Published date: 08 March 2023
• Subject Matter: Finance and Banking, Corporate/Commercial Law, Financial Services, Fund Management/ REITs, Corporate and Company Law
• Law Firm: Jersey Finance Limited
• Author: Jersey Finance

The Jersey LLC is a familiar vehicle designed for sophisticated investors and modelled on the Delaware and Cayman LLCs. The introduction of the LLC in Jersey expands the Island's product offering and strengthens its position as a leading international finance centre.

This factsheet includes recently confirmed amendments to the legislation which allow a Jersey LLC to elect to be a body corporate and these amendments came into effect on 14 February 2023.

Key features

• Modelled on leading LLC regimes, mainly Delaware and Cayman
• Legal personality and option to elect to be a body corporate benefitting from limited liability
• The unique flexibility of LLC operating agreements will afford members the ability to structure and manage their undertaking as best suits their needs
• Managers will not be subject to fiduciary duties unless set out in the LLC Agreement, but will be subject to a baseline duty of good faith and with the additional flexibility of a member approval procedure
• No requirement for the inclusion of Jersey resident members or managers (subject to regulatory and economic substance requirements)
• Simple registration process by way of certificate and consent to issue interests from the Jersey Financial Services Commission (JFSC), with the LLC Agreement not publicly available
• Administration services to be provided on establishment and by a person registered under the...