The Limited Liability Partnership Act
Europa Trust Company Ltd
10 May, 2016
The Limited Liability Partnership Act has recently come into effect in Gibraltar, Europa Trust Company Ltd reports on the new financial legislation.
The "Limited Liability Partnership" is a body corporate with its own legal personality, distinct from its members, unlike a normal, unincorporated, partnership. The Act increases the ability of local practitioners to provide first class solutions to their local and international clients thereby creating new and increased business flows for Gibraltar.
The Government of Gibraltar worked closely with STEP (the Society of Trust and Estate Practitioners) in developing the legislation. STEP provided expert assistance to the Government of Gibraltar in the preparation and drafting of the regulation.
Gilbert Licudi, the Education and Justice Minister of Gibraltar, welcomed the announcement by saying, "We are firmly committed to providing the most comprehensive and current legislative framework for our professional services providers so as to contribute to the jurisdictions commercial success."
Recent legislation in Gibraltar includes,
- Trusts (Private International Law) Act,
- Purpose Trusts,
- Private Trust Companies
The legislation and new act highlights the Government of Gibraltar's commitment to supporting practitioners in the jurisdiction.
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