Isle of Man: Types of Company
Limited Liability Company
This page was last updated on 11 January 2020.
The Manx government introduced American-style limited liability companies (LLCs) with the Limited Liability Companies Act 1996. A limited liability company must have at least two members; their liability (and, correspondingly, scope for management) is limited to the extent of the capital they contribute to the company. Profits are divided among the members and are treated as member’s income for the purposes of income tax,. An LLC does not have directors or a secretary, but it must have a registered agent on the island. The life of an LLC is limited to 30 years. LLCs are governed by articles of organisation and not memorandum and articles of association.