Bermuda To Introduce 'Delaware-Style LLCs'
by Mike Godfrey, Lowtax.net, Washington
07 July, 2016
Bermuda's Government has proposed legislation allowing for the formation of limited liability companies similar to those that may be formed in the State of Delaware.
In a client brief released on July 1, Conyers, Dill, and Pearman, the leading offshore law firm, noted that a Delaware limited liability company (LLC) is a "hybrid entity" combining corporate and partnership characteristics and is widely used in the United States (US).
The firm said: "The core of the new Bermuda LLC legislation is based largely on the corresponding provisions from the Limited Liability Company Act in Delaware. It is anticipated that this approach will be welcomed by US counsel, as Bermuda LLCs will be familiar to them in both form and substance and will benefit from existing practice and jurisprudence in relation to the corresponding Delaware provisions."
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