Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
Friday, 28 October 2011
IOM Introduces new Limited Liability Partnership Legislation
In a bid to keep its product offering competitive the Isle of Man Treasury has recently announced that the Limited Partnership (Legal Personality) Act 2011 has been granted Royal Assent.
The new legislation came into force on Tuesday the 18th October 2011 and affords any new limited partnership registered under the Partnership Act 1909, the option of adopting a legal personality that is separate from that of its partners.
Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality.
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