Bedell Cristin Jersey Briefing – Jersey Partnership Law Update
Jersey is poised to introduce two new types of legal vehicle: the separate limited partnership (“SLP”) and the incorporated limited partnership (“ILP”). These new structures will complement the range of vehicles already available in Jersey, giving businesses greater flexibility as to how to structure their operations, and fund and private equity promoters additional options for the creation of their Jersey investment and carried interest vehicles. But what do these two new partnerships have to offer and how are they different from each other and the limited partnerships already available in Jersey? What are their key features?
SLPs and ILPs can be seen as variations on the existing and frequently used “traditional” limited partnership, which was introduced by the Limited Partnerships (Jersey) Law 1994. SLPs and ILPs will, however, each be created and governed by their own separate and independent pieces of legislation, namely, the Separate Limited Partnerships (Jersey) Law 201- and the Incorporated Limited Partnerships (Jersey) Law 201-. These laws were adopted by the States Assembly (Jersey’s legislature) on 25 May 2010 and are currently awaiting Privy Council approval.