An Incorporated Limited Partnership ILP is a partnership vehicle registered under the Incorporated Limited Partnership (Jersey) Law 2011,

As the name suggests, this type of partnership is incorporated. With incorporation come certain important considerations and obligations for both the general partner and the limited partners analogous with those applicable when considering the relationships between companies, directors and shareholders (for example, a general partner must ‘act honestly and in good faith with a view to the best interest of the ILP which mirrors a director’s statutory duty under the Companies (Jersey) Law 1991).

Jersey ILP Key Features

  1. Whilst an ILP has separate legal personality (like an SLP) it is an incorporated (unlike an SLP);
  2. It has unlimited capacity;
  3. Like a company, it has perpetual succession;
  4. Like an LP (and an SLP), it must consist of one or more general partners and one or more limited partners;
  5. Like an LP (and SLP), any general partner has unlimited liability for the debts of the ILP whereas the limited partners are protected by limited liability provided that they have not participated in the management of the ILP;
  6. Confidentiality: The position is the same as for an LP (and an SLP) (see above);
  7. A limited partner is permitted to make its contribution via money, other property or the provision of services;
  8. There is no limit on the number of limited partners;
  9. A limited partner is permitted to assign its interest (subject to the terms of the partnership agreement);
  10. It may be established for a specific term or with unlimited duration;
  11. No audit requirements;

Jersey ILP Legal Requirements

Jersey ILP

Corporate Details

General

  • Registered Office in Jersey

Yes

  • Shelf company availability

Yes

Share capital or equivalent

  • Standard currency

USD

  • Permitted currencies

Any

Directors | Officers | Partners

  • Minimum number

1 Limited Partner and 1 General Partner

  • Maximum number

None

  • Location of meetings

No

  • Corporate Partnerships allowed

Yes

Company Secretary

  • Required

No

Accounts

  • Requirements to prepare

Yes

  • Audit requirements

No

  • Requirements to file accounts

Yes

Jersey ILP Tax Treatment

Jersey Incorporated Limited Partnerships are not liable to any Jersey income tax burden

Jersey ILP Duration for Set-up

2 Weeks

Distinctive Benefits of the Jersey ILP

  • There is no limit on the number of limited partners;
  • No audit requirements
  • It has unlimited capacity
  • Friendly regulatory environment
  • Tax exemption on income tax, and withholding tax.

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