Jersey ILP

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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