Offshore limited liability companies and the family office
The International Family Offices Journal
Vol. 3 - Iss. 2 pp. 38–45
Ashley Fife, of the Appleby law firm in Bermuda, offers a detailed practical explanation of the advantages of using limited liability companies for private wealth planning. He comments that compared with other structures ?limited liability companies (LLCs) are widely regarded as flexible, low maintenance and tax efficient. These characteristics have made LLCs popular vehicles for family offices, funds and operating businesses in the United States and elsewhere?. Ashley reports on the new legislation in Cayman, Bermuda and the draft legislation in Jersey implementing LLCs. He compares the features and mechanics of LLCs established under Bermuda's LLC Act (Bermuda LLCs), Delaware's Limited Liability Companies Act (Delaware LLC Act), the Cayman LLC Law and the Draft Jersey LLC Law. Each jurisdiction's legal histories, contexts and policy choices have led to some interesting differences between their respective LLC statutes, which he describes.