Whilst there are various types of limited liability companies presently available in the Cayman Islands, the Cayman LLC will be a distinct entity. The LLC Bill has been modelled using both local legislation (notably the Cayman Islands company and partnership laws) as well as the limited liability legislation of Delaware. As such, the Cayman LLC will have certain features of Cayman companies and partnerships (for example, member liability not being limited by shares nor by guarantee but rather by reference to members’ capital accounts and capital contributions) and also features of a Delaware LLC (for example, allowing for freedom of contract amongst the members as to determining the internal operations of the company). In addition, some key features of the Cayman LLC include: separate legal personality; limited liability for its members; member managed or manager managed. The law implementing the Cayman LLC will also allow for conversion (i.e. a Cayman exempted company will be able to convert into a Cayman LLC), merger and consolidation and continuation into and out of the Cayman Islands. Read more.
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