IoM Announces Greater Flexibility For Limited Partnerships
Monday, August 9, 2010
The Isle of Man Treasury has announced a consultation on draft legislation
to allow limited partnerships, registered under the Partnership Act 1909, the
option of adopting a legal personality that is separate from that of its partners.
Publication of the Limited Partnership (Legal Personality) Bill 2010 follows
a high level consultation on the principle of the proposal carried out by the
Financial Supervision Commission.
Welcoming the publication of the draft legislation, Treasury Minister, Anne Craine
said: "This is a positive initiative for the island and another example
of joined-up working, involving the Financial Supervision Commission,
the Treasury, and the Department of Economic Development, the department responsible
for operation of the Companies Registry."
The consultation on the Limited Partnership (Legal Personality) Bill 2010
will run until August 31, 2010.