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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.