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Bermuda Limited Liability Company Act operative 1 October 2016

The Limited Liability Company Act 2016 (LLC Act) is now operative in Bermuda and it is expected to benefit both local and international businesses.

This significant piece of legislation will establish the first new corporate structure in the jurisdiction in decades.

Bermuda’s LLC Act was modelled on the Delaware legislation ensuring a welcome degree of familiarity to those who do business in the United States, and to clients and their advisers.

In response to market demands, the new product results in lower overall costs for forming and operating an LLC as compared to a limited company. This will benefit local and small businesses that seek flexibility in structuring arrangements while maintaining limited liability.

The attached document explains how Estera can assist companies in forming and administering the LLC vehicle, among other services. 

 

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