"LLP. Limited liability partnership. A form of the LLC favored and
used for professional associations, such as accountants and
attorneys."
In light of this, I am providing you with information about both LLP's
and LLC's in the US Virgin Islands.
"Limited Liability Company (LLC). Consists of member owners and a
manager, at a minimum. Similar to a corporation that is taxed as a
partnership or as an S-corporation. More specifically, it combines the
more favorable characteristics of a corporation and a partnership. The
LLC structure permits the complete pass-through of tax advantages and
operational flexibility found in a partnership, operating in a
corporate-style structure, with limited liability as provided by the
state's laws."
"Glossary Of Offshore Terms" SloGold (2005)
http://www.slogold.net/offshore_glossary_dictionary.html
According to several sites, the US Virgin Islands has adopted the
Uniform Limited Liability Company Act that allows for the formation of
LLC's and the Uniform Limited Partnership Act governing LLP's.
"PURPOSE:
To provide a more flexible and stable basis for the organization of
limited partnerships, and help states stimulate new limited
partnership business ventures. The 2001 revision recognizes modern-day
uses of limited partnerships, including family limited partnerships
for estate planning purposes."
"Uniform Limited Partnership Act (2001)" National Conference of
Commissioners on Uniform State Laws (2002)
http://www.nccusl.org/nccusl/uniformact_factsheets/uniformacts-fs-ulpa.asp
"PURPOSE:
To allow for the formation of limited liability companies. An LLC is a
single business entity which provides limited liability protection for
the partners, as well as providing all the owners of the business with
federal partnership taxation. This differs from general and limited
partnerships, which offer federal partnership taxation, but make at
least one general partner bear personal liability for the debts and
obligations of the business. This act incorporates the best features
of existing, yet disparate, state legislation, modern law practice and
the most recent developments in tax rulings."
"Uniform Limited Liability Company Act" National Conference of
Commissioners on Uniform State Laws (2002)
http://www.nccusl.org/nccusl/uniformact_factsheets/uniformacts-fs-ullca.asp
A more detailed discussion of the Uniform Limited Liability Company
Act can be found at "Treatment of Ltd. Liability Companies" Adkisson
Publishing Inc. (2005)
http://www.assetprotectionbook.com/limited_liability_companies_charging_orders.htm.
The text of the Uniform Ltd. Partnership Act (2001) can be found at
http://www.law.upenn.edu/bll/ulc/ulpa/final2001.htm, a web site of the
National Conference of Commissioners on Uniform Stay Laws in
association with the University of Pennsylvania Law School..
A number of web sites have information regarding business activities
in the US Virgin Islands:
"Business Opportunities, Corporations, Taxes, Tax Incentives, and Tax
Planning in the US Virgin Islands" http://www.usvi.net/usvi/tax.html
"Steps for Obtaining a Business License" US Virgin Islands Department
of Licensing and Consumer Affairs (May 27, 2004)
http://www.dlca.gov.vi/blsteps.htm
The following resource provides a wide range of information on doing
business in the US Virgin Islands:
"US Virgin Islands: An Offshore Tax Planning Jurisdiction" Solomon
Pearl Blum Heymann & Stich LLP (2000)
http://library.findlaw.com/2000/Oct/1/127010.html
There are many law firms in the US Virgin Islands you can contact to
establish an LLC or LLP. Here is one that is merely provided as an
example since I have no personal experience with its services:
"Corporate Law" Tom Bolt & Associates, PC (2000)
http://www.vilaw.com/corporate.html.
Sincerely,
Wonko
Search terms: Uniform Limited Liability Company Act us virgin islands,
business law in the U.S. Virgin Islands, formation LLC "U.S. Virgin
Islands" |
,
0 Comments
)