Committee for Economic Development - P.2021/8
The States are asked to decide:-
Whether, after consideration of the Policy Letter entitled 'introduction of limited liability companies legislation' dated 14th January 2021 of the Committee forEconomic Development, they are of the opinion:-
1. To approve the introduction of Limited Liability Companies as set out in that Policy Letter.
2. To agree that LLCs should be treated in the same way as partnerships for the purposes of taxation, by default, but should have the option of making an irrevocable election at the point of establishment to be taxed as a company instead.
3. To direct the preparation of such legislation as may be necessary to give effect to the above decision.
The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.