Partnerships

Limited Partnerships: Limited partnerships are governed by the Partnership Law, which requires them to be registered with the Registrar of Partnerships. Registration is effected by filing with the Registrar and the gazetting of a declaration by all the general partners, giving the name of the partnership, the nature and principal place of business, names and addresses of all partners, and the amount of capital provided by each limited partner.

A limited partnership may be established by two or more persons or entities for the transaction of any mercantile, mechanical, land holding and development, agricultural or manufacturing business or any business for the development of tourism. It must consist of one or more general partners, who are liable for all debts and obligations, and one or more limited partners, who are not liable for more than the actual cash they contribute. A company may be a general or a limited partner.

Exempted Limited Partnerships: The Exempted Limited Partnership Law makes it possible for offshore investors to form limited partnerships. Such a partnership may not undertake business with the public in the Cayman Islands, other than as necessary for the carrying on of business outside of Cayman. A partner may be a general or limited partner as well as corporations with or without limited liability.