Jersey is poised to introduce two new types of vehicle: the separate limited partnership and the incorporated limited partnership. These new entities will complement the range of vehicles already available in Jersey, giving businesses greater flexibility as to how to structure their operations and giving fund promoters, in particular, additional options for the creation of their Jersey investment vehicles.
Separate limited partnerships and incorporated limited partnerships can be seen as variations on the existing and frequently used 'traditional' limited partnership which was introduced by the Limited Partnerships (Jersey) Law 1994. However, the defining characteristic of each of the new vehicles is that, unlike the current limited partnership, both the separate limited partnership and incorporated limited partnership will have separate legal personality.
Separate limited partnerships and incorporated limited partnerships are to be introduced pursuant to separate and independent pieces of legislation: the Separate Limited Partnerships (Jersey) Law 201- and the Incorporated Limited Partnerships (Jersey) Law 201-. The drafts of these laws were lodged with the States Assembly (Jersey's legislature) on 13 April 2010 and are scheduled for debate on 25 May 2010.