Limited Life Company (LLC)

A global Business Company may apply to the Registrar Of Companies either at a time of incorporation, continuation or after to be designated as a Limited Life Company (LLC).  A Global Business Company category 2 may also be registered as a LLC.  LLCs guarantee members liability and provide a “partnership” (or look through) income tax treatment.

Characteristics

•              Duration Limited to 50 years with the possibility of extension to a maximum of 150 years.
•              Limitation on transfer of shares or other interests in the company unless by unanimous shareholders                    resolution.
•               Management of the company by its member(s) or a manager
•              Dissolution of the company upon death, insanity, bankruptcy, expulsion, cessation or dissolution of a                   member.