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.
- 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.