- 21 November, 2016: The Limited Liability Partnerships Bill will be introduced in the National Assembly with a view to further developing Mauritius as a financial centre of global standing. The limited liability partnership will hence be a new vehicle to conduct business.
A Limited Liability Partnership is a body corporate which is formed by registration and has a legal personality separate from that of its partners, whereby partners have limited liability.
The Bill provides for the registration and administration of limited liability partnerships, where each partner:
· is only liable up to the amount he has contributed;
· is not liable for the actions of the other partners but is accountable for his own wrongful act or omission; and
· has a role in the decision-making process of the business and in distributions in accordance with the partnership agreement.
The legislation will encourage accountants, lawyers, consultants and other professionals to set up Limited Liability Partnerships and create more opportunities to harness the various advantages of partnerships.
Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: firstname.lastname@example.org Website:http://gis.govmu.org