The Limited Liability Companies Act 1996 was enacted in July 1996. Further enabling regulations are due to come before Tynwald on 18th September so that LLC's will be able to be found on the Isle of Man with effect from 17th October.
An LLC is a form of corporation which enjoys all the attributes of limited liability. It is, however, treated as a partnership for tax purposes.
It follows that non-resident members of an Isle of Man LLC will not have a local tax liability. This principle is important in the context of US based members of an Isle of Man LLC at whom the legislation is particularly aimed.
The Isle of Man legislation is modelled on the US State of Wyoming form of LLC. It will therefore enjoy look through treatment and thus avoid the rigorous reporting requirements for US residents under the sub part F and PFIC legislation.
Further information is available on the scheme from Bruce Taylor, PO Box 250, Grosvenor House, 66-67 Athol Street, Douglas, Isle of Man IM99 1XJ, Tel: +44 (0)1624 672332, Fax: +44 (0) 1624 672334.
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