The Chief Minister's Department of Jersey has launched a consultation on a draft law that would enable the creation of limited liability companies (LLCs) based on U.S. LLCs. As provided in the consultation document, the proposed Jersey LLC would combine elements of both Jersey limited companies and statutory partnerships, resulting in it having a separate legal personality without being a "body corporate". It would also be a transparent entity for tax purposes (i.e. the profits would be allocated to the members of the LLC, who would be required to pay income tax in the jurisdiction(s) in which they are tax...