Types of Entity
Every form of legal person that can be created under Bermuda law, or permitted to operate here, with its basic features, how it is created, and how information about its ownership is obtained and recorded.
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Companies limited by shares
The standard corporate vehicle. Shareholders are liable only for what is unpaid on their shares.
Companies limited by guarantee
A company with no share capital, available only for restricted purposes.
Unlimited liability companies
Rare in practice. Used to meet particular, often foreign, legal requirements.
Mutual companies
Governed by Part XII, with its own rules on reserve funds and membership.
Mutual fund companies
Not a separate legal form. A company with power to redeem its own shares.
Private Act companies
Formed by private bill. Not all are registered with us.
Limited liability companies
Managed under an LLC agreement, with limited liability that survives active management.
Limited partnerships
A legal person only if it elects to be one. The election is irrevocable.
Exempted partnerships
Registered under the Exempted Partnerships Act 1992, with a resident representative.
Segregated accounts companies
The accounts are not separate legal persons. The company is.
Incorporated segregated accounts companies
An ISAC plus its accounts is many legal persons, not one.
Incorporated segregated accounts
Its own memorandum, its own board, its own certificate of incorporation.
Overseas companies
Also called permit companies. Not created under Bermuda law.
Overseas partnerships
The partnership equivalent of a permit company.