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Letra L

Terminologia Offshore Comercial

Layered trusts. Trusts placed in series where the beneficiary of the first trust is the second trust; used for privacy.

Layering. May be achieved with numerous combinations of entities. For example, 100 percent of the shares of an IBC being owned by the first trust, which has as its sole beneficiary a second trust.

Letter of wishes. Guidance and a request to the trustee having no binding powers over the trustee. There may be multiple letters. They must be carefully drafted to avoid creating problems with the settlor or true settlor in the case of a grantor trust becoming a co-trustee. The trustee cannot be a "pawn" of the settlor or there is basis for the argument that there never was a complete renouncement of the assets. Sometimes referred to as a side letter.

Limited company. Not an international business company. May be a resident of the tax haven and is set up under a special company act with a simpler body of administrative laws.

Limited liability company (LLC). Consists of member owners and a manager, at a minimum. Similar to a corporation that is taxed as a partnership or as an S-corporation. More specifically, it combines the more favorable characteristics of a corporation and a partnership. The LLC structure permits the complete pass-through of tax advantages and operational flexibility found in a partnership, operating in a corporate-style structure, with limited liability as provided by the state’s laws.

Living trust. Revocable trust, for reduction of probate costs and to expedite sale of assets upon death of grantor. Provides no asset protection.

LLP. Limited liability partnership. A form of the LLC favored and used for professional associations, such as accountants and attorneys.

LLLP. Limited liability limited partnership. Intended to protect the general partners from liability. Previously, the general partner was a corporation to protect the principals from personal liability. Under the LLLP, an individual could be a general partner and have limited personal liability.