Laundering
Laundering is the process of cleaning illicitly gained money so that it appears to either have come from or to be going to a legitimate source.
Letter of Wishes/Memorandum of Wishes
A document prepared by the settlor of grantor of a trust providing guidance on how trustees should exercise their discretions.
License
Here you sell a person or company the right to use either a copyright or patent for a specific length of time, or in a restricted area.
Limited Partnership
A limited partnership is a partnership with at least one general partner who is fully liable for the engagements of the partnership, whilst the limited partners are only liable to the extent of their unpaid partnership capital. Limited partners may not be involved in the management of the partnership without jeopardising their limited status.
Limited Liability Partnership
A limited liability partnership is a vehicle intended for professional firms in which all partners may be involved in management but the partnership as a whole has a stated paid up capital, against which creditors may mount an action. It should be noted that in a limited liability partnership there is no limit in respect of claims of negligence against individual partnership members but the claim against the whole partnership would ipso facto be of a defined maximum amount.
Limited Liability Limited Partnership
This is a limited partnership which has been re-registered as a limited liability partnership. A limited liability limited partnership designation however indicates to third parties that the partnership commenced its activities as a limited partnership before converting to a limited liability partnership.
Managed Bank
An offshore bank also known as a Class “B” or cubicle bank. The managed bank is not required to maintain a physical presence in the licensing jurisdiction. Its presence in the licensing jurisdiction is passive with nominee directors and officers provided by a managing trust company with a physical presence. The managed bank is not permitted to transact business within the licensing jurisdiction but may maintain its books, records, etc. there to assure secrecy of operations.
Memorandum of Association
The charter of a company which indicates nationality, the nature of its business and the share capital it is authorised to issue. It is a statutory document which effectively governs the company’s relations with the outside world.
Naamloze Vennootschap (NV)
In Dutch Company Law, the NV is the form of incorporation favoured by larger companies. It can be compared to the American corporation.
Nominee
Company or private individual used to act as owner or director of a company on behalf of another party. This is who you say owns or runs the company.
Nominee Company
A company formed for the express purpose of holding securities and other assets in its name or to provide nominee directors and/or officers on behalf of clients of its parent bank or trust company.
Nominee Director
A director whose function is passive in nature. The director receives a fee for lending his or her name to the organisation. Nominee directors are subject to director responsibilities.
Nominee Name
Name in which security is registered and held in trust on behalf of the beneficial owner.
Offshore Company
See International Business Company.
Offshore Dollars
Same as Eurodollars but encompassing such deposits held in banks and branches anywhere outside the U.S., including Europe.
Offshore Financial Centres
A country or jurisdiction where an international attempt has been made to attract foreign business by deliberate government policy, such as the enactment of secrecy laws and tax incentives.
Offshore Limited Partnership
A partnership, the general partner of which is an offshore company but the limited partners may be onshore entities.
Offshore Profit Centres
Branches of major international banks and multinational corporations located in a low-tax financial centre, which are established for the purpose of lowering taxes.
Offshore Trust
The quality that differentiates an offshore trust from an onshore trust is portability. The offshore trust can be transferred to alternative jurisdictions to maintain confidentiality and to advantage desirable facets of the new jurisdiction’s laws.
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