Introduction
The Cook Islands Limited Liability Companies Act 2008 follows the model adopted in a number of U.S. States. It goes further, however, to give statutory certainty on several key issues of concern to US attorneys using domestic US LLCs, in particular clarifying the charging order remedy.
Features
Some of the features of Cook Islands Limited Liability Companies include:
• Easy transfer of existing LLCs to the Cook Islands
• Single Member LLCs allowed
• May be managed by the members directly, or by manager(s) independent of the members
• Exempt from tax in the Cook Islands
• Charging Order is the sole remedy against a membership interest
• Accounting records and records of member and manager decisions
Services
Cook Islands Trust Corporation Ltd provides the full range of administrative and accounting services to Limited Liability Companies including:
• Provision of standard articles of organisation
• Provision of standard operating agreement, or assistance with drafting specific operating agreement
• Formation and annual renewal
• Provision of resident agent
• Maintenance of accounting records and preparing financial statements as required
• Opening and administration of bank accounts