Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
RE: Barbadian Limited Liability Company
This is in reply to your letter dated September 24, 1993, in which you asked whether Revenue Canada would treat a Barbadian limited liability company (the "foreign entity") as a corporation for purposes of the Income Tax Act (the "Act"). The foreign entity will be organized under the proposed Barbadian Societies with Restricted Liability ("SRL") Act.
The proposed SRL Act is intended to be enacted in Barbados before December 31, 1993 and is based on the Wyoming and Florida Limited Liability Company Acts. You have enclosed a copy of the "instructions for drafting" rather than a complete text.
We cannot provide a definitive opinion as to the corporate status of the foreign entity until we review the actual legislation upon which the entity is organized. However, based on the "instructions for drafting", which appear to be structured in statute format, it is likely the Department would treat a foreign entity created under that legislation as a corporation for purposes of the Act. This opinion is based on the assumption that the legislation will be passed with similar content to that described in the "instructions for drafting".
We trust you will find the above comments to your satisfaction.
Yours truly,
for DirectorReorganizations and Foreign DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1994
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© Sa Majesté la Reine du Chef du Canada, 1994
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