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Commentary

E5.607 Corporate members

Personal and employment tax

The term 'corporate member' includes all forms of limited liability vehicles at Lloyd's, including Namecos, Scottish limited partnerships, Limited liability partnerships (LLPs) and other methods of providing individual Names with limited liability for their underwriting.

Corporate members that are companies can be owned by other corporate entities or by individuals. Corporate members owned by individuals or groups of connected individuals are known as 'Namecos' and they enabled individual Names to convert from unlimited liability to limited liability membership.

The

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