An LLC is a legal en arate legal personality, like a Cayman Islands exempted company. Its members have limited liability. However, the LLC does not have share capital; it permits more flexible governance arrangements and capital account mechanics in a manner similar to a limited partnership. It has the capacity to sue and be sued in its own name, to incur debts and obligations, and to acquire and dispose of assets. An LLC may be formed for any lawful business, purpose or activity, and any limits on its powers will be set out in the LLC agreement, which must be in writing and governed by Cayman Islands law. An LLC agreement executed prior to the LLC’s registration will only take effect from the date of registration of the LLC.