Real Partnerships and Real Problems: Conforming Business Entity Law to Fiscal Realities and Popular Conceptions

Citation data:

Delaware Journal of Corporate Law, Vol. 28, No. 3

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Allan Walker Vestal
Partnerships; Delaware; Journal; Corporate; Law
paper description
The limited liability company (LLC) business entity form was adopted by various states over a short period of time and with remarkably little debate as to several key aspects of the reform. The LLC form was adopted without a serious policy debate on the extension of limited liability, without adequate examination of the fiscal impact of adoption, and without a discussion of the dissonance between the LLC form and popular conceptions. The want of a serious debate may open the door to a reworking of the LLC form without protracted debate in an era of state budget crises.