Sorting Through the Soup: How Do LLCs, LLPs and LLLPs Fit within the Regulations and Legal Doctrines?

Business Law Today, Vol. 13, November-December 2003

William Mitchell Legal Studies Research

6 Pages Posted: 24 Mar 2010 Last revised: 25 Jul 2010

Date Written: Nov/Dec 2003

Abstract

In a children' book published in 1946, Ben Ross Berenberg described an imaginary amalgam called the churkendoose - "part chicken, turkey, duck and goose." In 1977, Wyoming invented a business law churkendoose: the limited liability company - part corporation, part general partnership, part limited partnership. That churkendoose has revolutionized the law of business organizations, becoming the vehicle of choice for tens of thousands of ventures every month and causing the IRS to radically overhaul its approach to taxing business entities. This article explores how preexisting regulatory and common law apply to LLCs and the related organizations known as limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs).

Keywords: limited liability company, LLC, limited liability partnership, LLP, limited liability limited partnership, LLLP, corporations, business entities, business organizations, business regulation, common law

Suggested Citation

Kleinberger, Daniel S., Sorting Through the Soup: How Do LLCs, LLPs and LLLPs Fit within the Regulations and Legal Doctrines? (Nov/Dec 2003). Business Law Today, Vol. 13, November-December 2003; William Mitchell Legal Studies Research. Available at SSRN: https://ssrn.com/abstract=1574461

Daniel S. Kleinberger (Contact Author)

William Mitchell College of Law ( email )

875 Summit Ave
St. Paul, MN 55105-3076
United States

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