The Limited Liability Company: A Study of the Emerging Entity

Abstract

This article reflects the thinking of business and tax lawyers at the dawn of the development of limited liability companies. It provides a thorough discussion of the few things known and many questions that existed in 1992 when only a handful of states had LLC legislation. Many of the questions have now been resolved, some by the "check-the-box" regulations and some by the more recent limited liability company legislation, but the article provides useful background in the development of what was to become a predominating business organization.