The New Business Entities in Evolutionary Perspective

@article{Hansmann2005TheNB,
  title={The New Business Entities in Evolutionary Perspective},
  author={H. Hansmann and Reinier H. Kraakman and Richard Squire},
  journal={European Business Organization Law Review},
  year={2005},
  volume={8},
  pages={59-69}
}
The many legal forms for business organisations that first appeared in the United States during the last thirty years — the limited liability company (LLC), the limited liability partnership (LLP), the limited liability limited partnership (LLLP) and the statutory business trust — all combine the pattern of creditors’ rights, or asset partitioning, that is traditional to the business organisation with the freedom of contract among investors and managers that is traditional to the partnership… Expand
21 Citations

References

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In fact, unlimited liability is compatible with tradable shares so long as the liability is pro rata rather than joint and several
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This terminology, and the concepts of weak and strong entity shielding described immediately below, are taken from Hansmann, Kraakman, & Squire, supra note 2. 15
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