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Federalism, Regulatory Competition, and the Limited Liability Movement: The Coyote Howled and the Herd Stampeded
Beginning of article
I. INTRODUCTION
Choice of business entity decisions historically have involved considering and balancing three factors: (1) the extent to which owners and managers are personally liable to business creditors and tort victims under the applicable commercial law; (2) the tax and regulatory treatment of the business entity, including whether the entity and its owners will be subject to single or double taxation; and (3) the owners' current investment preferences and need to attract additional capital to the entity.1 Focusing on these factors, United States business organization law has undergone fundamental change since 1988. The limited liability company (LLC) emerged as a …
