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