The modern corporation has become central to our society. The key feature of the corporation that makes it such an attractive form of human collaboration is its limited liability. This book explores how, by allowing those who form the corporation to limit their downside risk and personal liability to only the amount they invest, there is the opportunity for more risks taken at a lower cost.
This article examines the origins of the American limited partnership, first enacted by New York in 1822, in the Old Regime French societe en commandite simple. It argues that, while largely identical, these business organizations served very different social and cultural functions. The societe en commandite simple was employed because its (partial) separation of ownership and management enabled noblemen to invest without participating in mercantile activity and thus without jeopardizing their nobility. In contrast, the limited partnership was adopted because it offered limited liability and was therefore thought to promote the democratic pursuit of wealth. The article then argues that the longstanding rule against the limited partner's participation in management - abandoned by the Uniform Limited Partnership Act of 2001 - was an historical anachronism. Reflecting on recent scholarship, it concludes that, while limited liability was once key to promoting commercial investment, there is little reason to believe that it continues to be.
This revised handbook provides a concise discussion of the limited liability company (LLC), the popular alternative business form for small- and medium-sized enterprises that strategically combines the pass-through tax advantages and operational flexibility of the partnership with the limited liability of the corporation. The Guide explains, in clear language, key information about the benefits available within the LLC format, and a synopsis of each state's LLC statute enables you to quickly identify relevant planning opportunities or potential pitfalls. Book jacket.
This chapter from Business Tax Stories (Steven A. Bank and Kirk J. Stark eds, 2005) describes the emergence of the limited liability company from obscurity into a mainstream business organization choice during the last quarter of the 20th century. In addition to providing the inside story of the lobbying efforts of the first LLC pioneers and the LLC supporters during the early 1990s, this story places the rise of the LLC in its larger historical context and discusses the major tax and business policy issues raised by this new business entity.
"Designed for entrepreneurs and individuals interested in starting their own business, this book provides an indepth study of how the special characteristics of limited partnerships and limited liability companies may be used to your advantage and to assist you in protecting assets, managing wealth and strategic estate planning to minimize taxes. It features strategic uses of limited liability companies and limited partnerships to hold real estate and other assets, how to easily manage and operate a limited liability company or limited partnership, how to creatively plan for your future and your family's future, and how to follow the rules to keep your assets protected."--Publisher description.
Context in Literary and Cultural Studies is an interdisciplinary volume that deals with the challenges of studying works of art and literature in their historical context today. The relationship between artworks and context has long been a central concern for aesthetic and cultural disciplines, and the question of context has been asked anew in all eras. Developments in contemporary culture and technology, as well as new theoretical and methodological orientations in the humanities, once again prompt us to rethink context in literary and cultural studies. This volume takes up that challenge. Introducing readers to new developments in literary and cultural theory, Context in Literary and Cultural Studies connects all disciplines related to these areas to provide an interdisciplinary overview of the challenges different scholarly fields today meet in their studies of artworks in context. Spanning a number of countries, and covering subjects from nineteenth-century novels to rave culture, the chapters together constitute an informed, diverse and wide-ranging discussion. The volume is written for scholarly readers at all levels in the fields of Literary Studies, Comparative Literature, Cultural Studies, Art History, Film, Theatre Studies and Digital Humanities.
