Title

The Silent LLC Revolution-- The Social Cost of Academic Neglect

Abstract

The law of Business Associations usually develops slowly. The business forms that were dominant until the end of the 20th century have been in existence for centuries. However, as the new data set examined in detail in this article demonstrates, in the last decade a revolution has taken place. Contrary to conclusions reached in leading articles published as recently as 2000, limited liability companies have now become the business form of choice for small firms in a majority of the states. This article details the ways in which teaching materials and legal scholarship have largely neglected the recent sea change in the law of business organizations, and explores why this neglect has occurred. The article then focuses on the social costs of this dereliction of duty by academics, law publishers, bar examiners and others who we usually rely upon to disseminate cutting-edge developments in the law. Finally the article suggests a preliminary research agenda for academics who may develop an interest in this often-unexplored field of law.

Disciplines

Business Organizations Law

Date of this Version

September 2004