Monday, December 10, 2012
Raw milk study released in Indiana
Friday, December 7, 2012
The LLC - The Infinitely Variable Company
Growing up, tractors had gears. The older the tractor, the fewer the gears. Throughout my childhood, tractors moved from 4 to 8 to 16 gears. Now, nearly every manufacturer offers an "infinitely variable" transmission that no longer restricts an operator to using a specific gear.
Corporate law underwent a similar transformation in the early 1990s with the development of the "limited liability company" or "LLC." Prior to the passage of the Indiana Business Flexibility Act in 1994, the LLC form of legal entity did not exist in Indiana. The same was true elsewhere. In 1989, only two states had enacted LLC statutes. Businesses that wanted to protect their owners from personal liability had one option--form a corporation.
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