In my Business Organizations class, I tell students that most well-informed business people now choose some form of limited liability entity. In most states, the limited liability company has become the entity of choice. On Friday, however, I was surprised to learn from Professor Bernie Black that he and his colleague Ron Gilson decided to form a general partnership to run the Legal Scholarship Network. According to Bernie, they hired an attorney to draft an LLC agreement, but became frustrated with the complexity of it all. They decided, in the end, to throw themselves upon the mercy of the default rules in the general partnership statute. Looks like my discussion of "choice of business entity" needs a little tweaking.
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