44 UCLA L. Rev. 1541 (1996-1997)
Limited Liability Companies: Issues in Member Liability

handle is hein.journals/uclalr44 and id is 1557 raw text is: LIMITED LIABILITY COMPANIES: ISSUES IN
MEMBER LIABILITY
Karin Schwindt
INTRODUCTION  ...............................................  1542
I.  BACKGROUND  .............................................  1543
A .  H istory  ...............................................  1543
B. Comparison of LLCs to Other Business Forms ................... 1544
1.  Corporations  .......................................  1544
2.  Limited Partnerships  ..................................  1545
3.  LI.Cs  .............................................  1545
C.  Restrictions on LLC  Formations ............................. 1545
1.  Overview  ..........................................  1545
2.  Continuity of Life  ....................................  1546
3.  Centralized Management  .............................. 1547
4.  Free Transferability of Interest ........................... 1547
II. LIMITED LIABIuTY AND EXCEPTIONS IN THE LLC CONr  ............ 1547
A.  Personal Conduct  .......................................  1548
B.  Collective Torts  ........................................  1548
C.  Contracts  .............................................  1549
III. OTHER BUSINESS ORGANIZATIONS AND LIMrTED LIABLITY ............ 1549
IV. CORPORATIONS: PIERCING THE CORPORATE VEIL ................... 1550
A.  Limited Partnerships  .....................................  1551
B.  Application to LLCs  .....................................  1551
V. THE LLC STATUTES AND PIERCING LANGUAGE .................... 1553
A.  Explicit Language  .......................................  1553
B.  Implicit Language  .......................................  1554
C.  No  Language  ...........................................  1554
D.  California  .............................................  1555
VI. PIERCING THE CORPORATE VEIL-FACTORS AND
APPUCATION  TO  LLCS  ...................................... 1556
A .  Overview  .............................................  1556
B.  Factors  ...............................................  1557
1.  Nature of the Corporation  ..............................  1557
a.  Corporate Setting  ................................  1557
b.  Application to LLCs  ..............................  1558
* Comments Editor, UCLA Law Review, Volume 44. J.D., UCLA School of Law, 1997;
B.A., Stanford University, 1993. Special thanks to Bryce Johnson, Monica Emerick, Parag Patel,
and Maya Alexandri.

1541

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