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66 U. Colo. L. Rev. 855 (1994-1995)
Limited Liability Companies: Origins and Antecedents

handle is hein.journals/ucollr66 and id is 865 raw text is: UNIVERSITY OF COLORADO LAW REVIEW Volume 66, Number 4 1995 LIMITED LIABILITY COMPANIES: ORIGINS AND ANTECEDENTS WILLIAM J. CARNEY* I. INTRODUCTION I was delighted to have been invited to this conference for several reasons. First, Boulder seems almost like home. I practiced law in Denver in the 1960s, before entering teaching a bit north of here, at Laramie, where I began at the same time as Christopher Mueller, now the Lindsley Professor of Proce- dure and Advocacy at the University of Colorado School of Law. Second, this gives me the chance to claim to have been the first to write about the Wyoming Limited Liability Company (LLC) Act, although I must confess to having been less than optimistic about its utility and its future. In 1977, while writing an article about Wyoming close corporations, I noted the passage of the LLC Act and suggested that it was probably a poor substitute for a close corporation under most circumstances.' Credit me with being first if not prescient. * Charles Howard Candler Professor, Emory University School of Law. I wish to thank William G. Snider, Emory Law School, 1995, for his assistance with the research on this article, and Fred S. McChesney, my co-author on a forthcoming paper, for stimulating discussions of limited liability companies. 1. William J. Carney, Close Corporations and the Wyoming Business Corporation Act: Time for a Change?, 12 LAND & WATER L. REV. 537, 581-82 (1977). My prediction was accurate, at least on a local basis, for a considerable period of time. As of 1988, only 26 LLCs existed in Wyoming. Joseph P. Fonfara & Corey R. McCool, Comment, The Wyoming Limited Liability Company: A Viable Alternative to the S Corporation and Limited Partnership?, 23 LAND & WATER L. REV. 523, 523 (1988).

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