Abstract

When the General Assembly adopted the Virginia Limited Liability Company Act (the "Act")' in 1991, Virginia joined just four other states in recognizing the potential of a relatively obscure business entity, the limited liability company ("LLC"). The LLC concept has spread rapidly since the adoption of the Virginia Act early last year. Three other states enacted LLC legislation in 1991, and in just the first few months of 1992, six more states followed the trend.

[...]

Although the number of LLCs formed in Virginia since the Virginia Act took effect last July displays the willingness of Virginia attorneys to recommend this new entity to their clients, several barriers to the widespread use of LLCs remained after adoption of the Act.

This abstract has been taken from the author's introductory paragraphs.

Document Type

Article

Publication Date

Summer 1992

Publication Information

18 Virginia Bar Association Journal 7-11, 24 (1992)

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