When the llc first became a legal form of business

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1. When the LLC first became a legal form of business, everyone extolled it as the next best thing. It seemed that everyone jumped on the bandwagon and began changing their legal business form into a LLC. The sentiment was that it was the best for everyone. It that true? Is there a "one size fits all" form of business - at least to begin with? Why or why not? Thoughts?

2. One of the readings discusses mediation being a low cost alternative dispute resolution. Some states, including Utah have mandatory mediation laws for certain types of cases. One reason for this is that it is often successful. In fact there are many benefits of using alternative dispute resolution techniques. That being said, our country has long held the belief that access to the courts via the legal system is a necessity. Do alternate dispute resolution techniques take away the advantages of the legal system? Why or why not? Thoughts?

3. What is the rationale behind allowing for the formation of SMLLC's? How do they differ from a "regular" LLC ? Is one better than the other? Why or why not? Thoughts?

Reference no: EM13871087

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