Business Organizations Law Commons^™

An Improved Choice: The Virginia Limited Liability Company, James J. Wheaton

Faculty Publications

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 …

When Is A Corporate Executive "Substantially Unfit To Serve"?, Jayne W. Barnard

Faculty Publications

The recently enacted Securities Enforcement Remedies and Penny Stock Reform Act of 1990 provides that, in an SEC enforcement action, a federal court may enjoin or "disbar" the defendant from serving in the future as an officer or director of a public company. A court may enter such an order if it finds that the defendant is "substantially unfit" to serve as a corporate executive; the Act, however, does not define "substantial unfitness." In this Article Professor Jayne Barnard provides a framework for defining this term and identifying the defendants to which the Remedies Act should apply. Professor Barnard begins …