Company Law Developments in the United States and Asia
This chapter argues that devising new and separate company law forms is more efficient than other reforms since they offer distinct sets of rules and norms for businesses. A separate set of legal arrangements has substantial contracting benefits for the firm's participants by allowing them to define ex ante — less hindered by existing doctrines and traditions — and, hence, assist judiciaries in solving governance problems and other conflicts ex post. The chapter also provides empirical evidence for the popularity and effectiveness of new legal business forms in the United States, Asia, and Europe. Empirical research from the US confirms the importance of forms that combine limited liability with partnership-type taxation and flexibility. The most recent developments in Asia suggest that lawmakers and academics cannot afford to remain in denial of the fact that hybrid business forms will eventually prevail over the existing partnership arrangements and corporate forms.
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