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this post was submitted on 04 Jan 2024
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This sounds like a good idea, but is basically getting rid of LLCs entirely and going back to partnerships or some other structure. That said, having LLCs kind of lets people just do bad stuff and no-one is responsible. I think the idea of LLCs was potentially OK (hard to get stockholders if every investor is personally liable for what the company does), the people making decisions on a daily basis need to not be shielded IMHO. And / Or we need to get more comfortable with a corporate death sentence where courts just regularly revoke the license / charter if the company is bad enough.
It’s not just stock holders. I wouldn’t even hire an employee if I was criminally liable for things they do.
Say I run a restaurant and my wait staff are photographing credit cards and selling them… that’s not my fault, nothing really I can do to prevent it.
LLCs are essential.
Yet people managed to run restaurant's, and all manor of other businesses before 1977!
(1977 is when the LLC classification was first created in Wyoming)