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Abstract

Without a doubt, the limited liability company (LLC) has achieved a huge “market share” in organization of business entities, including farm and ranch businesses, in just over three decades.1 Commencing with the first enactment of enabling legislation in 1977, by the turn of the century, all 50 states had enacted statutory authorization for the hybrid entity (some structural features and limited liability of a corporation and the tax status of a partnership), largely due to its unique features and because of its relative simplicity. However, the state-level enactments were far from uniform, and it was not until 1992 that a “Prototype Limited Liability Company Act” was proposed by a committee of the American Bar Association and the Uniform Limited Liability Company Act was promulgated by the National Conference on Uniform State Laws.2

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