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The Delaware Court of Chancery is among the best in the world, if not the very best, and Delaware’s corporation law is extremely well developed, far ahead of mo
by D13Fd 6y ago
The Delaware Court of Chancery is among the best in the world, if not the very best, and Delaware’s corporation law is extremely well developed, far ahead of most other states.
When they teach corporation law in law school, they usually teach Delaware law. It’s the most advanced in the country.
- kahirsch 6y agoCould you be a little more specific about what you mean by "best" and "most advanced"?
- deleted 6y ago[deleted]
- deleted 6y ago[deleted]
- gamblor956 6y agoIt's neither the best, nor the most advanced. It has two centuries of law pretty much focused on upholding management at the expense of all other parties' interests (including non-management shareholders). Today, most new companies form as LLCs, which are regarded as the "most advanced" form of business entity for legal and tax purposes. In that regard, Wyoming is generally considered to have the "most advanced" law because many governing LLC concepts and regulations originate there first.
- JumpCrisscross 6y ago> Wyoming is generally considered to have the "most advanced" law This is a novel opinion. In my experience, non-Wyoming residents self identify as being unable to afford Delaware’s franchise tax. That, combined with its shallow bench, means one can blast an adversary out of the water by retaining the majority of Cheyenne, Casper and Laramie’s legal talent before pressing your cost advantage.
- gamblor956 6y agoI didn't comment on the court system, but having practiced in the area of business and tax law for over a decade, WY is without a doubt, the forerunner in developing LLC law: it not only originated the concept, but has also originates essentially all of the LLC practices and treatments adopted by other states today, including the permissive management structures and other beneficial properties of the LLC form.