The series limited liability company: innovative, flexible...and complicated
| dc.contributor.author | Hauman, M. | |
| dc.contributor.author | Snyman-Van Deventer, E. | |
| dc.date.accessioned | 2016-04-01T13:32:16Z | |
| dc.date.available | 2016-04-01T13:32:16Z | |
| dc.date.issued | 2015 | |
| dc.description.abstract | English: Since the introduction of the limited liability company (LLC) in the United States of America, various states have recognised the need to experiment with ways of improving the limited liability this structure offers. Of particular interest in this regard is the development of the series LLC. The series LLC was intended to provide a more flexible manner for businesses to conduct their activities, while preventing the risks of liability from affecting the entire LLC enterprise. However, uptake of the series LLC has been slow. This can allegedly be ascribed to uncertainty about how this structure may be utilised for commercial purposes, as its relation to business law remains, to a large extent, unresolved. This article examines these uncertainties, including the “separateness” of the series LLC, the recognition of the limited liability it affords, the application of bankruptcy law, taxation, as well as the fiduciary duties attached to the structure. Certain recommendations are made to ease the way forward, while further legal development is awaited. First, series LLC statutes need to specifically provide for all the rights of each series as well as the rights reserved for the master LLC. Secondly, these statutes must specify a default rule for the measure of “separateness” between the master LLC and each series. Finally, series statutes ought to provide for notice of the limited liability of each series to creditors of the LLC. | en_ZA |
| dc.description.abstract | Afrikaans: Sedert die bekendstelling van die aanspreeklikheidsbeperkte maatskappy (LLC) in die Verenigde State van Amerika het verskeie state die behoefte erken om te eksperimenteer met maniere om die beperkte aanspreeklikheid van hierdie struktuur verder te verbeter. ’n Besonder belangrike ontwikkeling in dié verband is die aanspreeklikheidsbeperkte maatskappygroep, of die LLC-groep. Die LLC-groep is bedoel om ’n buigsamer manier te bied waarop ondernemings hul bedrywighede kan onderneem, en terselfdertyd te keer dat die risiko’s van aanspreeklikheid die hele LLC-onderneming raak. Tog word die LLC-groep nog weinig gebruik. Dít kan vermoedelik toegeskryf word aan onsekerheid oor hoe hierdie struktuur vir kommersiële doeleindes gebruik kan word, aangesien die ondernemingsregtelike standpunt daaroor nog merendeels onduidelik is. Hierdie artikel ondersoek hierdie onsekerhede, onder meer die “afsonderlikheid” van die LLC-groep, die erkenning van die beperkte aanspreeklikheid wat dit bied, die toepassing van die reg van bankrotskap, belasting sowel as die vertrouensverpligtinge wat met dié struktuur gepaardgaan. Sekere aanbevelings word gedoen om die pad vorentoe te vergemaklik terwyl daar op verdere regsontwikkelings gewag word. Eerstens sal wette oor LLC-groepe bepaald voorsiening moet maak vir al die regte van elke groep, sowel as die regte wat vir die hoof-LLC voorbehou word. Tweedens moet hierdie wette ’n verstekreël bepaal vir die meting van “afsonderlikheid” tussen die hoof-LLC en elke groep. Laastens behoort wette oor LLC-reekse ook voorsiening te maak vir kennisgewing van die beperkte aanspreeklikheid van elke groep aan die krediteure van die LLC. | af |
| dc.description.version | Publisher's version | en_ZA |
| dc.identifier.citation | Hauman, M., & Snyman-Van Deventer, E. (2015). The series limited liability company: innovative, flexible... and complicated. Journal for Juridical Science, 40(1 & 2), 24-63. | en_ZA |
| dc.identifier.issn | 0258-252X (print) | |
| dc.identifier.issn | 2415-0517 (online) | |
| dc.identifier.uri | http://hdl.handle.net/11660/2375 | |
| dc.language.iso | en | en_ZA |
| dc.publisher | Faculty of Law, University of the Free State | en_ZA |
| dc.rights.holder | Faculty of Law, University of the Free State | en_ZA |
| dc.subject | Business enterprises -- Law and legislation | en_ZA |
| dc.subject | Partnerhip | en_ZA |
| dc.subject | Limited partnership | en_ZA |
| dc.subject | Limited liability | en_ZA |
| dc.title | The series limited liability company: innovative, flexible...and complicated | en_ZA |
| dc.type | Article | en_ZA |