In a recent issue of this Journal, Carr and Mathewson (1988) test a model of the impact of limited and unlimited liability regimes on the nature of firms by comparing the performance of law firms operated as partnerships and sole proprietorships (and therefore subject to unlimited liability) with that of law firms operated as corporations (and therefore subject to limited liability).
Business Organizations Law | Law | Law and Economics | Law and Politics | Law and Society
Center for Contract and Economic Organization
The Charles Evans Gerber Transactional Studies Center
Center on Global Governance
Ronald J. Gilson,
Unlimited Liability and Law Firm Organization: Tax Factors and the Direction of Causation,
J. Pol. Econ.
Available at: https://scholarship.law.columbia.edu/faculty_scholarship/2264