The Bargain in the Firm: Partnership Law, Corporate Law, and Private Ordering Within Closely-Held Business Associations
Robert W. Hillman | 2005 U. Ill. L. Rev. 171
Partnership law and corporate law are two distinct bodies of legal scholarship. Over time, each of these separate bodies of law has adopted features of the other. The author examines the effects that partnership law has had on corporate law and the reciprocal effects that corporate law has had on partnership law. He highlights hybrid entities such as the close corporation and the centrally managed partnership. He also explores the different bargains that are made between partners in contrast to the bargains made by corporate shareholders.