1. H. Hansmann and R. Kraakman, ‘The Essential Role of Organizational Law’, 110 Yale Law Journal (2000) p. 393.
2. We draw here heavily upon our working paper, H. Hansmann, R. Kraakman, and R. Squire, Legal Entities, Asset Partitioning, and the Evolution of Organizations (Oct. 2004) (unpublished manuscript), which explores these themes, and the relevant history, in substantially greater depth and detail.
3. See J.H. Chopper et al., Cases and Materials on Corporations (5th edn.) (New York, Aspen Publishers 2000) pp. 18–22, 712; L.M. Friedman, A History of American Law (2nd edn.) (New York, Touchstone 1985) pp. 511–25; G.D. Hornstein, ‘Judicial Tolerance of the Incorporated Partnership’, 18 Law and Contemporary Problems (1953) p. 435, at pp. 439–48.
4. See Chopper et al., supra n. 3, at p. 712.
5. Del. Code Ann. tit. 12, §§ 3801–3862 (2001). For a thoughtful study of the development and character of the statutory business trust, see R. Sitkoff, ‘Trust As Uncorporation: A Research Agenda’, University of Illinois Law Review (2005) p. 31.