Legal Capital (University Casebook Series)

Legal Capital is the classic exposition of the origin, history and intellectual and practical unworkability of par value, stated capital and other components of legal capital, the critical owners’ equity corner of the balance sheet. Legal Capital is widely credited with pioneering the introduction of the balance sheet, equity solvency tests and other reforms into the Model Business Corporation Act and corporation statutes of over 30 states. This Edition adds new historical material, updates the statutes and case law on dividends and other distributions in the U.S. and compares the evolution of legal capital in countries around the world.