In 1830, Governor Levi Lincoln, Jr. urged the Massachusetts state legislature to launch a limited liability regime for producing corporations similar to that adopted in nearby states. Since 1809, unlimited liability, which held stockholders personally liable for corporate debts had been confronted by shareholders in the state's making corporations.
Lincoln and others stressed that this policy was doing more harm than good and driving capital from the state while endless liability was meant to ensure fiscal prudence. With the governor pushing for activity, it was up to the state legislature to decide how exactly to continue.
PUBLICATION DATE: December 20, 2007 PRODUCT #: 708016-PDF-ENG
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