On Thu, 7 Mar 1996, Duncan Frissell wrote:

However, a CA operating outside the licensing structure of current CA's would have very low costs and hence no investment to lose in litigation. Costs would be almost entirely marketing related and as long as you stayed out of jurisdictions with some of the new CA law, no regulatory costs or barriers.

I don't think this is definitional. If nothing else they can take the equipment. If you don't incorporate, your personal assets are at risk; if you do, you have to keep a real separation between the corporation and yourself, pay the taxes, etc. Ok, make it a non-profit labor of love; low risks, no returns, then maybe you are right. Just hope that there ar no punitive or large consequential damages, and no one pierces the corporate veil (unlikely, I admit, but not impossible). What law applies to a certificate used in a multi-jurisdictional transaction is less obvious to me than I would like. I think I have talked a student in my seminar into writing a paper to educate me. [The above may have been dictated with Dragon Dictate/Win 2.0 voice recognition. Be alert for unintentional strange word substitutions.] A. Michael Froomkin | +1 (305) 284-4285; +1 (305) 284-6506 (fax) Associate Professor of Law | U. Miami School of Law | froomkin@law.miami.edu P.O. Box 248087 | http://www.law.miami.edu/~froomkin Coral Gables, FL 33124 USA | It's warm here.