Abstract
A reform of any body of law necessitates adopting new legal groundrules designed to improve the current situation. A reform is judged significant when the new rules have a major impact on society's daily life. In this respect, the last major reform in corporation law did not take place in the last forty years at all, but rather some 140 years ago, upon the implementation of the “limited liability” concept in England.In the first chapter, I analyze the term “significant reform” in the context of corporation law. I clarify why the concept of limited liability can be characterized as such a reform. In addition, we will note several other legal subjects that could have been construed as significant reforms.
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