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By Stephen Redner
Prior to deciding to go public, the directors of a company, whether a corporation, limited partnership, or other entity, must weigh the advantages of going public against the disadvantages. After initial consideration of the traditional elements to be weighed in deciding whether to go public, this Essay explores the recently enacted Sarbanes-Oxley Act of 2002 and describes how the Act impacts this decision, with special focus on small and emerging companies.
The year that has passed since the passage of the Sarbanes-Oxley Act of 2002 ("Sarbanes"), and subsequent Securities and Exchange Commission ("SEC") interpretive rules, permits sufficient perspective for an initial examination of its effect throughout the various states. Fifteen states have seriously considered adoptive legislation only to permit the particular bills to be largely tabled, rejected, or watered-down.