This episode features the second half of a conversation with Associate Professor Peter Molk who teaches business law at the University of Florida Levin College of Law and who recently published in the U.C. Davis Law Review a thought-provoking article entitled Protecting LLC Owners While Preserving LLC Flexibility. In the previous episode we discuss more generally the pros and cons of LLC contractual freedom for sophisticated versus unsophisticated owners. In this episode we focus on Professor Molk’s concept of the accredited LLC investor as a means of distinguishing between those LLCs that should or shouldn’t be permitted to waive standard governance protections typically mandated in business corporation statutes.