The Fifth Edition has retained many cases from the previous edition, particularly those that teach well. Recent cases have not been substituted for older ones simply because they are newer. A number of changes, however, have been made to reflect new developments. These changes include the approval by NCCUSL of the Uniform Partnership Act (1993); the development and growth of Limited Liability Companies and Limited Liability Partnerships; developments in the area of piercing the corporate veil: tort liability, reverse piercing, and further amendments to the Texas statute; the SEC's so-called Small Business initiative; the American Law Institute's Corporate Governance Project and developments in the law of close corporations.