This episode features Part One of a two-part 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 which he addresses the tension between, on the one hand, LLC freedom-of-contract which functions well with sophisticated owners and, on the other hand, the need for mandatory rules to avoid the problems and inefficiencies freedom-of-contract can generate with LLCs populated by unsophisticated owners. The article is available on SSRN here.