I hope this doesn't sound rude, but I think you've interpreted my point in the least charitable way possible.

Non LLC are not unlimited liability companies. Those have existed historically, and mean that owners themselves are legally on the hook for any company debt, without limit.

Since I'm trying to repeat back something I heard elsewhere, I'll link to the original discussion. Adrian Wooldridge is a long term writer for Bloomberg and not sine random guy on a soapbox. The discussion is well thought out, and not emotionally charged. Sorry if I've accidentally given a different impression.

https://www.pushkin.fm/podcasts/business-history/how-the-com...