As reported several weeks ago, a panel commissioned by the General Assembly has been actively meeting to discuss and develop ways in which Connecticut can overtake Delaware as the leading state for businesses and corporations to locate, incorporate, and conduct business.
On their way to developing a 10-year plan to achieve that goal, members of the Commission on Connecticut’s Leadership in Corporation and Business Law are exploring what elements and institutions, judicial and otherwise, would make the state more attractive for businesses to incorporate in.
But we’ve got competition.
South Dakota last year also set out to become the new incorporation capital, and Nevada had a head start and is already closing in on Delaware after enacting some important changes.
It appears the common ground among the competitors is the idea that they can improve their state’s business climate, and image, by establishing specialty business courts.
Corporations will be more willing to locate in their respective states, they believe, if they can provide a corporate litigation docket that supplies the expertise necessary to handle the complexities of corporate litigation–more so than the standard trial court.
Between 2003 and 2013, 24 specialized business dockets were established across the country, including Connecticut’s Complex Litigation Docket.
Although many in Connecticut’s business community have expressed strong support and praise for our Complex Litigation Docket, members of the state commission have conveyed skepticism on whether it does enough.
Because there have been fewer than 40 cases before the Complex Litigation Docket in the last six years, commission members are debating creating an additional, more specialized business docket that will attract more corporations to litigate a specific issue in Connecticut.
In West Virginia, for example, the state has created a business docket with a reputation for expertise in the area of corporate taxation. Members of Connecticut’s Commission have suggested doing something similar, perhaps in making Connecticut the go-to forum for mergers and acquisitions litigation.
CBIA will continue to closely monitor the Commission’s progress. Please email any questions or comments to Louise DiCocco.