Below is a novel thought, uttered in 1911 by the President of Columbia University, that may be equally true today:
I weigh my words when I say that in my judgment the limited liability corporation is the greatest single discovery of modern times. Even steam to electricity are far less important that the limited liability corporation, and they would be reduced to comparative impotence without it.
 Corporate Law & Practice (Practicing Law Institute, 2nd Ed. 1999) at p. 11.