Company Law Reform Act ‘It is the case that the UK still has not had a thorough review of the relationship between limited liability and unlimited liability legal forms for small firms and that the LLP’s role for small firms has not been properly addressed. Nevertheless, the need for a special limited liability company regime for owner-managed firms has been reviewed and rejected for clear and convincing reasons. The temptation to create a new legal form because other jurisdictions have something of this type has been resisted, rightly.’ In the light of this statement, evaluate the comparative treatment of the small firm and the reasons why the UK Company Law Review (CLR) rejected the creation of specialist legal forms for closely held companies.