This article explores how the law currently influences accountability in three different privatization contexts: (1) private schools operated independently of the state; (2) public schools operated by private organizations under charter or subcontract with government entities; and (3) private schools participating in publicly-funded voucher programs. A discussion of unconstitutional delegation law and the relationship between comprehensive regulation and the state action doctrine is included. Also featured is a comprehensive look at how a combination of constitutional, statutory, administrative, and charter/contract law has affected accountability of educational management organizations in Arizona, Michigan, and Massachusetts. Tables portraying accountability provisions in each state are included. The article concludes that there is a narrow policy-making channel between too little and too much regulation and that private organizations should not assume that they will be able to operate public schools or participate in publicly-funded voucher programs without surrendering some of their autonomy. (Contains 150 endnotes.) (SLD)