corporation - An entity, usually a business, created by a legislative act or by individuals who have agreed upon and filed articles of incorporation with the state government.
A corporation, in the modern legal sense since the 1600's, cannot exist without the government. Incorporation grants special privileges and exemptions with regards to law, regulations, taxation and liability to both the real human being principals and the legal fiction. This not only creates a class of "super citizens" but is also the essence of fascism.
In a free society and free market only individuals would make contracts with each other. A group of individuals could still sign contracts with each other in an agreement to do business and split responsibilities and profits but they would not be able to place the burden of liability on society, for incompetence or harm caused to others, by having their personal assets shielded.
If there is to be business law there should be one set of laws that applies to all individuals equally and only to individuals. Real people perform the actions of business and labor and real people should be liable for the results.
~wobbles but doesn't fall down~
Want DP delivered to your inbox daily? Subscribe here: