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A rather key difference is that people who break the law can and do get put in prison. Whereas consequences and penalties for corporations seem to be nonexisten
by trollbridge 3y ago
A rather key difference is that people who break the law can and do get put in prison. Whereas consequences and penalties for corporations seem to be nonexistent.
An obvious solution would be to revoke limited liability for a corporation, converting it into a general partnership… shareholders could either abandon or sell their shares, and ones who remain would assume both liability and control over the corporation. (Imagine something like this at Boeing.)
Limited liability is a privilege, not a right, bestowed by state governments.
- samatman 3y agoRevoking the charter is in fact an option, however seldom it's invoked, but it's not actually necessary. Courts can, and do, pierce the corporate veil, either criminally prosecuting responsible parties or holding them to full liability for corporate action. Corporate personhood is a useful fiction, but it's just that, a legal fiction.