Corporate governance

Starchild and Derek,

It seems to me that the problem with corporations is not so much
that shareholders are kept out of corporate decision-making, but
that they have no motivation to get into it, *because* of legal
inventions like corporate personhood and limited liability. The
radical solution would be to eliminate those first.

Limited liability is an illegitimate government protection; as a
shareholder, you *own a business*, and should take that seriously.
Naturally, eliminating limited liability would vastly decrease the
liquidity of the stock markets, reducing their capricious but
devastating effects from time to time on the larger economy.

As I see it, the only proper distinction of a corporation from a
partnership is the structure of its charter allowing ownership to
be divisible and to change hands without rechartering the
organization. But for a group of individuals to simply choose a
slightly different wording for their private association should
result in no different liability or tax treatment.


Starchild wrote: