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The Theory of the Corporation

The Theory of the Corporation. By Norman Barry. The Critics of Corporations. Anti-capitalists, Marxists, Socialists, etc. Some advocates of capitalism. Represented by Frank Van Dun. Special Privileges of Corporations. Entity Status (Artificial Person) Permanent Life Limited Liability.

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The Theory of the Corporation

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  1. The Theory of the Corporation By Norman Barry

  2. The Critics of Corporations • Anti-capitalists, Marxists, Socialists, etc. • Some advocates of capitalism. • Represented by Frank Van Dun

  3. Special Privileges of Corporations • Entity Status (Artificial Person) • Permanent Life • Limited Liability

  4. The Limited Liability “Problem” • The limited liability feature is based exclusively on contract, or a “nexus of contracts”. • Confusion of two types of corporations • Medieval English corporations • Modern business corporations • No creditor is compelled to accept limited liability.

  5. Torts & Crimes • Limited liability for torts and crimes is NOT an essential requirement of corporations. • For torts, insurance plays the protective role in partnerships and proprietorships, and could play the same role in corporations.

  6. Conclusion • There is nothing necessarily sinister about corporations as business entities.

  7. Good afternoon, good evening, and good night.

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