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by gh-throw
1898 days ago
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I think you're considering a broader set of things a "corporation" than I am. Wikipedia: > A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law 'born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes.[1]:10 Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). Webster's 1913: > A body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of succession; a society having the capacity of transacting business as an individual. Modern Merriam-Webster's retains essentially the same definition. That's why I hold that position about their relationship with the rest of society, and in particular with their parent government. I'll grant some other kind of organization, not being definitionally a creation of government, may not have the same relationship. |
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This can be common law, recognizing the legal authority the shareholders grant the corporate entity to act on their behalf.
There is a common law justification to treat that entity as a legal person because it acts as a single entity, as willed by the shareholders.
I am not suggesting that the corporate legal structure has never come into existence by legislation. I am just saying that the corporate structure can also emerge entirely through the common law enforcement of contracts.