[CryptoPunk]

It's its own legal entity, that is owned by other people.

And there is very little privilege that incorporation grants corporations that is not entirely contractual. Limited liability for shareholders for tort is the only one I can think of, and that, in my opinion, should be repealed.

Limited liability for debt can be entirely contractual in its basis, and established by shareholders/companies operating outside of the corporate structure too, simply by stipulating that condition in any loan agreememt the business enter into with another party.