The Free Talk Live BBS
Free Talk Live => General => Topic started by: Brandon on March 17, 2012, 10:14:30 PM
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I always assumed that a corporation was a business that gets the governemnt to pass laws to limit competition and gets tax payer money, however I just googled corperation and the definition is a "group of individuals regard by law as a single enity". What does that mean. Could someone explain to me what a corporation is and if my definition is wrong, why they are bad.
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A corporation is a legal term that has been created by lawyers.
It creates a thing called a corporate "Person" - This "Person" is the only valid target for a lawsuit.
Meaning that if Kentucky Friend Chicken served you a Double Down Sammich with shard of glass in it, you wouldn't be able to sue Colonel Sanders personally and take money directly from his pocket. (Ignoring the fact that he's dead, mind you.)
You can only sue the corporation as the entity responsible. They can then take money to pay off legal fees and debts from the corporate legal fund and no individuals are directly damaged.
That is what a corporation is. It is a legal fiction that collectivizes a group of people and protects them from individual damages and legal attacks.
What that amalgamated group of people or their representatives does with their money to further game the system is all gravy.
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Thanks