The Corporation Page #3

what you want right now

limited liability.

You start with a

group of people

who wanna invest their

money in accompany.

Then these people apply for

a charter as a corporation.

This government issues a

charter to that corporation.

Now that corporation operates

legally as an individual person

it is not a group of people

it is under the law

a legal person.

Imperial Steel Incorporated

has many of the legal rights

of a person.

It can buy and

sell property...

It can borrow money.

It can sue in court

and be sued.

It can carry

on a business.

Imperial Steel

along with thousands

of other legal persons

is a part of our

daily living.

It is a member

of our society.

Having acquired the legal rights

and protections of a person

the question arises

What kind of person

is the corporation?

Corporations were given

the rights of immortal persons.

But then special

kinds of persons

persons who had no

moral conscience.

These are a special

kind of persons

which are designed by law

to be concerned

only for their

stockholders.

And not say what

are sometimes

called their stakeholders

like the community or the

work force or whatever.

The great problems of having

corporate citizens

is that they aren't

like the rest of us.

As Baron Thurlow in England

is supposed to have said

They have no soul to save

and they have no body

to incarcerate.

I believe the mistake that

a lot of people make

when they think

about corporations

is they think you know

corporations are like us.

General Electric is a kind

old man with lots of stories.

Nike young energetic.

Microsoft aggressive

McDonald's young

outgoing enthusiastic

Monsanto immaculately dressed

Disney goofy.

The Body Shop

um deceptive

very lovely.

Do you know what the

body shop is?

Nope.

They have feelings

they have politics

they have belief systems

they really only

have one thing

the bottom line

How to make as much

money as they can

in any given quarter.

That's it.

Of course they

make a profit

and it's a good thing.

That's the incentive that

makes capitalism work.

To give us more

of the things that wanted.

That's the incentive that

other economic systems lack.

People accuse

us of only paying attention

to the economic leg

because they think

that's what a business

persons mind set is

it's just money.

And it's not so

because we as

business people

know that wanted to certainly

address the environment

but also wanted to be seen as

constructive members

of society.

There are companies that do

good for the communities.

They produce

services and goods

that are of value to all of us

that make our

lives better

and that's a good thing.

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