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If you still think corporations are people, tell me why corporations can't go to prison.
Originally posted by buster2010
Good points but some will still disagree with you.
If you still think corporations are people, tell me why corporations can't go to prison.
Here's another one to think about.
You can legally buy and own a corporation and if you choose to kill it. You can't do those things with a person.
Corporate personhood is the legal concept that a corporation may sue and be sued in court in the same way as natural persons or unincorporated associations of persons. This doctrine in turn forms the basis for legal recognition that corporations, as groups of people, may hold and exercise certain rights under the common law and the U.S. Constitution. The doctrine does not hold that corporations are "people" in the literal sense, nor does it grant to corporations all of the rights of citizens.
InCorp provides several asset protection weapons for business owners and investors. Such weapons include a Nevada "C" and "S" Corporation, Limited Liability Company, and a Family Limited Partnership. These business entities limit most creditors' claims to your "business" assets. Thus, your family's "personal" assets remain safe and secure.
Whether you are a professional, small-business owner, or simply someone who has built up a nice little financial nest-egg for your retirement and children's education, you should consider taking advantage of asset protection weapons. They're all perfectly legal, and perfectly smart!
So, build your suit of armor before trouble comes your way. And always remember, if you don't have an asset protection plan, you still have a plan; you've simply planned to allow someone to take your hard-earned assets away from you.
A wrongful death lawsuit such as the one that would result in our example could easily run into millions of dollars, exceeding insurance policy limitations and coverage. A lawsuit like this would ruin most people; incorporation is needed protection. I cannot urge people strongly enough to be prepared. Prepare for the worse, and hope for the best. There are also lawsuits that come from employees to consider, such as wrongful termination, discrimination or sexual harassment.
There are customers who could sue for service failures, loss profits, damage to reputation, slander, and more. There are suppliers who could sue, people who just walk across your yard and slip or step into a hole, can sue. The possibilities go on and on.
According to the National Center for State Courts more than 19 million civil lawsuits were filed in the United States in 1992 alone.
Originally posted by schuyler
A corporation is legally liable for debts and can be sued, just like a person, but ultimately a corporation is owned by people, a group of people, or a whole lot of people, and in certain instances these owners can be held liable for the acts of a corporation, particularly its officers and Board of Trustees. Its common shareholders,--not so much.