[FoRK] My sentiments exactly...

Adam L Beberg beberg at mithral.com
Fri Jan 22 11:35:06 PST 2010


mdw at martinwills.com wrote on 1/22/2010 8:40 AM:
> Corporations are held a little differently than humans.  You can sue a
> corporation similar to humans in the US Court systems. They are subject to
> the same laws as humans.  Unfortunately some laws aren't applicable

The laws hold, but there is no risk of any punishment. A corp does 
something bad like dumps toxic waste, they just dissolve the company and 
reform a new one, no problem. All oil companies operate that way - in 
fact each oil rig is a separate corp, if it blows up or spills just 
shread a couple documents. Borrow lots of money, pay the 
owners/employees, declare bankruptcy and walk away with the money. 
That's how banks and hedge funds work. The list goes on, but the cycle 
of form/scam/dissolve is the rule not the exception. There wouldn't 
really be any other use for a corporation if it wasn't for this shielding.

Oh, and one more - no taxes. If you pay someone directly there are lots 
of taxes, if you pay them through a corp, and they are paid through 
stocks and options they pay almost no taxes - none if they have an 
accountant.

So it's a person, but with no punishment and no taxes. Pure awesome.

-- 
Adam L. Beberg
http://www.mithral.com/~beberg/


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