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The problem is not, in many cases, company law, the problem is company law enforcement. The US seems to need a revision to its legal system to properly codify legal personhood and limit it.

The failure of enforcement is a pressing issue.  However, the keys to solving that lie in an entirely different direction.  As you pointed out, the US has serious problems regarding the legal nature of the corporation and the laws regarding its governance, and the responsibilities involved in that governance.

Fixing the laws will, obviously, never have an effect if those laws are not enforced.  It's worth thinking about what the laws should be, though, and if they should be made easier to enforce.

by Zwackus on Mon Nov 14th, 2011 at 08:04:04 AM EST
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