The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc. and possibly own nothing for the rest of your life if it fails? If this happened in America, companies would move out and the business's American transactions would probably be insured, making everything very expensive. I could see other businesses getting uneasy over this and foreign firms moving out.

The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc. and possibly own nothing for the rest of your life if it fails? If this happened in America, companies would move out and the business's American transactions would probably be insured, making everything very expensive. I could see other businesses getting uneasy over this and foreign firms moving out.

The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc. and possibly own nothing for the rest of your life if it fails? If this happened in America, companies would move out or refuse to do business with Americans at all. I could see other businesses getting uneasy over this and foreign firms moving out.

The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc. and possibly own nothing for the rest of your life if it fails? If this happened in America, companies would move out or refuse to do business with Americans at all.

The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc. and possibly own nothing for the rest of your life if it fails? If this happened in America, companies would move out or refuse to do business with Americans at all.

The entire idea behind a corporation is to separate the debts of the firm from the debts of the owners of the firm. The firm is legally considered a distinct person. It incentivizes entrepreneurs to take risks knowing their personal wealth is protected if it all falls down, and investors know they're only entitled to the firm's assets and not the founder's assets.

Without that kind of separation, who'd want to start multi-billion dollar industries like oil, mining, chip manufacturing etc.? If this happened in America, companies would move out or refuse to do business with Americans at all.