Government,
Corporate
Apr. 26, 2024
California wants to punish corporations for being corporations
The bill could create a moral hazard for prosecutors, who could use the fines to boost state revenues, and could drive away corporations and people from California due to its hostile business climate.
Keith Paul Bishop
Partner, Allen Matkins Leck Gamble Mallory & Natsis LLP
Nicholas Murray Butler has been quoted as observing “the limited liability corporation is the greatest single discovery of modern times . . . Even steam and electricity are far less important than the limited liability corporation, and they would be reduced to comparative impotence without it.” Yet corporations are easy targets for critics, for as Edward Coke observed they “have no souls” and “resteth only in intendment and consideration of the law.”
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