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A corporation has been defined as 'an ingenious device for obtaining individual profit without individual responsibility'. Ambrose Bierce, The Devil's Dictionary, 1911. Discuss.
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A corporation has been defined as 'an ingenious device for obtaining individual profit without individual responsibility'. Ambrose Bierce, The Devil's Dictionary, 1911. Discuss the extent to which you consider, nearly a century later, that criticism is still applicable to modern companies under present-day laws. In order to discuss the extent to which a company can be said to be 'an ingenious device for obtaining individual profit without individual responsibility' it is important to note that a company has its own legal personality distinct from that of those who promoted it, incorporated it, run it and invest in it1. This appears to be prima facie evidence that due to the fact that a company is, in the eyes of the law, a legal person, the actions of the company are attributable to the company alone and not the responsibility of any one person, class or group of persons. Throughout this essay it shall be...
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