ABSTRACT
This chapter outlines the historical antecedents of the modern business corporation, analyzes its identity as understood by current theories, and explores the sense in which a corporation engages in moral action. The term "corporation" has been used to designate any group of persons united for some purpose. The modern business corporation, however, is a legally recognized organization with a class of investors who typically elect a committee that provides the highest level of management oversight for the activities related to the corporation. Historically, the general description of the corporation is that of an association of persons, treated in some legal respects as a single person. Under limited liability a shareholder's financial liability for debts of the corporation is capped at the value of the shareholder's investment; assessments against the corporation can reach only those assets in the corporate name, not others held by the shareholder.
