ABSTRACT
The ensuing proposal for a new philosophy of the corporation is an attempt to increase the cohesion of the positive results in order to extract normative principles out of them. The new philosophy appreciates the corporation both as a legal fiat and as a morally responsible agent. People acting on behalf of corporations exist and are persons regardless of definitions, but corporations exist and have traits of personhood only because we as persons find it convenient to describe them in a certain manner. According to Marilyn Friedman, the corporation has no morally relevant personality as such but is only a technical medium to further the interests of the aggregate of individuals who own it. Corporations can be full-fledged moral persons and have whatever privileges, rights and duties as are, in the normal course of affairs, accorded to moral persons. Limited Liability Corporation is a contractual vehicle for autonomous persons to exercise their potential for moral judgement and conceptual thinking.
