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Are there positive aspects of corporations?

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2010-05-30 19:41:47
2010-05-30 19:41:47
Positive Aspects of CorporationsHere are opinions and answers from FAQ Farmers:
  • I am not sure exactly what you intended to ask. There are many positive aspects of corporations, but it also depends on your perspective. Small business owners will form a corporate for personal asset protection and tax benefits. Corporations provide jobs and vehicles of investment.
  • Other positive aspects of corporations include a professional image (as compared to a sole proprietorships) and access to capital.

But "corporation" is a specific legal concept. It has to do with the way a company is owned and financed, what kind of taxation that it is subject to, and the laws of the state of incorporation. There are one-person corporations, and there are large businesses that are NOT technically corporations (for example, large partnerships).

Do you mean private-sector businesses?

If that is what you really mean, they benefit "the economy" (which is really consumers, the firms themselves, and the government) by providing jobs, and by providing products and services that would be either unduly expensive, unduly burdensome, or impossible (i.e., inefficient) for consumers to provide for themselves (e.g., medications, electronics, psychotherapy). Businesses keep people off the unemployment rolls, reducing the cost to taxpayers of providing benefits to the poor and unemployed. And if they are legally corporations, they pay corporate income taxes on the profits that they earn.

A firm has no obligation to benefit "the economy" (actually, it is part of the economy, not a separate entity) or the government (the government is supposed to work for US, not the other way around). But realistically speaking, if a firm is not providing a product or service that people want at a price they are willing to pay, it will not be in business for very long.

Firms also can and do invest in projects that benefit society - projects that would be too expensive or impossible for individuals to finance. Visit any major company's website and you'll see what that company is doing to improve local community facilities, ameliorate environmental risks, and so on.

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