The alternative is that when your co-worker goes on vacation, gets in a car wreck three states away, and the victim’s family takes your house in compensation.
What I just described is the liability structure of a partnership, absent any remnant of the “corporate veil”. Liability flows from your partner through the partnership and back to you. It is the corporate veil that isolates the company from the personal actions of its employees, and the employees from the business operations of the company.
The alternative is that when your co-worker goes on vacation, gets in a car wreck three states away, and the victim’s family takes your house in compensation.
That doesn’t logically follow at all.
What I just described is the liability structure of a partnership
You do not have claim on someone’s house because of an uninsured motorist claim on a business partner on vacation.
Which has, itself, not worked out so good. Shareholders and managers hiding behind the corporate veil have done irreparable harm.
The alternative is that when your co-worker goes on vacation, gets in a car wreck three states away, and the victim’s family takes your house in compensation.
What I just described is the liability structure of a partnership, absent any remnant of the “corporate veil”. Liability flows from your partner through the partnership and back to you. It is the corporate veil that isolates the company from the personal actions of its employees, and the employees from the business operations of the company.
There’s a little more nuance.
That doesn’t logically follow at all.
You do not have claim on someone’s house because of an uninsured motorist claim on a business partner on vacation.