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Business Persons - A Legal Theory of the Firm (Hardcover)
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Business Persons - A Legal Theory of the Firm (Hardcover)
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Business firms are ubiquitous in modern society, but an
appreciation of how they are formed and for what purposes requires
an understanding of their legal foundations. Intended for general
readers, as well as students and policy markets, Business Persons
provides a scholarly and yet accessible introduction to the legal
framework of modern business enterprises.
It explains the legal ideas that allow for the recognition of firms
as organizational "persons" having social rights and
responsibilities. Other foundational ideas include an overview of
how the laws of agency, contracts, and property fit together to
compose the organized "persons" known as business firms. The
institutional legal theory of the firm developed embraces both a
"bottom-up" perspective of business participants and a "top-down"
rule-setting perspective of government.
Other chapters in the book discuss the features of limited
liability and the boundaries of firms. A typology of different
kinds of firms is presented ranging from entrepreneurial one-person
start-ups to complex corporations, as well as new forms of hybrid
social enterprises. Practical applications include contribution to
the debates surrounding corporate executive compensation and
political free-speech rights of corporations.
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