From: Chris Hibbert (hibbert@agorics.com)
Date: Mon Jan 25 1999 - 10:55:55 MST
Lee Daniel Crocker wrote:
> So long as a trading firm in a free market openly
> identifies itself as a limited liability corporation and specifies
> in all its contracts that parties agree to limit the liability of
> the firm to the assets of the firm independent of those of its
> shareholders/directors, then no one is being coerced.
That doesn't sound quite right. Not all of the actions of a corporation
(or individual) are covered by contract. An extra benefit of limited
liability is limited liability in a lawsuit, which might arise from, for
example, polution, or wreckless driving by one of drivers of the company's
delivery trucks.
Like Lee, I'm not arguing by this that limited liability is necessary, just
that it includes more protections than you can get without government
intervention.
Chris
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