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> a serious problem with standard corporations... immoral activities for profit A politician could trivially write a law to end this "problem", at any point. O

> a serious problem with standard corporations... immoral activities for profit A politician could trivially write a law to end this "problem", at any point. Or courts could start rejecting suits where investors sue. There is nothing inherent in nature that requires this outcome to exist. This is an entirely self-made problem that society tolerates when it doesn't have to. Corporations used to need a blessing from the government to be formed, explicitly to avoid the risk of a massive corporation who can compete with the government and have investors that push anti-social goals.

kube-system 1mo ago
They did, they’re called benefit corporation laws, and here’s a map of the states that have passed them: https://en.wikipedia.org/wiki/Benefit_corporation#/media/File:Benefit_corporation_laws_in_the_United_States.svg https://en.wikipedia.org/wiki/Benefit_corporation#/media/Fil... I don’t think there’s some practical way to force existing corporations to include something in their charter, if that’s what you’re suggesting. Business organization is something that a business chooses to do.
- vineyardmike 1mo ago
  > I don’t think there’s some practical way to force existing corporations to include something in their charter Laws are but a pen stroke away. <legalese intro> No existing nor new C corp and their executives shall be be considered in breach of their fiduciary duties or obligations if they take an action they deem to be in the best interests of society at large, as long as it’s not fraudulent or otherwise illegal behavior. <legalese outro>
  - kube-system 1mo ago
    Yeah, I know a law is just words written down... but what you're suggesting is not even what a PBC even is... you're suggesting something so radically different that it would be silly: 1. Corporate charters and form of incorporation are consensually chosen by those involved.... you're suggesting something that is in violation of that consent. This would have crazy unintended consequences. Remember that a corporation is not necessarily a business. Imagine an investment holding company, or a building cooperative, where the directors could have a blank check to use money for some unrelated public benefit. That's completely bonkers. 2. PBCs don't get to do any "action they deem to be in the best interests of society at large"... they get to do things that are in the interest of specific public benefit goals which they have defined in their charter and those are balanced with the interests of shareholders. Everyone involved knows and agrees with what these specific public benefits are, which is an important thing.

kube-system 1mo ago

They did, they’re called benefit corporation laws, and here’s a map of the states that have passed them: https://en.wikipedia.org/wiki/Benefit_corporation#/media/File:Benefit_corporation_laws_in_the_United_States.svg https://en.wikipedia.org/wiki/Benefit_corporation#/media/Fil... I don’t think there’s some practical way to force existing corporations to include something in their charter, if that’s what you’re suggesting. Business organization is something that a business chooses to do.

vineyardmike 1mo ago
> I don’t think there’s some practical way to force existing corporations to include something in their charter Laws are but a pen stroke away. <legalese intro> No existing nor new C corp and their executives shall be be considered in breach of their fiduciary duties or obligations if they take an action they deem to be in the best interests of society at large, as long as it’s not fraudulent or otherwise illegal behavior. <legalese outro>
- kube-system 1mo ago
  Yeah, I know a law is just words written down... but what you're suggesting is not even what a PBC even is... you're suggesting something so radically different that it would be silly: 1. Corporate charters and form of incorporation are consensually chosen by those involved.... you're suggesting something that is in violation of that consent. This would have crazy unintended consequences. Remember that a corporation is not necessarily a business. Imagine an investment holding company, or a building cooperative, where the directors could have a blank check to use money for some unrelated public benefit. That's completely bonkers. 2. PBCs don't get to do any "action they deem to be in the best interests of society at large"... they get to do things that are in the interest of specific public benefit goals which they have defined in their charter and those are balanced with the interests of shareholders. Everyone involved knows and agrees with what these specific public benefits are, which is an important thing.