Corporation is an association of individuals, created by law, and authorised to act as a single entity. The company is legally standing in its particular right and can impart a pall that guards its shareowner against own liability. Unlike the separate player in the legal system, it is hard for a corporation to deal with acceptable legal terms. For instance, the Occupational of the sole proprietor and the person owning it are one and the same thing. When that person makes a decision he risks his business capital; consequently, when the directors of a company make decisions, they will be risking the money of other shareholders. Therefore, a corporation should not have the same rights similar to those of natural person.
Additionally, a natural person is distinct as a social being that has the ability but not the obligation for rights and responsibilities. On the other hand, Corporation is a right individual to whom legal rights and responsibilities may attribute. Because of its separate legal standing, a corporation is granted several rights and tasks, for instance, the ability of the company to acquire and give loans, employ and fire employees, pay taxes, own properties and enter into contracts. Moreover, in the case of Debt Corporation, it is undertaken in corporate name and not an individual name. On the contrary, in the event of debt in natural person, the obligation is conducted in his name.
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If the corporation is broadly beneficial to the society, it means that it has some fundamental rights and duties that accrue in association with their organisation. Therefore, the right of a corporation should be curtailed about how they exercise the company; this will seek to minimise the damage to the society that can be caused by the exercise of the rights. Importantly, when a class of individual is created out of corporations by default, it is important to grant the corporation the same rights as people. Reducing the rights of a corporation can be done through the introduction of the market system and competition.
