this post was submitted on 03 Feb 2024
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Is this not by design?
I've yet to hear of a corporate bankruptcy that left the owners and officers and board members on the bread lines.
Yep, it's the playbook private equity uses too. Buy a healthy profitable company and then leverage it to the tits to pay themselves back. The company is saddled with debt and an obligation to service that debt and creates a situation where the only way the company can survive is if they grow rapidly. Sometimes it works out and private equity hits big, other times it doesn't and the company goes under. But who cares, fuck those workers and their livelihoods right?
Agreed. Capitalism working as intended
It's all in the framing:
Why? To encourage entrepreneurship: who would want to start a restaurant or coffee shop if they knew they would be personally liable if the business failed?
Is it possible to misuse limited liability corporations for nefarious purposes? Of course. But it's absurd to imply they don't serve an important social purpose.
I guess I did heavily imply that the concept of limited liability companies is evil by design. That's on me. My intention was to call out the egregious misuse of them.
I'm not even so much concerned that the system is possible to abuse as that it not seen as abuse by too many.