Business Persons: A Legal Theory of the Firm by Eric W. OrtsBusiness Persons: A Legal Theory of the Firm by Eric W. Orts

Business Persons: A Legal Theory of the Firm

byEric W. Orts

Paperback | August 23, 2015

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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. This book 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 businessfirms. 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 applicationsinclude contribution to the debates surrounding corporate executive compensation and political free-speech rights of corporations.
Eric W. Orts is the Guardsmark Professor at the Wharton School of the University of Pennsylvania. He is a full professor in the Legal Studies and Business Ethics Department with a secondary appointment in the Management Department. He has also served as a visiting professor at the University of Michigan Law School, NYU School of Law, ...
Title:Business Persons: A Legal Theory of the FirmFormat:PaperbackDimensions:336 pages, 9.21 × 6.14 × 0.72 inPublished:August 23, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198746466

ISBN - 13:9780198746461


Table of Contents

Introduction - The Recognition and Boundaries of the Firm1. Foundations of the Firm I: Business Entities and Legal Persons2. Foundations of the Firm II: Agency, Contracts, and Property3. The Public/Private Distinction: Two Faces of the Business Enterprise4. Enterprise Liability, Business Participant Liability, and Limited Liability5. The Nomenclature of Enterprise: A Taxonomy of Modern Business Firms6. Managing and Regulating the Shifting Boundaries of the Firm7. Two ApplicationsConclusion

Editorial Reviews

"This book is a path-breaking analysis of the business firm from a legal perspective. As shown by the debate surrounding the Supreme Court's Citizens United decision, the question of corporate legal personality has resurfaced as one of the key legal and political issues of our time. Prof.Orts' book is indispensable reading for anyone interested in exploring the extent to which 'corporations are people too.'" --Reuven S. Avi-Yonah, Irwin I. Cohn Professor of Law, University of Michigan Law School