A Theology of Incorporation with Limited Liability‪.‬

Introduction The limited liability company has been a major progressive force for more than 150 years. (1) The framework it has provided has been a liberating force for those seeking to dig themselves out of poverty. It has played a major role in delivering innovation and in building the infrastructure on which modern society depends. It has become the dominant means of carrying on business throughout the world, providing employment for countless millions of people. It provides a valuable bulwark in society against overpowerful government. Despite this, Christian writers in the United Kingdom have been surprisingly critical either of capitalism or the limited liability company. No less a figure than the Archbishop of Canterbury has turned to Marx to support his argument that unbridled capitalism amounted to "idolatry." (2) Michael Schluter, former chair of the Jubilee Center has claimed that limited liability is "contrary to biblical teaching." (3) Richard Higginson, director of Ridley Hall Foundation's Faith in Business project, has argued that the concept of the public limited company is "subject to serious moral question." (4) Additionally, Donald Hay, a Christian economist, has argued that there are "ethical grounds for objecting to the formal structure of the joint-stock company," specifically criticizing limited liability for enabling owners to "shrug off" responsibility for losses "in their name." (5)