Marjorie Kelly [Archive.org URL]

It has been clear since the days of Adolf Berle and Gardiner Means – who published their breakthrough book, The Modern Corporation and Private Property, in 1932 – that business ownership is often separated from its most vital element, control. These [for-benefit business] designs go further by concentrating control in a deliberately chosen group, selected as stewards of the firm’s living mission. Ownership shares can be bought and sold like property, but controlling shares represent a living essence that is not for sale – or for sale only under restricted conditions.

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