The limited liability company is a great construct; an efficient vehicle for commerce, through which to pursue an overall aim and to create value over an extended period. What’s more, greater economies of scale are attainable (over what a sole trader or entrepreneur could typically hope to achieve), mixed levels of ownership are possible and, for shareholders, liability is limited to the level of capital invested. Yet for all their benefits, companies are not without flaws—they are social constructions, after all. Even seemingly strong and enduring organisations are susceptible to missteps and failure at the hands of ineffective boards. The societal and economic consequences are not insignificant. When failures occur, blame is typically placed at […]