"Initially, the privilege of incorporation was granted selectively to enable activities that benefit

[Miigwech]

THE PUBLIC" Look were we have gotten to ...

Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling shareholders to profit was seen as a means to that end. The states also imposed conditions (some of which remain on the books, though unused) like these*:

Corporate charters (licenses to exist) were granted for a limited time and could be revoked promptly for violating laws.
Corporations could engage only in activities necessary to fulfill their chartered purpose.
Corporations could not own stock in other corporations nor own any property that was not essential to fulfilling their chartered purpose.
Corporations were often terminated if they exceeded their authority or caused public harm.
Owners and managers were responsible for criminal acts committed on the job.
Corporations could not make any political or charitable contributions nor spend money to influence law-making.

For 100 years after the American Revolution, legislators maintained tight controll of the corporate chartering process. Because of widespread public opposition, early legislators granted very few corporate charters, and only after debate. Citizens governed corporations by detailing operating conditions not just in charters but also in state constitutions and state laws. Incorporated businesses were prohibited from taking any action that legislators did not specifically allow.

http://reclaimdemocracy.org/corporate-accountability-history-corporations-us/

[unc70]

1. Mostly true even in 1972 in NC

When I incorporated my first company in 1972 in NC, the charters were still relatively constrained. The public good was still a requirement. Recently had cause to get out my original Articles.