“…It can will and act through the groups of individuals who are its organs, just as a natural person can will and act through his or hers. Taylor (1902) Stage 1: Freund (1897), Laski (1916), Canfield (1917), Maitland (1927) Stage 2: Latham (1959), Nader, Green, & Seligman (1976) Stage 3: Millon (1990) Stage 2: Hessen (1979), Fischel (1982), Kraakman (1984), Coffee (1999), Hansmann & Kraakman (2001) Stage 2: Horwitz (1985), Hager (1989), Phillips (1994), Mitchell (1995Mitchell ( , 1999, Iwai (1999) Nature of the firm Firm is a fiction whose life and legal legitimacy derive from the state. In turn, the firm concedes to doing public good and subjects itself to state regulation.…”