Law Commons^™

Delaware provides corporate foundational papers to all comers, and earns as much as a quarter of its state budget from the ensuing fees. Though Delaware has a population of less than one-third of 1 percent of the nation, more than half of Fortune 500 businesses claim a filing cabinet in Wilmington as home. Scholars disagree on whether the state’s rules provide more protection for shareholders or managers. But one thing is absolutely clear: Delaware corporate law cares not at all about employees, communities, customers, or other stakeholders, except insofar as shareholders also gain.