James Gray concludes in this article: “Although corporations are an entrenched force in our civilization that probably aren’t going anywhere soon, it’s not obvious that corporations are morally justified or supported by any system of justice. Libertarian justice don’t necessarily support limited liability considering that it allows companies to disrespect human rights and refuse to pay the full damages done. Utilitarian justice doesn’t necessarily support corporations because it’s not clear that limited liability is really best for the “greater good.” Rawls’s theory of justice doesn’t necessarily support corporations because limited liability can give the wealthy more rights and less responsibilities than are enjoyed by the poor, and it’s not clear that the poor will benefit from it.”

http://ethicalrealism.wordpress.com/2011/05/03/ethical-implications-of-corporations/