Comment by wvenable

Many early corporations were ordinary profit-seeking businesses. Manufacturing, in particular, were increasingly incorporated simply to conduct private enterprise, and states began passing general incorporation statutes for manufacturers quite early in the 19th century.

The special-charter system wasn't some golden age of corporations being held accountable to society. One of the reasons states abandoned special chartering was because it became associated with favouritism, lobbying, monopoly privileges and corruption. Legislators had something valuable to hand out, so connected businesses could seek preferential charters. General incorporation laws were partly an anti-corruption reform.