Ambrose Bierce defines "Incorporation"

[MineralMan]

Incorporation, n. The act of uniting several persons into one fiction called a corporation, in order that they may be no longer responsible for their actions. A, B and C are a corporation. A robs, B steals and C (it is necessary that there be one gentleman in the concern) cheats. It is a plundering, thieving, swindling corporation. But A, B and C, who have jointly determined and severally executed every crime of the corporation, are blameless. [Ambrose Bierce, 1885]

I think he did an excellent job of it, too.

[TBMASE]

1. He'd be right

if the crimes of the individuals were actually shielded by the corporate umbrella.

See Ken Lay and Jeff Skilling.

[MineralMan]

2. Exceptions.

Look at all the others.