Firms are best understood as political entities, rather than merely economic organizations. Of course they have economic dimensions. But saying that they are merely economic organisations would be as reductive as to say that states are merely economic organizations. A firm certainly contains the legal structures of capital investment – this is what the legal structures of the corporate charter are for. But a firm is much more than a corporation in the legal sense: it requires the contributions of those who invest their labour in the joint endeavour (the employees, but sometimes also independent contractors or suppliers or users). That whole institutional reality has been missed by economic and legal theories. My suggestion is that it is time to enter into a reconstructive and institutionalist perspective that makes it possible to recognize the firm beyond the corporation: as a political entity where labour investors, crucial actors in the common endeavour of the firm, have not yet been granted the same political rights (i.e. the rights to participate in governing the joint endeavour) as those granted to capital investors. In other words, it is a political entity owned by no one (shareholders only own their shares, as legal scholar Robé has so aptly kept reminding us) in need of being democratized.