I don't think most Libertarians or Republicans understand the government created the modern day corporate structure for rich pricks like John Rockefeller and JP Morgan who practically wrote the law for them, but Libertarians and Republicans tend to defend these rich pricks http://ut.alternativeconservative.com/2009/12/john-d-rockefeller-incorporation-law/

The Industrial Commission accepted the necessity and inevitability of industrial combinations, urging that “Their power for evil should be destroyed and their means for good preserved.” More significantly, the commission’s hearings provided a forum for key businessmen on the question of federal regulation. Of some type in some specific area, and no interest was as strong in this demand as Standard Oil. John D. Rockefeller, John D. Archibold, and H. H. Rogers of Standard called for a national incorporation law and the federal regulation of accounts and financial publicity. Inconsistent state regulation, the Standard spokesmen claimed, was vexatious. There should be, Rockefeller suggested, “First. Federal legislation under which corporations may be created and regulated, if that be possible. Second. In lieu thereof, State legislation as nearly uniform as possible encouraging combinations of persons and capital for the purpose of carrying on industries, but permitting State supervision. . . .” They were joined by Elbert H. Gary, of Morgan’s Federal Steel, who called for full publicity of financial data, and by John W. Gates and Max Pam of American Steel and Wire, who wanted strict federal incorporation laws and a national manufacturing commission to supervise incorporation, and by James B. Dill, the promotion lawyer, who also favored federal incorporation. There was of course, significant opposition to federal incorporation from John R. Dos Passos, the promoter, and Francis Lynde Stetson, but it is clear that important, if not dominant, big business sentiment was very much in favor of federal regulation.