Both "government" and "corporation" are works of legal fiction, the first being created by the collective will of those governed, and the second create by the first work of legal fiction.
The problem comes in where the second is given extra legal rights in excess of those protected for the governed. Further it should be more correctly said that any entity which can extend force over another, no matter the circumstances that lead to that outcome, that in fact that entity becomes government.
The moment limited liability protections are enacted for corporations, the moment they have the right to eminent domain or to capture private property from another(see Texas common carrier law for example), the stop being the governed, and become the government itself.
To an extent these extra legal rights are a matter of practicality, the organization of property ownership, and all the works required for productive endeavors are important to the maintenance of society as a whole.
Property, Corporation, Government, are all concepts created by the mutual consent of those governed by them, Things like the legal fiction that is money are created to aid in their management.
The forth branch of government known as corporation has grown well beyond the means of reason. It has perfected misuse of the powers granted to it to subvert the powers of the original three branches of government.
Corporations originally existed for the public good, a bridge needs building and maintenance, a city needs something to manage the docks, etc. with powers limited to that needed function, then they expanded to organize private property, such as merchant fleets, and yet still limited, it wasn't until later every business became a corporation, old blacksmiths, and farmers, and artisans of all types, where each held liable for their own actions with no special rights became corporations.
For awhile we where free from lords and kings, then we invented new ones, corporation, not organized by kingdoms and nobility, but by practical function and ownership. And slowly, a new nobility being born, an aristocracy of the ultra wealthy using the powers of corporation to curtail the branches of government which they do not control via writ fiat.
Low corporate taxes, privatization, are just tools to expand this control.