Business does have the power to drop an enormous lawsuit on you and force you to wipe out your life savings trying to defend yourself, and if a judgment is obtained due their immense advantage in resources, they can attach your salary and assets for life.
You do know what a "judgement" is, right?
HINT: It's a government action, not a business one.
They also have the power to put false information of your credit history, which is virtually impossible to expunge, and thus ruin your ability to buy a home, or a car, or a loan for any other worthy purpose, or even rent an apartment and even to deny you a job (since prospective employers invariably run credit checks).
You do know where credit reporting comes from, right?
HINT: Legislation enacted by congress (particularly the Consumer Credit Protection Act and the Fair Credit Reporting Act).
You do know where corporations come from, right?
HINT: Acts of government.
Government created business, not the other way around. They are two heads of the same hydra.