When people formed a co-operative and contributed money to it, creating a new business structure, the original argument for giving it legal protection was, for the good of the market. Despite this demand for a social contract, there has been/is little discussion on what the duties and responsibilities were/are. The Chicago School of Economics famously abandoned the demand for a social contract with "unreal" persons.
While corporations were, in fact, good for the market (until they created a cartel/monopoly), they were always bad for the rest of society: employees, unions, legal responsibility and law-making, bonds and loans financing, creditors, macro-economics and the environment, all suffered under the power of concentrated money and labour.