New Delhi, July 7 -- In an article in the Financial Times last month, Argentine President Javier Milei announced that his government was planning to create a new kind of company-a non-human corporation owned and operated by artificial intelligence (AI).

This new category of organization would pay low taxes, set its own governance rules and operate without regulation. While it could have human shareholders, it would not need to.

What Milei proposed was an evolution of one of the most important legal innovations of the modern era, the limited liability corporation, even though his vision extended far beyond what that idea had envisioned.

Milei dates the invention of the limited liability company to the founding of the Dutch East India Co...