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This article aims to explain that firm ownership is a myth whose belief prevents from fully appreciating the nature and complexity of this primary institution of capitalism. The economic vision of ownership often boils down to the possession of assets and is free from its legal foundations. A rigorous legal-economic analysis shows that the firm is a real relational entity, of a collective nature, which is by nature inalienable. No one owns the firm and the nature of the relationships that firm governance engages can only be appreciated from another unit of analysis: power.