Last week, Delaware made national headlines after a state judge ruled that businesses in the quaint beach town of Fenwick Island may continue to vote in elections, as if they were human beings. Quite literally, each business there receives a ballot, which is then filled out by a “representative”—because concrete structures don’t have opposable thumbs—and is counted alongside the votes of the town’s roughly 400 full-time residents.

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Still, what’s happening in Fenwick Island is small potatoes compared with the rest of the state. Most people think of Wall Street as the headquarters of American capitalism, but thanks to a unique set of “business-friendly” laws, Delaware has earned the title “Corporate Capital” of the U.S. A whopping 50 percent of America’s publicly traded companies are incorporated there, including over 66 percent of the Fortune 500. With a total population of less than 1.1 million people—fewer than live in Dallas, Texas—Delaware holds nearly twice as many legal entities as human beings.