Madison defined a faction as a number of citizens, whether a majority or a minority of the whole, who unite and act by some common interest or passion which is contrary to the rights and interests of other citizens, or to the permanent and aggregate interests of a community. It is likely that Madison would consider corporations as a faction, as they fulfill many of these requirements.
Corporations are united by a common interest: profit and productivity. These interests remain the same whether they contribute to the long term improvement of society or not. In fact, they are often opposed to them, as is the case with environmental concerns or income disparity.
It is likely that Madison would react by saying that the government was built as a safeguard against factions. If we want corporations to have less power or to behave in ethical ways, we have to elect representatives that have those interests at heart.
