An understanding of modern corporate groups can be sought through a historical–theoretical analysis of the core evolutionary phases that have shaped the group structures of today. I divide the legal history of corporate groups into four phases: the state-chartered corporate groups, the commercialization of groups through the legal recognition of corporate shareholders, globalization and the rise of multinational groups, and the twenty-first-century technological and interconnected group structures. Furthermore, I use this to argue that the gap between legislation and practice has increased over time, with each phase adding a new layer of complexity that makes recognition of corporate groups more difficult. It is likely, in light of this observation, that innovation will not stop, and that new modes of complexity will arise in the future.