It goes back to 'For What Reason?'
Liability?
If you have two corporations with the same ownership, as long as you maintain separation with a straight face, it can provide liability protection.
If one owner owns a corporation that is a greenhouse and a corporation that is a machine shop, as long as they have separate bank accounts, corporate structures phones etc, then if one gets sued it is difficult to get into the other one. So if the machine shop gets sued, they will have a hard time getting assets out of the greenhouse. Now if the greenhouse workers work at the machine shop or the machine shop workers get paid by the greenhouse, buh bye.
If the owner gets sued it is pretty easy to get into the corporation, or if the corporation gets sued it is pretty easy to get to the owner. Not automatic, but good lawyering[or bad lawyering] gets that done.
This is why you put your house in a trust and your business in a corporation. Someone trips and falls on your walk they cannot take your machines. One of your products blows up and they cannot take your house. You run the corporation it is your decision making that caused the part to blow up, they take your stuff. But the trust did not make the decisions, so the trust is not responsible, so they cannot take the trusts stuff. Even though it is your stuff.
Usually
Mostly
In theory
So the point here is that you cannot protect the company from ownership or the ownership from the company[in any absolute fashion] but you can more often protect the corporation from another corporation
So if you are worried about such things because the owner is sketchy, there is no hope.
But if you are worried about such things because the company is sketchy, there is a better chance of it being fixable.