MHJ ONLY BECAUSE HYBE ALLOWS IT. BangPD could literally fire her AT ANY TIME.
Hybe can definitely decide to fire her and dissolve the company (not sure if Bang PD can do it alone since there are alot of hidden investors in Hybe now.) But until the day it occurs it'll still be considered its own separate company.
There's no reason for them to dissolve the company. If they no longer want it, they can just sell it to another investor or list it on the stock market and make money. The moment they kick out MHJ. The valuation will drop so it's a stupid thing to do.
Another example. Kakao can also decide to sack all the starship board and CEO's and choose to hire Band PD as the new CEO of Starship.
But that doesn't mean starship is now Hybe or Kakao. It'll still be considered its own separate entity until the day they decide to dissolve it.