Sure you can, easily.

Give the government partial ownership. This dilutes the other owners and ties them do the government. This gives the government more 'oversight' power over the business, just like jail. Give the government an oversite seat on the board.

There are many ways you can put a business in jail, we're just told you can't because that would inconvenience the current business models of breaking the laws/rules/obligations to 'streamline' business and 'innovate'.