The legal system is not a programming language compiler, mindlessly deterministic and oblivious to loopholes. Violate the intent of the law egregiously enough, and they'll find something that will stick.
The point is, if you make an ad that lies about your opponent, he can (and will) get an injunction against it. You don't get to lie on air 24/7 for two weeks and then file for bankruptcy after the election, is my point.
Also, a corporation isn't a silver-bullet-proof shield against personal responsibility. Kenneth Lay was convicted on (among others) four counts of fraud and false statements, and faced 20-30 years in jail.
That's the point of forming the corporation. It will do something illegal and take the hit, shielding its owners from liability for illegal conduct.