This Carvin article seems to be written in the context of PA systems. That doesn't make it wrong, but it does mean it's not especially helpful when considering bass guitar rigs, which have rather different limitations.
I find the way people talk about clipping very confusing and peculiar. They talk about square waves and so on as if there were magic properties.
@agedhorse can correct me of course, but my understanding is much less complicated than people make out. Clipping is just distortion. An amplifier is rated at say 200W RMS at 1% distortion. AIUI if you drive it beyond that point then it will deliver more power in an increasingly distorted sound, and probably top out delivering something like 400W RMS of what would be quite unlistenably distorted sound in a PA situation, but might well be usable for say solo guitar.
Also the nature of the distortion is that the majority of the extra power will be delivered as artificially generated high frequencies. This is particularly relevant if tweeters are involved, because it means they cop the majority of the extra watts.
Talk about square waves is a major red herring. Just about every analogue synth can generate square waves, and they do no harm at all. If you put 200W RMS of square waves into a 300W rated speaker it will handle it just fine. What people confuse themselves with is that a heavily distorted and clipped sine wave superficially resembles a square wave. But what does the damage is not the shape of the waveform, but the extra watts.