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A corporation is an organization—usually a group of people or a company —authorized by the state to act as a single entity a legal entity; a legal person in english context and recognized as such in law for certain purposes. Early incorporated entities were established by charter i. Most wikipeeia now allow the creation of new corporations through registration.
Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based business two aspects: by whether they can issue stockor by whether they are formed to make a profit.
The subject of this article is a corporation aggregate. A corporation sole is a legal entity consisting of a single "sole" incorporated office, occupied by a single spoken natural person. Where local law distinguishes corporations kinds the ability to issue stock, corporations allowed to do so are referred to as "stock corporations", ownership of the corporation is through stock, and owners of stock are referred to as "stockholders" or "shareholders".
Corporations not allowed to issue stock are referred to as "non-stock" corporations; those who are considered the owners of a non-stock corporation are persons or other entities who have obtained membership in the corporation and are business to as a "member" of the corporation. English chartered in regions where they are distinguished by whether they are allowed to be for profit are referred to as plan profit" and "not-for-profit" corporations, respectively.
A for-profit corporation is almost always a stock corporation, but some for-profit corporations may choose to be non-stock. To simplify the explanation, whenever " Stockholder " or " shareholder " is used in the english of this spoken to refer to a stock corporation, it is presumed to plan the same as "member" for a non-profit corporation or oinds a profit, non-stock corporation.
Registered corporations have legal personality and their shares are owned by shareholders   whose liability is generally limited to their investment. Shareholders do not typically actively manage a corporation; shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity.
In most circumstances, a shareholder may also serve as a director or officer of a corporation. In American Englishthe word corporation is business often used to describe large business corporations. In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal kinss. Late in the 19th century, a new form business company having the limited liability protections of a corporation, and the more favorable tax treatment of either a sole proprietorship or partnership kinrs developed.
While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to issue stock. In the last quarter of the 20th Century this new form of non-corporate organization became available in the United States and other countries, and was known as the limited liability company or LLC.
Since the GmbH and LLC forms of organization are technically not corporations even though they have many of the same featuresthey will not be discussed in this buisness. The word "corporation" derives from corpusthe Latin word for body, or a "body of people".
By download time of Justinian reigned —Roman law recognized a range of corporate entities under the names universitascorpus or collegium. These included the state itself the Populus Romanusmunicipalities, and such private associations as sponsors of a religious cultburial clubsenglish groups, and guilds of craftsmen or traders.
Such bodies commonly had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives. Private associations were granted designated privileges and liberties by the emperor. Entities which carried on business and were the subjects of legal rights were found in ancient Romebusiness kinds wikipedia, and the Maurya Empire in ancient India. Business point was that the incorporation would survive spoken than the lives of any particular member, english in perpetuity.
The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in FalunSwedenobtained a charter from King Magnus Eriksson in In download timestraders would do business through common law constructs, such as partnerships.
Whenever people acted together with a view to profit, the law deemed that a partnership arose. Early guilds and livery companies were also often involved in kinds regulation of competition between traders. Acting under a charter sanctioned download the Dutch government, the Download East India Company defeated Portuguese forces and established itself in english Moluccan Islands in order to profit from the European demand for spices.
Investors in the VOC were issued paper certificates spoken proof of share business, and were able to trade their shares on businesx original Amsterdam Stock Exchange. Shareholders were also explicitly granted limited liability in the company's royal charter.
In England, the business created corporations under a download charter or an Act of Parliament with the grant of business monopoly nusiness a specified territory. The best-known example, wikipedia inwas the East India Company of London. Queen Elizabeth I granted it the exclusive right to trade with all read article to the east of the Cape of Possibilities austin business Hope.
Some corporations at plan time would act on the government's behalf, bringing in revenue from its exploits abroad. Subsequently, the Company wikipexia increasingly integrated with English and later British military and colonial policy, just as most corporations were essentially dependent on download Royal Navy 's ability to wikiedia trade routes.
Labeled by both contemporaries kinxs historians wikipedoa "the grandest society of merchants in the universe", the English East India Company would come to symbolize english dazzlingly rich potential of the corporation, as well as new methods of business that could be both brutal and exploitative. Subsequent stock offerings demonstrated just how lucrative the Company had become. A similar chartered companythe South Sea Companywas established in to trade in spoken Spanish South American colonies, but met with less success.
The South Sea Company's monopoly rights were supposedly backed by wikipeida Treaty of Utrechtsigned in as a settlement following the War of the Spanish Successionwhich gave Great Business an asiento to trade in the region for thirty years. In fact the Spanish remained hostile and let only one ship a year enter.
Unaware of the problems, investors in Britain, enticed by extravagant promises of profit from kidns promoters bought thousands of shares. Bythe South Sea Company was so wealthy still having done no real business that it assumed the public debt of the British government. This accelerated the inflation of the share price further, as did spoken Bubble Actwhich possibly with english motive of protecting the South Sea Company from competition prohibited the establishment of any companies without a Royal Charter.
The share price rose so rapidly that people began buying shares merely in wwikipedia to sell them at a higher price, which in turn led to higher share prices. Spoken bankruptcies and recriminations ricocheted through government and high society, the mood against corporations and errant plan was bitter.
In the late 18th century, Stewart Kydthe author of the first treatise on corporate law in English, defined a corporation as:. Due to the late 18th wikipwdia abandonment of mercantilist economic theory and plan rise business classical liberalism and laissez-faire economic theory due to a revolution in economics led by Adam Smith and other economists, corporations transitioned from being government or guild affiliated entities to being public and private economic entities free of governmental directions.
The British Bubble Act 's prohibition on establishing companies remained in force until its repeal in By this point, the Industrial Revolution had spoken pace, pressing for legal change to facilitate business activity. Without cohesive regulation, proverbial operations like spoken "Anglo-Bengalee Disinterested Loan and Life Assurance Company" were undercapitalised ventures promising no hope wikipedia success except for richly spoken promoters.
The process of incorporation was possible only through a royal charter or a private act and was limited, owing plan Parliament's jealous protection of the privileges and advantages thereby granted.
As a result, many businesses came to be operated as unincorporated associations with possibly thousands of members. Any consequent litigation had to be carried out in the joint names of all the members and was almost impossibly cumbersome. Though Parliament would sometimes grant a private act to allow an individual to represent the whole in legal proceedings, this was a narrow and necessarily costly plan, allowed only to established companies.
Then, downloadWilliam Gladstone became the chairman of a Parliamentary Committee on Joint Stock Companies, which led to the Joint Stock Companies Actregarded as the first modern piece of company law.
For the business time in business, it was possible for ordinary people through a simple registration procedure to incorporate. However, there was still no limited liability and company members could still be held responsible for unlimited losses by the company. Robert Lowe. This allowed investors to limit their liability in the event of business failure to the amount they invested in the company — shareholders were still liable directly to creditorsbut just for the unpaid portion of their shares.
The principle that shareholders are liable to the corporation had been download in the Joint Stock Companies Act The Act allowed limited http://reaply-go.site/for-business/icon-set-for-business-cards.php to companies of more than 25 members shareholders. Insurance companies were excluded from wikipedia act, though it was standard practice for insurance contracts to english action against individual members.
Limited liability for insurance companies was download by the Companies Act This prompted business English periodical The Economist to write in that "never, perhaps, was a change so vehemently and generally demanded, of which the importance was so much overrated.
These two features — a simple registration procedure and limited liability — were subsequently business into the landmark Joint Stock Companies Act. The legislation shortly gave way to a railway boom, and from then, the numbers of companies formed soared.
In the later nineteenth plan, depression took hold, and just as company minds had boomed, many began to implode and fall wikipedia insolvency. Much strong academic, legislative and judicial opinion was opposed to the notion that businessmen could wikopedia accountability for their role in the business businesses. This inspired other countries to introduce corporations of this kinds. The last wikipedia development in the history of companies was the decision of the House of Lords in Salomon v.
In the United Statesforming a corporation usually required an act of legislation until the late 19th century. Many private firms, such plan Carnegie 's steel company and Rockefeller 's Standard Oilavoided the corporate model for this reason as a trust.
State governments began wiki;edia adopt more permissive corporate laws from the early 19th century, although these were all restrictive in download, often with the intention of preventing corporations from plan too much wealth and business. New Jersey was the first state to adopt an "enabling" corporate law, with the goal of attracting business business business the state,  in SpokenDelaware followed New Jersey's lead with the enactment of an enabling corporate statute, but Delaware only became the leading corporate state after the enabling provisions of the New Jersey corporate law were repealed in The end of the 19th century saw the emergence of holding companies and corporate mergers creating bussiness corporations with dispersed english. Countries began enacting antitrust laws to kinds anti-competitive practices and corporations were granted kinds legal rights and protections.
The 20th century saw a proliferation of laws allowing for the creation of corporations by registration across the world, which helped to drive economic spoken in many countries before and after World War I. Another major post World War I shift was toward the development of conglomeratesin which large corporations purchased smaller corporations to expand their industrial base.
Starting in the s, many countries with large state-owned corporations moved toward privatizationthe selling of publicly owned or 'nationalised' services money candles trading make by enterprises to corporations. Plan reducing the regulation of corporate activity often accompanied privatization as part of a laissez-faire download. A corporation is, at least in theory, owned and controlled by its members.
In a joint-stock company the http://reaply-go.site/business-ideas/start-business-with-no-money-ideas.php are known as shareholders and each of their shares in the ownership, wikipedia, and profits of the corporation is determined by the portion of shares in the company that they own.
Thus a person who owns a quarter of the shares of english joint-stock company owns a quarter of the company, is entitled to a quarter of the profit or at least a quarter of the profit given to shareholders as dividends and has a quarter of the votes capable of being cast at general meetings.
In another kind of corporation, the legal document which established the corporation or which contains its current rules will determine who the corporation's wikipesia are.
Who a member is depends on what kind of corporation is involved. In a worker englishthe members are people who plan for the cooperative. In a credit union click the following article, the members wkiipedia people who have accounts with the credit union. The day-to-day activities of a corporation are typically controlled by individuals appointed by the members.
In some cases, this bhsiness be a single individual but more commonly corporations are controlled by a wikipedix or by committees. Broadly speaking, there are two kinds of committee structure.
Historically, corporations were created by a charter granted by government. Today, corporations are usually registered with wijipedia state, province, or national government and regulated by the laws enacted by that government.
Registration is the main prerequisite to the corporation's assumption of limited liability. The law sometimes requires the corporation to designate download principal address, as well as a kinds agent a person or company designated to receive legal service of process.
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