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90-537: The building occupied by the Ipswich Female Seminary, and which was employed simply for purposes of instruction and for study, was erected in 1825 by a joint-stock company incorporated under an Act of the General Court of Massachusetts . The property and affairs of the company were committed to a board of trustees, and so remained for about 24 years, when it was purchased by the new proprietor and principal of

180-560: A physical person ), and a non-human person is called a juridical person (sometimes also a juridic , juristic , artificial , legal , or fictitious person , Latin : persona ficta ). Juridical persons are entities such as corporations, firms (in some jurisdictions ), and many government agencies . They are treated in law as if they were persons. While natural persons acquire legal personality "naturally", simply by being born, juridical persons must have legal personality conferred on them by some "unnatural", legal process, and it

270-402: A public limited company ). The Ukrainian form of the private limited company is called товариство з обмеженою відповідальністю (ТОВ or ТзОВ). Business entity In law , a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts , sue and be sued, own property , and so on. The reason for

360-648: A subsidiary of another corporation (its parent company ), which may itself be either a closely held or a public corporation. In some jurisdictions, the subsidiary of a listed public corporation is also defined as a public corporation (for example, in Australia ). In Australia corporations are registered and regulated by the Commonwealth Government through the Australian Securities and Investments Commission . Corporations law has been largely codified in

450-433: A company limited by shares, its shareholders ). They may sue and be sued , enter into contracts, incur debt , and own property . Entities with legal personality may also be subjected to certain legal obligations, such as the payment of taxes. An entity with legal personality may shield its members from personal liability . In some common law jurisdictions a distinction is drawn between corporation aggregate (such as

540-405: A company with legal liability, not being a partnership, had a distinct legal personality that was separate from that of its individual shareholders. The existence of a corporation requires a special legal framework and body of law that specifically grants the corporation legal personality, and it typically views a corporation as a fictional person, a legal person, or a moral person (as opposed to

630-544: A company, which is composed of a number of members) and a corporation sole , which is a public office of legal personality separated from the individual holding the office (these entities have separate legal personality). Historically most corporations sole were ecclesiastical in nature (for example, the office of the Archbishop of Canterbury is a corporation sole), but a number of other public offices are now formed as corporations sole. The concept of juridical personality

720-453: A corporate tax rate, and dividends paid to shareholders are taxed at a separate rate. Such a system is sometimes referred to as " double taxation " because any profits distributed to shareholders will eventually be taxed twice. One solution, followed by as in the case of the Australian and UK tax systems, is for the recipient of the dividend to be entitled to a tax credit to address the fact that

810-445: A dollar. The charges for board, and for tuition in all departments, were uniformly moderate. Simplicity in dress, in manners, and in character, was assiduously and successfully cultivated. The teachers thus aimed to bring the advantages of the school within the reach of young women born, not to affluence, but to exertion. The pupils were accommodated in private boarding-houses, from four to twelve ordinarily in one family. The health of

900-432: A form for smaller enterprises, are becoming increasingly common. Between 2002 and 2008, the intermediary corporation ( 中間法人 , chūkan hōjin ) existed to bridge the gap between for-profit companies and non-governmental and non-profit organizations. In Latvia , which uses a model similar to Germany, a public stock company is called an akciju sabiedrība (a/s, A/S or AS), whereas a private, 'limited liability company'

990-602: A large pool of shareholders with management in the hands of jingshang , merchants who operated their businesses using investors' funds, with investor compensation based on profit-sharing, reducing the risk of individual merchants and burdens of interest payment. The operation of these joint investment partnerships can be examined in a mathematical problem included in the Mathematical treatise in nine sections ( Shu-shu chiu-chang ) (1247 ed.) of Ch'in Chiu-shao (c.1202–61). Although

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1080-471: A law restricting the free speech of a corporation or a political action group or dictating the coverage of a local newspaper, and because of the Due Process Clause , a state government may not take the property of a corporation without using due process of law and providing just compensation. These protections apply to all legal entities, not just corporations. A prominent component of relevant case law

1170-626: A legal entity that has shares (Bosnian/Croatian: dionica or vrijednosni papir ; Serbian: akcija or hartija od vrijednosti - Cyrillic : акција or хартија од вриједности ) that can be traded in a free market or stock exchanges in the Bosnia and Herzegovina (listed in Sarajevo Stock Exchange or Banja Luka Stock Exchange ). In Bulgaria , a joint-stock company is called a aktsionerno druzhestvo or AD ( Bulgarian : акционерно дружество or АД ). When all shares are owned by

1260-632: A more viable financial structure than previous guilds or state-regulated companies. The first joint-stock companies to be implemented in the Americas were the London Company and the Plymouth Company . Transferable shares aim to achieve positive returns on equity , which is evidenced by investment in companies like the East India Company, which used the financing model to manage their trade on

1350-460: A much smaller hit to their returns as opposed to those involved with a closely held corporation. Publicly traded companies, however, can suffer from that advantage. A closely held corporation can often voluntarily take a hit to profit with little to no repercussions if it is not a sustained loss. A publicly traded company often comes under extreme scrutiny if profit and growth are not evident to stock holders, thus stock holders may sell, further damaging

1440-467: A natural person) which shields its owners (shareholders) from "corporate" losses or liabilities; losses are limited to the number of shares owned. It furthermore creates an inducement to new investors (marketable stocks and future stock issuance). Corporate statutes typically empower corporations to own property, sign binding contracts, and pay taxes in a capacity separate from that of its shareholders, who are sometimes referred to as "members". The corporation

1530-625: A publicly traded company, as there will generally be fewer voting shareholders, and the shareholders would have common interests. A publicly traded company is also at the mercy of the market, with capital flow in and out based not only on what the company is doing but also on what the market and even what the competitors, major and minor, are doing. However, publicly traded companies also have advantages over their closely held counterparts. Publicly traded companies often have more working capital and can delegate debt throughout all shareholders. Therefore, shareholders of publicly traded company will each take

1620-503: A responsabilità limitata , or S.r.l.), and the publicly traded partnership ( società in accomandita per azioni , or S.a.p.a.). The latter is a hybrid of the limited partnership and public limited company, having two categories of shareholders, some with and some without limited liability, and is rarely used in practice. In Japan , both the state and local public entities under the Local Autonomy Act (now 47 prefectures , made in

1710-474: A single shareholder the company receives the special designation of ednolichno aktsionerno druzhestvo or EAD ( Bulgarian : еднолично акционерно дружество or ЕАД ). In Canada both the federal government and the provinces have corporate statutes, and thus a corporation may be incorporated either provincially or federally. Many older corporations in Canada stem from Acts of Parliament passed before

1800-594: A stock transfer for an eighth of the company (or more specifically, the mountain in which the copper resource was available) as early as 1288. In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands , founded in 1551 with 240 shareholders. It became the Muscovy Company , which had a monopoly on trade between Russia and England , when royal charter

1890-410: A teacher. Upon the completion of the established and liberal course of study, students were graduated with public exercises and a diploma. The custom of giving diplomas to young women on their completing a regular and prescribed course of study, was introduced by Grant at Derry, and brought by her to Ipswich. For years, hers was the only school for young women in which this practice was adopted. Neither

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1980-409: Is a business entity in which shares of the company's stock can be bought and sold by shareholders . Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law , the existence of a joint-stock company

2070-576: Is a matter of definition. An early form of joint-stock company was the medieval commenda , although it was usually employed for a single commercial expedition. Around 1350 in France at Toulouse , 96 shares of the Société des Moulins du Bazacle , or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned, making it probably the first company of its kind in history. The Swedish company Stora has documented

2160-419: Is also empowered to borrow money, both conventionally and directly to the public, by issuing interest-bearing bonds. Corporations subsist indefinitely; "death" comes only by absorption (takeover) or bankruptcy. According to Lord Chancellor Haldane , ...a corporation is an abstraction. It has no mind of its own any more than it has a body of its own; its active and directing will must consequently be sought in

2250-460: Is also found in virtually every other legal system. Some examples of juridical persons include: Not all organizations have legal personality. For example, the board of directors of a corporation, legislature, or governmental agency typically are not legal persons in that they have no ability to exercise legal rights independent of the corporation or political body which they are a part of. The concept of legal personhood for organizations of people

2340-455: Is at least as old as Ancient Rome : a variety of collegial institutions enjoyed the benefit under Roman law . The doctrine has been attributed to Pope Innocent IV , who seems at least to have helped spread the idea of persona ficta as it is called in Latin . In canon law , the doctrine of persona ficta allowed monasteries to have a legal existence that was apart from the monks, simplifying

2430-621: Is called a sabiedrība ar ierobežotu atbildību (SIA). State-owned variants of these companies add an initial capital V ( valsts - 'state'), as in VAS and VSIA. In Norway, a joint-stock company is called an aksjeselskap , abbreviated AS . A special and by far less common form of joint-stock companies, intended for companies with a large number of shareholders, is the publicly traded joint-stock companies, called allmennaksjeselskap and abbreviated ASA . A joint-stock company must be incorporated, has an independent legal personality and limited liability, and

2520-590: Is for this reason that they are sometimes called "artificial" persons. In the most common case ( incorporating a business), legal personality is usually acquired by registration with a government agency set up for the purpose. In other cases it may be by primary legislation: an example is the Charity Commission in the UK. The United Nations Sustainable Development Goal 16 advocates for the provision of legal identity for all, including birth registration by 2030 as part of

2610-484: Is not absolute. " Piercing the corporate veil " refers to looking at the individual natural persons acting as agents involved in a company action or decision; this may result in a legal decision in which the rights or duties of a corporation or public limited company are treated as the rights or liabilities of that corporation's members or directors . The concept of a juridical person is now central to Western law in both common-law and civil-law countries, but it

2700-457: Is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies . Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In

2790-412: Is pertinent to the philosophy of law , as it is essential to laws affecting a corporation ( corporations law ). Juridical personhood allows one or more natural persons ( universitas personarum ) to act as a single entity ( body corporate ) for legal purposes. In many jurisdictions , artificial personality allows that entity to be considered under law separately from its individual members (for example in

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2880-503: Is required to have a certain capital upon incorporation. Ordinary joint-stock companies must have a minimum capital of NOK 30,000 upon incorporation, which was reduced from 100,000 in 2012. Publicly traded joint-stock companies must have a minimum capital of NOK 1 million. See: Open joint-stock company (OJSC). In Spain there are two types of companies with limited liability: (i) "S.L.", or Sociedad Limitada (a private limited company ), and (ii) "S.A.", or Sociedad Anónima (similar to

2970-493: Is that publicly traded corporations have the burden of complying with additional securities laws, which (especially in the US) may require additional periodic disclosure (with more stringent requirements), stricter corporate governance standards as well as additional procedural obligations in connection with major corporate transactions (for example, mergers) or events (for example, elections of directors). A closely held corporation may be

3060-647: Is the Supreme Court decision Citizens United v. Federal Election Commission , which ruled unconstitutional certain restrictions on corporate campaign spending during elections. Other United States points of law include: In Act II, Scene 1 of Gilbert and Sullivan 's 1889 opera, The Gondoliers , Giuseppe Palmieri (who serves, jointly with his brother Marco, as King of Barataria) requests that he and his brother be also recognized individually so that they might each receive individual portions of food as they have "two independent appetites". He is, however, turned down by

3150-415: Is the characteristic of a non-living entity regarded by law as having the status of personhood . A juridical or artificial person ( Latin : persona ficta ; also juristic person ) has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person . The concept of a juridical person is a fundamental legal fiction . It

3240-519: Is the property owned by the deity or idol as a "legal person". Humans appointed to act on behalf of deity are called the "shebait" . A shebait acts as the guardian or custodian of deity to protect the right of deity and fulfill the legal duties of the deity. Shebait is similar to a trustee in case the deity or temple does have a legally registered trust or entity. Under the Hindu Law property gifted or offered as rituals or donations, etc absolutely belongs to

3330-631: The Aktiengesellschaft (AG), analogous to public limited companies (or corporations in US/Can) in the English-speaking world, and the Gesellschaft mit beschränkter Haftung (GmbH), similar to the modern private limited company . Italy recognizes three types of company limited by shares: the public limited company ( società per azioni , or S.p.A.), the private limited company ( società

3420-683: The Canada Business Corporations Act . The Chilean form of joint-stock company is called Sociedad por Acciones (often abbreviated "SpA"). They were created in 2007 by Law N° 20.190, and they are the most recent variety of societary types, as they represent a simplified form of corporation – originally conceived for venture capital companies. According to the Ministry of Economy's Business and Society Registry, SpAs accounted for 71.42% of new businesses in October 2023. The Czech form of

3510-536: The " Animal Welfare Board of India vs Nagaraja" case in 2014 mandated that animals are also entitled to the fundamental right to freedom enshrined in the Article 21 of Constitution of India i.e. right to life, personal liberty and the right to die with dignity ( passive euthanasia ). In another case, a court in Uttarakhand state mandated that animals have the same rights as humans. In another case of cow-smuggling ,

3600-592: The 2030 Agenda . As legal personality is a prerequisite to legal capacity (the ability of any legal person to amend – i.e. enter into, transfer, etc. – rights and obligations ), it is a prerequisite for an international organization to be able to sign international treaties in its own name . The term "legal person" can be ambiguous because it is often used as a synonym of terms that refer only to non-human legal entities, specifically in contradistinction to "natural person". Artificial personality , juridical personality , or juristic personality

3690-513: The Corporations Act 2001 . In Brazil there are many different types of legal entities ( sociedades ), but the two most common ones commercially speaking are (i) sociedade limitada , identified by "Ltda." or "Limitada" after the company's name, equivalent to the British limited liability company, and (ii) sociedade anônima or companhia , identified by "SA" or "Companhia" in

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3780-531: The Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange . The development enhanced the ability of joint-stock companies to attract capital from investors, as they could now easily dispose of their shares. In 1612, it became the first 'corporation' in intercontinental trade with 'locked in' capital and limited liability. The joint-stock company became

3870-487: The Indian subcontinent . Joint-stock companies paid out divisions (dividends) to their shareholders by dividing up the profits of the voyage in the proportion of shares held. Divisions were usually cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit. However, in general, incorporation

3960-458: The New Zealand Bill of Rights Act 1990 provides: "... the provisions of this Bill of Rights apply, so far as practicable, for the benefit of all legal persons as well as for the benefit of all natural persons." In part based on the principle that legal persons are simply natural persons and their organizations, and in part based on the history of statutory interpretation of the word "person",

4050-503: The Punjab and Haryana High Court mandated that "entire animal kingdom including avian and aquatic" species has a "distinct legal persona with corresponding rights, duties, and liabilities of a living person" and humans are "loco parentis" while laying out the norms for animal welfare, veterinary treatment, fodder and shelter, e.g. animal drawn carriages must not have more than four humans, and load carrying animals must not be loaded beyond

4140-510: The United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies . A joint-stock company is an artificial person; it has legal existence separate from persons composing it. It can sue and can be sued in its own name. It is created by law, established for commercial purposes, and comprises a large number of members. The shares of each member can be purchased, sold, and transferred without

4230-583: The Uttarakhand High Court , mandated that the river Ganges and Yamuna as well as all water bodies are "living entities" i.e. "legal person" and appointed three humans as trustees to protect the rights of rivers against the pollution caused by the humans, e.g. "pilgrims's bathing rituals" . The Supreme Court of India overturned the decision of the High Court of Uttarakhand in July 2017. Section 28 of

4320-730: The "legal person" status by the law "have rights and co-relative duties; they can sue and be sued, can possess and transfer property" . Since these non-human entities are "voiceless" they are legally represented "through guardians and representatives" to claim their legal rights and to fulfill their legal duties and responsibilities. Specific non-human entities given the status of "legal person" include " corporate personality , body politic , charitable unions etc," as well as trust estates , deities , temples, churches, mosques, hospitals, universities, colleges, banks, railways, municipalities, and gram panchayats (village councils), rivers, all animals and birds. In court cases regarding corporates,

4410-510: The 19th century and municipalities ) are considered to be corporations ( 法人 , hōjin ) . Non-profit corporations may be established under the Civil Code . The term "company" ( 会社 , kaisha ) or (企業 kigyō ) is used to refer to business corporations. The predominant form is the Kabushiki gaisha (株式会社), used by public corporations as well as smaller enterprises. Mochibun kaisha (持分会社),

4500-521: The Seminary continued with varying prosperity until it was suspended in the fall of 1876, due to the increasing availability of public schools, which had reduced the need for educational institutions of this type. Pupils were not accepted based on examination, but, if of suitable age, upon application, and then classed according to their abilities and attainments, their own and their parents’ views, and their probable future course of life. The school's focus

4590-594: The Seminary, Rev. John P. Cowles. Upon the erection of the building, a school for young women was immediately opened by the Rev. Hervey Wilbur, a teacher and a lecturer on astronomy, who was aided by several women. Wilbur was succeeded by the Rev. James M. Ward, of Abington, Massachusetts , under whose guidance and instruction the school was opened to both male and female students. In 1828, Miss Zilpah P. Grant , later known as Mrs. William B. Banister of Newburyport, Massachusetts , accompanied by her assistant, Miss Mary Lyon , on

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4680-467: The U.S. Supreme Court held that for the purposes of the case at hand, a corporation is "capable of being treated as a citizen of [the State which created it], as much as a natural person." Ten years later, they reaffirmed the result of Letson, though on the somewhat different theory that "those who use the corporate name, and exercise the faculties conferred by it," should be presumed conclusively to be citizens of

4770-550: The US Supreme Court has repeatedly held that certain constitutional rights protect legal persons ( such as corporations and other organizations). Santa Clara County v. Southern Pacific Railroad is sometimes cited for this finding because the court reporter's comments included a statement the Chief Justice made before oral arguments began, telling the attorneys during pre-trial that "the court does not wish to hear argument on

4860-548: The US). The institution most often referenced by the word "corporation" is publicly traded , which means that the company's shares are traded on a public stock exchange (for example, the New York Stock Exchange or Nasdaq in the United States) whose shares of stock of corporations are bought and sold by and to the general public. Most of the largest businesses in the world are publicly traded corporations. However,

4950-572: The case of Hallett v Dowdall , the Court of the Exchequer held that such clauses bound people who have notice of them. Four years later, the Joint Stock Companies Act 1856 provided for limited liability for all joint-stock companies provided, among other things, that they included the word "limited" in their company name. The landmark case of Salomon v A Salomon & Co Ltd established that

5040-545: The company debts that extend beyond the company's ability to pay up to the amount of them. The earliest records of joint-stock companies appear in China during the Tang and Song dynasties . The Tang dynasty saw the development of the heben , the earliest form of joint stock company with an active partner and one or two passive investors. By the Song dynasty this had expanded into the douniu ,

5130-480: The company if a vacancy occurs, but that is uncommon. A joint-stock company also differs from other company forms, as it lacks internal ownership (hence its shareholders). This means that although the shareholder(s) in the joint-stock company may also work for the company as employees or by contract, when they act as shareholders they are always exterior to the company, which may help keep ownership business-oriented and impersonal. Provided sales and assets exist within

5220-520: The company profits. Closely held companies often have a better relationship with workers. In larger, publicly traded companies, often after only one bad year, the first area to feel the effects is the workforce with layoffs or worker hours, wages or benefits being cut. Again, in a closely held business the shareholders can incur the profit damage rather than passing it to the workers. The affairs of publicly traded and closely held corporations are similar in many respects. The main difference in most countries

5310-489: The company's name, equivalent to the British public limited company. The "Ltda." is mainly governed by the new Civil Code, enacted in 2002, and the "SA", by Law 6.404, dated December 15, 1976, as amended. In Bosnia and Herzegovina , a joint-stock company is called: The specified form of organization means that the company ( private or state-owned ) is organized on the Bosnian market (Federation of BiH and RS entity level) as

5400-469: The company, a joint-stock company is effectively a forum for three- party trading: Owners, i.e. shareholders, are seeking financial funds (profits) and offer economic assets, in the form of capital. Employees, contractors and other contracted parties seek compensation and offer labor for this. Utilisers, ie customers, clients and other stakeholders, seek products and services, and offer financial funds for this. The shareholders are usually not liable for any of

5490-408: The company. Often, that blow is enough to make a small public company fail. Often, communities benefit from a closely held company more so than from a public company. A closely held company is far more likely to stay in a single place that has treated it well even if that means going through hard times. Shareholders can incur some of the damage the company may receive from a bad year or slow period in

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5580-513: The consent of other members. Its capital is divided into transferable shares, suitable for large undertakings. Joint stock companies have a perpetual succession and a common seal. Ownership refers to a large number of privileges. The company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting. The shareholders also vote to accept or reject an annual report and audited set of accounts. Individual shareholders can sometimes stand for directorships within

5670-509: The corporation are able to assess the creditworthiness of the corporation and cannot enforce claims against shareholders. Shareholders, therefore, experience some loss of privacy in return for limited liability. That requirement generally applies in Europe, but not in common law jurisdictions, except for publicly traded corporations (for which financial disclosure is required for investor protection). In many countries, corporate profits are taxed at

5760-456: The corporation's State of incorporation. Marshall v. Baltimore & Ohio R. Co., 16 How. 314, 329, 14 L.Ed. 953 (1854). These concepts have been codified by statute, as U.S. jurisdictional statutes specifically address the domicile of corporations. Indian law defines two types of "legal person", the human beings as well as certain non-human entities which are given the same legal judicial personality as human beings. The non-human entities given

5850-563: The dealings it describes are perhaps more complex than those practiced a century earlier, it essentially deals with a kind of investment and division of profits that for sure would have been made in the twelfth if not also the eleventh century: a four-party partnership that collectively made an investment (of 424,000 strings of cash) in a Chinese trading venture to southeast Asia. Each party's original investment consisted of precious metals like silver and gold and commodities like salt, paper, and monk certificates (and their accruing tax exemption). Yet

5940-455: The deity Rama in the specific temple was a "legal entity" entitled to be represented by their own lawyer appointed by the trustees acting on behalf of the deity. Similarly, in 2018 SC decided that the deity Ayyappan is a "legal person" with " the right to privacy " in the court case regarding the entry of women to Sabarimala shrine of Lord Ayyapan. Under the Indian law, the "shebaitship"

6030-435: The deity and not to the shebait. Case example are "Profulla Chrone Requitte vs Satya Chorone Requitte, AIR 1979 SC 1682 (1686): (1979) 3 SCC 409: (1979) 3 SCR 431. (ii)" and "Shambhu Charan Shukla vs Thakur Ladli Radha Chandra Madan Gopalji Maharaj, AIR 1985 SC 905 (909): (1985) 2 SCC 524: (1985) 3 SCR 372" . India and New Zealand both recognised the legal rights of rivers in 2017. In court cases regarding natural entities,

6120-416: The difficulty in balancing the need for such groups to have infrastructure though the monks took vows of personal poverty. Another effect of this was that, as a fictional person, a monastery could not be held guilty of delict due to not having a soul, helping to protect the organization from non- contractual obligations to surrounding communities. This effectively moved such liability to persons acting within

6210-458: The firm cannot be taken by personal creditors of its shareholders. The second feature requires special legislation and a special legal framework, as it cannot be reproduced via standard contract law. The regulations most favorable to incorporation include: In many jurisdictions, corporations whose shareholders benefit from limited liability are required to publish annual financial statements and other data so that creditors who do business with

6300-497: The introduction of general corporation law. The oldest corporation in Canada is the Hudson's Bay Company ; though its business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it moved its corporate headquarters from London to Canada. Federally recognized corporations are regulated by

6390-455: The invitation of the trustees, transferred their school of young women from Derry, New Hampshire , to Ipswich. Grant had previously been a teacher and Lyon a student at an academy for female students in Byfield, Massachusetts . Under their joint administration, though each was occasionally absent, Lyon for her winter school in the western part of the State, and Grant in pursuit of health improvement,

6480-490: The latter, in 1839, to resign her position, and leave the Seminary in the hands of the trustees, who engaged various teachers and kept up a small school until 1844. In 1844, it was reopened by Eunice Caldwell Cowles , an Ipswich graduate, and her husband John P. Cowles, a minister. The school was renamed "Female Seminary" in 1848. Under the care and instruction of the Cowles, and with the aid of efficient and accomplished assistants,

6570-481: The majority of corporations are privately held , or closely held, so there is no ready market for the trading of shares. Many such corporations are owned and managed by a small group of businesspeople or companies, but the size of such a corporation can be as vast as the largest public corporations. Closely held corporations have some advantages over publicly traded corporations. A small, closely held company can often make company-changing decisions much more rapidly than

6660-405: The organization while protecting the structure itself, since persons were considered to have a soul and therefore capable of negligence and able to be excommunicated . In the common law tradition, only a person could possess legal rights. To allow them to function, the legal personality of a corporation was established to include five legal rights—the right to a common treasury or chest (including

6750-465: The person of somebody who is really the directing mind and will of the corporation, the very ego and centre of the personality of the corporation. This 'directing will' is embodied in a corporate Board of Directors. The legal personality has two economic implications. It grants creditors (as opposed to shareholders or employees) priority over the corporate assets upon liquidation. Second, corporate assets cannot be withdrawn by its shareholders, and assets of

6840-415: The printed course of study nor the record of the catalogue ever fully exhibited the work done in the school. Students of a high grade often exceeded the requirements and distanced the report of the catalogue. The institution was supported by tuition, with very little aid from other sources. Special benefactions for deserving scholars were a frequent occurrence; but of invested funds, the institution never had

6930-426: The profits represented by the dividend have already been taxed. The company profit being passed on is thus effectively taxed only at the rate of tax paid by the eventual recipient of the dividend. In other systems, dividends are taxed at a lower rate than other income (for example, in the US), or shareholders are taxed directly on the corporation's profits, while dividends are not taxed (for example, S corporations in

7020-417: The public limited company is called akciová společnost ( a.s. ) and its private counterpart is called společnost s ručením omezeným ( s.r.o. ). Their Slovak equivalents are called akciová spoločnosť ( a.s. ) and spoločnosť s ručením obmedzeným ( s.r.o. ). Germany , Austria , Switzerland and Liechtenstein recognize two forms of company limited by shares:

7110-590: The question whether the provision in the Fourteenth Amendment to the Constitution , which forbids a State to deny any person within its jurisdiction the equal protection of the laws, applies to these corporations. We are all of the opinion that it does." Later opinions interpreted these pre-argument comments as part of the legal decision. As a result, because of the First Amendment , Congress may not make

7200-506: The right to own property), the right to a corporate seal (i.e., the right to make and sign contracts), the right to sue and be sued (to enforce contracts), the right to hire agents (employees) and the right to make by-laws (self-governance). Since the 19th century, legal personhood has been further construed to make it a citizen, resident, or domiciliary of a state (usually for purposes of personal jurisdiction ). In Louisville, C. & C.R. Co. v. Letson , 2 How. 497, 558, 11 L.Ed. 353 (1844),

7290-538: The school became prominent. Students came from all parts of the U.S., and even from other countries. In 1835, Lyon relinquished her post as assistant principal of the Ipswich Seminary, and gave her time and energy to founding in 1837 of Mount Holyoke College in South Hadley, Massachusetts . Her success in this plan, the withdrawal of her influence from the Ipswich Seminary, and the failure of Grant's health, induced

7380-419: The shareholders are not responsible for the company's debts but the company itself being a "legal person" is liable to repay those debts or be sued for the non-repayment of debts. In court cases regarding animals, the animals have the status of "legal person" and humans have the legal duty to act as " loco parentis " towards animals welfare like a parent has towards the minor children. A court while deciding

7470-460: The specified limits and those limits must be halved when animals have to carry the load up a slope. In court cases regarding religious entities, the deity (deity or god is a supernatural being considered divine or sacred) is also a "legal person" who can engage in legal cases through " trustees " or " managing board in charge of the temple" . Supreme Court of India (SC), while deciding Ayodhya case of Ram Janmabhoomi , decided in 2010 that

7560-495: The students was remarkably good. During the Cowles' administration, a period of 32 years, only two pupils died while they were members of the school, and one of those brought the fatal disease with her. This result was believed to be due to the sunny and airy exposure of the building, to the limited number of pupils in each boarding-house, to the daily exercise of the pupils in the open air, and to their habits of regular study. Joint-stock company A joint-stock company (JSC)

7650-430: The term " legal person" is that some legal persons are not people: companies and corporations (i.e., business entities ) are persons legally speaking (they can legally do most of the things an ordinary person can do), but they are not people in a literal sense ( human beings ). There are therefore two kinds of legal entities: human and non-human. In law, a human person is called a natural person (sometimes also

7740-428: The value of their individual investments varied considerably, as much as eightfold. Likewise, each party's share of the profits varied greatly, evidently in proportion to its overall share in the total investment. While social and family ties may have shaped the circle of potential coinvestors, they affected little, if at all, an investor's eventual share of the profits, or losses. Finding the earliest joint-stock company

7830-610: Was granted in 1555. The most notable joint-stock company from the British Isles was the East India Company , which was granted a royal charter by Queen Elizabeth I on December 31, 1600 with the intention of establishing trade on the Indian subcontinent . The charter effectively granted the newly formed Honourable East India Company a fifteen-year monopoly on all English trade in the East Indies . Soon afterwards, in 1602,

7920-591: Was on preparing girls for careers as teachers and missionaries. It offered a "rigorous curriculum", including study of English, arithmetic, geography, chemistry, human physiology, history, the natural sciences, religion, vocal music, and calisthenics , and placed an emphasis on "standards of personal conduct and discipline". The institution had a chemical laboratory and a good philosophical cabinet and apparatus. Teachers encouraged students in questioning and analysis, in addition to comprehension. As part of their preparation, students did practice teaching with guidance from

8010-607: Was possible by royal charter or private act , and it was limited because of the government's jealous protection of the privileges and advantages thereby granted. As a result of the rapid expansion of capital-intensive enterprises in the course of the Industrial Revolution in Europe and the United States, many businesses came to be operated as unincorporated associations or extended partnerships , with large numbers of members. Nevertheless, membership of such associations

8100-399: Was usually for a short term so their nature was constantly changing. Consequently, registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844 . Initially, companies incorporated under this Act did not have limited liability, but it became common for companies to include a limited liability clause in their internal rules. In

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