A joint-stock company (JSC) 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.
132-801: Venezolana Internacional de Aviación Sociedad Anónima (English: Venezuelan International Airways JSC ), or VIASA for short, was the Venezuelan flag carrier airline between 1960 and 1997. It was headquartered in the Torre Viasa in Caracas . Launched in November ;1960 ( 1960-11 ) , it was nationalised in 1975 due to financial problems, and re- privatised in 1991, with the major stake going to Iberia . The company ceased operations in January ;1997 ( 1997-01 ) , and went into liquidation . Viasa
264-480: A Panamanian airline named Panameña Internacional de Aviación SA (PAISA), with KLM support; This company began operations on 3 May 1967 with two DC-9-10s leased to VIASA from Avensa, which were in turn sub-leased to PAISA. In 1968, VIASA set up a wholly owned, non-IATA member, national cargo airline named Transportes Aereos de Carga SA , more commonly known as Transcarga , which in its beginnings served Caracas, Curaçao, Maracaibo, Miami and New York. In March 1970,
396-586: A hijacking episode. The two deadly accidents occurred with leased aircraft. Following is a list of the events that carried with the hull-loss of the aircraft involved. The worst accident experienced by the company, and also the worst aviation disaster at the time it took place, occurred in March ;1969 ( 1969-03 ) , and killed all 84 occupants of the aircraft plus 71 people on the ground. [REDACTED] Media related to Viasa at Wikimedia Commons Joint-stock company In modern-day corporate law ,
528-458: A public limited company ). The Ukrainian form of the private limited company is called товариство з обмеженою відповідальністю (ТОВ or ТзОВ). Madrid Madrid ( / m ə ˈ d r ɪ d / mə- DRID ; Spanish: [maˈðɾið] ) is the capital and most populous municipality of Spain . It has almost 3.4 million inhabitants and a metropolitan area population of approximately 7 million. It
660-648: 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
792-401: A 0.8 km (0.31 sq mi) periurban park as well as municipal garden centres and compost plants. Madrid has a cold semi-arid climate ( Köppen BSk ), transitioning to a Mediterranean climate (Csa) in the western half. The city has continental influences. Winters are cool due to its altitude, which is approximately 667 m (2,188 ft) above sea level and distance from
924-405: 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
1056-453: 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
1188-510: A declaration of war calling all the Spaniards to fight against the French invaders. The city was invaded on 24 May 1823 by a French army—the so-called Hundred Thousand Sons of Saint Louis —called to intervene to restore the absolutism of Ferdinand that the latter had been deprived from during the 1820–1823 trienio liberal . Unlike other European capitals, during the first half of the 19th century
1320-432: 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'
1452-622: A government owned leasing company to another government owned leasing company, changing the old ways of Viasa was an uphill battle. All its aircraft were placed under Iberia's ownership, the Airbuses were sent back to GPA, former Iberia 727s were used by Viasa (competing on the US routes versus American 's 757s or A300-600s and United 's 757s) and all supplies were purchased centrally through Madrid. Short of liquidity, Viasa ceased operations on 23 January 1997 ( 1997-01-23 ) . Operations came to
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#17328690873261584-503: A halt following the pilots and cabin crew staff rejecting a restructuring plan raised by Iberia and the state-run holding company that had a 40% interest in Viasa at that time, with both consortiums refusing to inject more cash into the airline. Shareholders, with Iberia being the major one having 45% of the stakes at the time, later decided to liquidate the carrier. Viasa's routes were divided between Aeropostal , Avensa and Aserca . Following
1716-504: A headland near the river Manzanares as one of the many fortresses he ordered to be built on the border between Al-Andalus and the kingdoms of León and Castile , with the objective of protecting Toledo from the Christian reconquests and also as a starting point for Muslim offensives. After the disintegration of the Caliphate of Córdoba in the early 11th century, Madrid was integrated in
1848-614: A large number of members. The shares of each member can be purchased, sold, and transferred without 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
1980-602: 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
2112-944: A leasing agreement, that were deployed mostly on domestic and regional routes. A Caracas– Havana service was launched in 1989, along with a stopover in São Paulo on the Caracas– Rio de Janeiro route. In March 1990, Viasa's fleet consisted of two Airbus A300B4s , one DC-8-61HF , and five DC-10-30s , and was wholly owned by the Venezuelan government. At this time, it served a network radiating from Barcelona , Caracas, Maracaibo and Porlamar to Amsterdam , Aruba , Bogotá , Buenos Aires , Curaçao , Frankfurt , Houston , Lima , Lisbon , London , Madrid , Miami , Milan , New York , Oporto , Paris , Quito , Rio de Janeiro , Rome , Santiago , Santiago de Compostela , Santo Domingo , San Juan and Zürich . Toronto and Vancouver were served on
2244-626: 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
2376-632: 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
2508-460: 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
2640-467: 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
2772-531: A number of monuments and cultural institutions. The reforms enacted by his Sicilian minister were however opposed in 1766 by the populace in the so-called Esquilache Riots , a revolt demanding to repeal a clothing decree banning the use of traditional hats and long cloaks aiming to curb crime in the city. In the context of the Peninsular War , the situation in French-occupied Madrid after March 1808
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#17328690873262904-625: 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
3036-579: A radial system of communications and transports for the country through public investments. Philip V built the Royal Palace, the Royal Tapestry Factory and the main Royal Academies. The reign of Charles III , who came to be known as "the best mayor of Madrid", saw an effort to turn the city into a true capital, with the construction of sewers, street lighting, cemeteries outside the city and
3168-503: 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
3300-475: A seasonal basis. Viasa had been a model of good management and it had returned a profit every year since its creation. Viasa posted its first ever loss for the October 1975 – September 1976 fiscal year, plagued by rising fuel costs and union problems. The government nationalised the airline and began its downturn. This was not noticeable at first, since Venezuela's strong economy was backed by high oil revenue and
3432-518: A severe housing shortage. Slums and squalor grew due to high population growth and the influx of the poor to the city. Construction of affordable housing failed to keep pace and increased political instability discouraged economic investment in housing in the years immediately prior to the Civil War. Anti-clericalism and Catholicism lived side by side in Madrid; the burning of convents initiated after riots in
3564-474: 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
3696-594: 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
3828-750: A transported ancient Egyptian temple. Other urban parks are the Parque de El Capricho , the Parque Juan Carlos I (both in northeast Madrid), Madrid Río , the Enrique Tierno Galván Park [ es ] , the San Isidro Park [ es ] as well as gardens such as the Campo del Moro (opened to the public in 1978) and the Sabatini Gardens (opened to the public in 1931) adjacent to
3960-547: A whiter body with three-tone blue cheatlines under the windows. The orange tail retained the white Viasa letters adopted in 1978 with the arrival of DC-10-30 YV-135C. Two former Lufthansa Airbus A300-B4 jets were leased from GPA in 1987 for United States and South American services. In the same year, for the first time ever, VIASA began domestic services and made use of empty seats on the Caracas-Maracaibo and Caracas-Porlamar routes. The red ink continued to flow and, with
4092-580: Is José Luis Martínez-Almeida from the People's Party . The origin of the name is unknown. There are various theories regarding the origin of the toponym "Madrid" (all of them with problems when it comes to fully explaining the phonetic evolution of the toponym), namely: Nicknames for Madrid include the plural Los Madriles and La Villa y Corte ( lit. ' the town and court ' ). The site of modern-day Madrid has been occupied since prehistoric times, and there are archaeological remains of
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4224-404: Is a list of destinations Viasa flew to as part of its scheduled destinations. Viasa previously operated the following aircraft: The airline's livery consisted of silver on the belly, white on the top part of the fuselage color, with orange and blue cheatlines that went all the way to the start of the tail. The fuselage featured the name Viasa written in orange on top of the cheatlines. The tail
4356-576: 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
4488-419: 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
4620-624: Is also the political, economic, and cultural centre of the country. The climate of Madrid features hot summers and cool winters. The primitive core of Madrid, a walled military outpost, dates back to the late 9th century, under the Emirate of Córdoba . Conquered by Christians in 1083 or 1085, it consolidated in the Late Middle Ages as a sizeable town of the Crown of Castile . The development of Madrid as administrative centre fostered after 1561, as it became
4752-621: 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
4884-726: Is located on the hills next to the left bank of the Manzanares River. The city grew to the east, reaching the Fuente Castellana Creek [ es ] (now the Paseo de la Castellana ), and further east reaching the Abroñigal Creek [ es ] (now the M-30 ). The city also grew through the annexation of neighbouring urban settlements, including those to the South West on
5016-503: 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
5148-493: 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
5280-669: Is the second-largest city in the European Union (EU), and its monocentric metropolitan area is the second-largest in the EU. The municipality covers 604.3 km (233.3 sq mi) geographical area. Madrid lies on the River Manzanares in the central part of the Iberian Peninsula at about 650 meters above mean sea level. The capital city of both Spain and the surrounding autonomous community of Madrid (since 1983), it
5412-631: 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
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5544-633: 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
5676-520: The 1960s Spanish economic boom , while the south-eastern periphery became a large working-class area, which formed the base for active cultural and political movements. After the fall of the Francoist regime, the new 1978 constitution confirmed Madrid as the capital of Spain. The 1979 municipal election brought Madrid's first democratically elected mayor since the Second Republic to power. Madrid
5808-511: The Celtic Carpetani settlement, Roman villas , a Visigoth basilica near the church of Santa María de la Almudena and three Visigoth necropolises near Casa de Campo, Tetuán and Vicálvaro. The first historical document about the existence of an established settlement in Madrid dates from the Muslim age. In the second half of the 9th century, Umayyad Emir Muhammad I built a fortress on
5940-513: 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
6072-531: 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
6204-1043: The Ibero-American General Secretariat (SEGIB), the Organization of Ibero-American States (OEI), and the Public Interest Oversight Board (PIOB). It also hosts major international regulators and promoters of the Spanish language: the Standing Committee of the Association of Spanish Language Academies, headquarters of the Royal Spanish Academy (RAE), the Instituto Cervantes and the Foundation of Urgent Spanish ( Fundéu RAE). Madrid organises fairs such as FITUR, ARCO, SIMO TCI and
6336-487: 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
6468-701: The Madrid Fashion Week . Madrid is home to two world-famous football clubs, Real Madrid and Atlético Madrid . While Madrid possesses modern infrastructure, it has preserved the look and feel of many of its historic neighbourhoods and streets. Its landmarks include the Plaza Mayor , the Royal Palace of Madrid ; the Royal Theatre with its restored 1850 Opera House; the Buen Retiro Park , founded in 1631;
6600-446: The Taifa of Toledo . In the context of the wider campaign for the conquest of the taifa of Toledo initiated in 1079, Madrid was seized in 1083 by Alfonso VI of León and Castile , who sought to use the town as an offensive outpost against the city of Toledo, in turn conquered in 1085. Following the conquest, Christians occupied the center of the city, while Muslims and Jews were displaced to
6732-560: The gentrification and the spike of tourist apartments in the city centre) and the profusion of betting shops in working-class areas, leading to an "epidemic" of gambling among young people. Madrid lies in the centre of the Iberian peninsula on the southern Meseta Central , 60 km south of the Guadarrama mountain range and straddling the Jarama and Manzanares river sub-drainage basins, in
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#17328690873266864-623: The 10 m (108 sq ft) per inhabitant recommended by the World Health Organization. A great bulk of the most important parks in Madrid are related to areas originally belonging to the royal assets (including El Pardo, Soto de Viñuelas, Casa de Campo, El Buen Retiro, la Florida and the Príncipe Pío hill , and the Queen's Casino). The other main source for the "green" areas are the bienes de propios [ es ] owned by
6996-408: 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),
7128-411: The 19th-century National Library building (founded in 1712) containing some of Spain's historical archives; many national museums, and the Golden Triangle of Art , located along the Paseo del Prado and comprising three art museums: Prado Museum , the Reina Sofía Museum , a museum of modern art , and the Thyssen-Bornemisza Museum , which complements the holdings of the other two museums. The mayor
7260-399: The Bourbon army on 4 August 1706. The Habsburg army led by the Archduke Charles entered the city for a second time [ es ] in September 1710, leaving the city less than three months after. Philip V entered the capital on 3 December 1710. Seeking to take advantage of the Madrid's location at the geographic centre of Spain, the 18th century saw a sustained effort to create
7392-401: The City Council. They were the main infrastructure for the supply of water until the arrival of the Canal de Isabel II in the mid-19th century. Madrid derives almost 73.5 percent of its water supply from dams and reservoirs built on the Lozoya River , such as the El Atazar Dam . This water supply is managed by the Canal de Isabel II, a public entity created in 1851. It is responsible for
7524-404: The Dutch company in 1972, this time for the lease of a Boeing 747-200B that was put on service on a weekly round-trip Caracas– Madrid –Paris flight in April 1972 ( 1972-04 ) . This event was a milestone for Viasa, as it became the first South American carrier to operate wide-body aircraft across the Atlantic. Through KLM, the company also placed an order for two McDonnell Douglas DC-10s
7656-427: The Government of Venezuela had a majority stake (55%) in the carrier, while the balance was held by private investors. Viasa's fleet strength at this time was eight: two DC-8-63s, two DC-8-50s, a DC-8-50F, a Convair 880, and two DC-9-10s. In November 1971 ( 1971-11 ) Viasa renewed the pool agreement with KLM and Iberia on their Caribbean–Europe services; to this purpose the company signed another agreement with
7788-460: The Manzanares. Other large forested areas include the Soto de Viñuelas , the Dehesa de Valdelatas [ es ] and the Dehesa de la Villa [ es ] . As of 2015, the most recent big park in the municipality is the Valdebebas Park. Covering a total area of 4.7 km (1.8 sq mi), it is sub-divided in a 3.4 km (1.3 sq mi) forest park (the Parque forestal de Valdebebas-Felipe VI [ es ] ),
7920-425: The Puerto de El Berrueco and the Puerto de Lozoya. Beginning in 1188, Madrid had the right to be a city with representation in the courts of Castile. In 1202, Alfonso VIII gave Madrid its first charter to regulate the municipal council, which was expanded in 1222 by Ferdinand III . The government system of the town was changed to a regimiento of 12 regidores by Alfonso XI on 6 January 1346. Starting in
8052-400: The Royal Palace. Further west, across the Manzanares, lies the Casa de Campo , a large forested area with more than 1700 hectares (6.6 sq mi) where the Madrid Zoo , and the Parque de Atracciones de Madrid amusement park are located. It was ceded to the municipality following the proclamation of the Second Spanish Republic in 1931. The Monte de El Pardo is the largest forested area in
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#17328690873268184-427: 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,
8316-479: The United States), and some Caribbean destinations to be dropped. Likewise, competition increased on some routes, most notably Miami and New York, where Viasa was the erstwhile sole operator or it had a single competitor at most. Nevertheless, Viasa made an operating profit of VEB125 million (US$ 4 million) and a net profit of VEB97 million in 1986. In early 1988, the fleet consisted of only five DC-10s, and two Airbus A300s acquired from Lufthansa through
8448-427: The aegis of a wider coordinated urban planning. Madrid grew through the annexation of neighboring municipalities, achieving the present extent of 607 km (234.36 sq mi). The south of Madrid became heavily industrialized, and there was significant immigration from rural areas of Spain. Madrid's newly built north-western districts became the home of a newly enriched middle class that appeared as result of
8580-406: 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
8712-428: The city by 1956). A transitional planning intended to temporarily replace the shanty towns were the poblados de absorción , introduced since the mid-1950s in locations such as Canillas , San Fermín , Caño Roto, Villaverde , Pan Bendito [ es ] , Zofío and Fuencarral , aiming to work as a sort of "high-end" shacks (with the destinataries participating in the construction of their own housing) but under
8844-440: The city in May 1931 worsened the political environment. However, the 1934 insurrection largely failed in the city. Madrid was one of the most heavily affected cities in the Spanish Civil War (1936–1939). It was a stronghold of the Republican faction from July 1936 and became an international symbol of anti-fascist struggle during the conflict. The city suffered aerial bombing, and in November 1936, its western suburbs were
8976-469: The city proliferated. The following administrations, also conservative, led by Alberto Ruiz-Gallardón and Ana Botella launched three unsuccessful bids for the 2012, 2016 and 2020 Summer Olympics. By 2005, Madrid was the leading European destination for migrants from developing countries , as well as the largest employer of non-European workforce in Spain. Madrid was a centre of the anti-austerity protests that erupted in Spain in 2011. As consequence of
9108-441: The city's history as the capital of formerly imperial Spain. The intense demographic growth experienced by the city via mass immigration from the rural areas of the country led to the construction of abundant housing in the peripheral areas of the city to absorb the new population (reinforcing the processes of social polarization of the city), initially comprising substandard housing (with as many as 50,000 shacks scattered around
9240-430: The city. Precipitation is typically concentrated in the autumn, winter, and spring. It is particularly sparse during the summer, taking the form of about two showers and/or thunderstorms during the season. Madrid is the european capital with the least amount of annual precipitation. At the metropolitan scale, Madrid features both substantial daytime urban cool island and nighttime urban heat island effects during
9372-404: 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 ,
9504-480: 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
9636-520: 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
9768-489: 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
9900-469: 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
10032-408: 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
10164-509: 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
10296-563: 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
10428-406: The decade and the subsequent devaluation of the bolivar since 1983 affected the airline, which suffered a 41% drop in year-on-year traffic in 1983 and had accumulated a debt of VEB 210 million in 1984, a year in which the carrier had a negative net value. That year, the crisis forced the company's work force to be cut by 30%, the fleet to be reduced (partly because of noise restrictions within
10560-557: The environmental value. During the reign of Ferdinand VII the regime of hunting prohibition for the Monte de El Pardo became one of full property and the expropriation of all possessions within its bounds was enforced, with dire consequences for the madrilenians at the time. It is designated as Special Protection Area for bird-life and it is also part of the Regional Park of the High Basin of
10692-413: The existence of a joint-stock company 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
10824-458: 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
10956-430: The frequent heat waves. Due to Madrid's altitude and dry climate, humidity is low and diurnal ranges are often significant, particularly on sunny winter days when the temperature rises in the afternoon before rapidly plummeting after nightfall. Madrid is among the sunniest capital cities in Europe. The highest recorded temperature was on 14 August 2021, with 40.7 °C (105.3 °F) and the lowest recorded temperature
11088-504: The government did not mind pumping in money to cover mounting losses. By 1979, Viasa had built a fleet of 6 DC-10-30s, 2 DC-8-63s, 2 DC-8-53s and 1 DC-8-63F. In the summer of 1982, Viasa leased a couple of MD-82s from KLM for Caribbean routes and for new flights from Barquisimeto, Barcelona and Porlamar to Miami. These were returned to KLM in 1984. In 1985, Viasa got rid of all its DC-8s plus one DC-10-30 and kept just five DC-10-30s. It revamped its livery almost completely in 1986, adopting
11220-453: The homes of the influx of workers, while Ensanche became a middle-class neighbourhood of Madrid. The Spanish Constitution of 1931 was the first to legislate the location of the country's capital, setting it explicitly in Madrid. During the 1930s, Madrid enjoyed "great vitality"; it was demographically young, becoming urbanized and the centre of new political movements. During this time, major construction projects were undertaken, including
11352-497: 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
11484-457: The lack of food and high prices. In June 1561 Phillip II set his court in Madrid, installing it in the old alcázar . Thanks to this, the city of Madrid became the political centre of the monarchy, being the capital of Spain except for a short period between 1601 and 1606, in which the Court was relocated to Valladolid (and the Madrid population temporarily plummeted accordingly). Being the capital
11616-418: The latter owned by Grupo Boulton and Pan American World Airways —contributed with the remainder. The board of directors came entirely from the private sector. The first president of the airline was Mr. R. van den Branden; the first chairman of the board was Mr. Oscar Augusto Machado Zuloaga, a very competent and well liked gentleman, who was instrumental in Viasa's commercial success and immediate acceptance by
11748-418: The latter partnering with Northwest Airlines and other four local entities. Iberia was the only bidder left with a US$ 145.5 million offer, after KLM stepped aside citing that a price of US$ 81 million for 60% of the shares was too high. Iberia apparently milked the airline (some Venezuelans point at this as one of Viasa's causes of bankruptcy). While it could be argued that it was not wise to sell
11880-563: The latter's confluence with the Fuente Castellana thalweg in the south of the city. The Monte de El Pardo (a protected forested area covering over a quarter of the municipality) reaches its top altitude (843 m (2,766 ft)) on its perimeter, in the slopes surrounding El Pardo reservoir [ es ] located at the north-western end of the municipality, in the Fuencarral-El Pardo district. The oldest urban core
12012-575: The leading economic hub of the Iberian Peninsula and of Southern Europe . The metropolitan area hosts major Spanish companies such as Telefónica , Iberia , BBVA and FCC . It concentrates the bulk of banking operations in the country and it is the Spanish-speaking city generating the largest number of webpages. Madrid houses the headquarters of the UN 's World Tourism Organization (UNWTO),
12144-481: 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
12276-499: The market. In early 1961, the airline signed an agreement with KLM to operate a Douglas DC-8 on Viasa's behalf, aimed at starting operations to Europe in April that year; KLM maintained a nurturing relationship with Viasa for another 24 years. In the same year, Avensa transferred two Douglas DC-6Bs to the company, as well as an order for a Convair 880-22M . Viasa boosted their Convair 880 order by purchasing another one. The airline flew
12408-540: The mid-13th century and up to the late 14th century, the concejo of Madrid vied for the control of the Real de Manzanares territory against the concejo of Segovia , a powerful town north of the Sierra de Guadarrama mountain range, characterised by its repopulating prowess and its husbandry-based economy, contrasted with the agricultural and less repopulated town of Madrid. After the decline of Sepúlveda , another concejo north of
12540-528: The moderating effect of the sea. While mostly sunny, rain, sporadic snowfalls and frequent frosts can occur between December and February with cooler temperatures particularly during the night and mornings as cold winds blow into the city from surrounding mountains. Summers are hot and sunny, in the warmest month, July, average temperatures during the day range from 32 to 34 °C (90 to 93 °F) depending on location, with maxima commonly climbing over 35 °C (95 °F) and occasionally up to 40 °C during
12672-660: The mountain range, Segovia had become a major actor south of the Guadarrama mountains, expanding across the Lozoya and Manzanares rivers to the north of Madrid and along the Guadarrama river course to its west. In 1309, the Courts of Castile convened at Madrid for the first time under Ferdinand IV , and later in 1329, 1339, 1391, 1393, 1419 and twice in 1435. During the revolt of the Comuneros , led by Juan Lopez de Padilla , Madrid joined
12804-557: The municipality (including the Dehesa de la Villa, the Dehesa de Arganzuela or Viveros). El Retiro is the most visited location of the city. Having an area bigger than 1.4 km (0.5 sq mi) (350 acres), it is the largest park within the Almendra Central , the inner part of the city enclosed by the M-30. Created during the reign of Philip IV (17th century), it was handed over to
12936-681: The municipality in 1868, after the Glorious Revolution. It lies next to the Royal Botanical Garden of Madrid . Located northwest of the city centre, the Parque del Oeste ("Park of the West") comprises part of the area of the former royal possession of the "Real Florida", and it features a slope as the height decreases down to the Manzanares. Its southern extension includes the Temple of Debod ,
13068-508: The municipality. A holm oak forest covering a surface over 16,000 hectares, it is considered the best preserved mediterranean forest in the Community of Madrid and one of the best preserved in Europe. Already mentioned in the Alfonso XI 's Libro de la montería [ es ] from the mid-14th century, its condition as hunting location linked to the Spanish monarchy help to preserve
13200-423: The new government policies adopted in 1989, Viasa became a target for privatisation. The initial plans of the government were to allocate 60% of the company to private investors, keep 20% of the shares, and transfer the balance to the airline workers. In June 1991 ( 1991-06 ) , Iberia and KLM were approved as bidders in the privatisation process, the former teaming up with Venezuela's Banco Provincial , and
13332-464: The northern extension of the Paseo de la Castellana , one of Madrid's major thoroughfares. The tertiary sector, including banking, insurance and telephone services, grew greatly. Illiteracy rates were down to below 20%, and the city's cultural life grew notably during the so-called Silver Age of Spanish Culture; the sales of newspapers also increased. Conversely, the proclamation of the Republic created
13464-678: The only noticeable bourgeois elements in Madrid (that experienced a delay in its industrial development up to that point) were merchants. The University of Alcalá de Henares was relocated to Madrid in 1836, becoming the Central University . The economy of the city further modernized during the second half of the 19th century, consolidating its status as a service and financial centre. New industries were mostly focused in book publishing, construction and low-tech sectors. The introduction of railway transport greatly helped Madrid's economic prowess, and led to changes in consumption patterns (such as
13596-469: The permanent seat of the court of the Hispanic Monarchy . The Madrid urban agglomeration has the fourth-largest GDP in the European Union and its influence in politics , education , entertainment , environment , media , fashion , science , culture , and the arts all contribute to its status as one of the world's major global cities . Madrid is considered the major financial centre and
13728-465: 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
13860-492: The possibility of registering joint-stock companies without limited liability. In 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
13992-426: 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
14124-417: 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:
14256-488: The rest of the country, a heroin crisis took a toll in the poor neighborhoods of Madrid in the 1980s. Benefiting from increasing prosperity in the 1980s and 1990s, the capital city of Spain consolidated its position as an important economic, cultural, industrial, educational, and technological centre on the European continent. During the mandate as Mayor of José María Álvarez del Manzano construction of traffic tunnels below
14388-486: The revolt against Charles, Holy Roman Emperor , but after defeat at the Battle of Villalar , Madrid was besieged and occupied by the imperial troops. The city was however granted the titles of Coronada (Crowned) and Imperial . The number of urban inhabitants grew from 4,060 in the year 1530 to 37,500 in the year 1594. The poor population of the court was composed of ex-soldiers, foreigners, rogues and Ruanes, dissatisfied with
14520-419: The right bank of the Manzanares. Madrid has the second highest number of aligned trees in the world, with 248,000 units, only exceeded by Tokyo. Madrid's citizens have access to a green area within a 15-minute walk. Since 1997, green areas have increased by 16%. At present, 8.2% of Madrid's grounds are green areas, meaning that there are 16 m (172 sq ft) of green area per inhabitant, far exceeding
14652-512: The same year, and bought two Douglas DC-8-33s from the Dutch carrier as well. Also in 1972, the route network saw the incorporation of Washington and Toronto , Ontario, Canada. With the lease of a Douglas DC-8-50 from KLM in 1974, and the sale of two aircraft of the same type to Aeroperú the same year, by March 1975 ( 1975-03 ) the Viasa's fleet consisted of two DC-8-63s, one DC-8-50, two DC-8-30s, and one DC-10-30, while another DC-10-30
14784-591: The scene of an all-out battle. The city fell to the Francoists in March 1939. A staple of post-war Madrid ( Madrid de la posguerra ) was the widespread use of ration coupons . Meat and fish consumption was scarce, resulting in high mortality due to malnutrition. Due to Madrid's history as a left-wing stronghold, the right-wing victors considered moving the capital elsewhere (most notably to Seville ), but such plans were never implemented. The Franco regime instead emphasized
14916-492: The spillover of the 2008 financial and mortgage crisis , Madrid has been affected by the increasing number of second-hand homes held by banks and house evictions . The mandate of left-wing Mayor Manuela Carmena (2015–2019) delivered the renaturalization of the course of the Manzanares across the city. Since the late 2010s, the challenges the city faces include the increasingly unaffordable rental prices (often in parallel with
15048-423: The substitution of salted fish for fresh fish from the Spanish coasts) as well as further strengthening the city's role as a logistics node in the country's distribution network. Electric lighting in the streets was introduced in the 1890s. During the first third of the 20th century the population nearly doubled, reaching more than 850,000 inhabitants. New suburbs such as Las Ventas, Tetuán and El Carmen became
15180-558: The suburbs. Madrid, located near Alcalá (under Muslim control until 1118), remained a borderland for a while, suffering a number of razzias during the Almoravid period, and its walls were destroyed in 1110. The city was confirmed as villa de realengo [ es ] (linked to the Crown) in 1123, during the reign of Alfonso VII . The 1123 Charter of Otorgamiento established the first explicit limits between Madrid and Segovia, namely
15312-556: The summer season in relation to its surroundings, which feature thinly vegetated dry land. In the 17th century, the viajes de agua (a kind of water channel or qanat ) were used to provide water to the city. Some of the most important ones were the Viaje de Amaniel [ es ] (1610–1621, sponsored by the Crown), the Viaje de Fuente Castellana [ es ] (1613–1620) and Abroñigal Alto [ es ] / Abroñigal Bajo [ es ] (1617–1630), sponsored by
15444-414: The supply, depurating waste water and the conservation of all the natural water resources of the Madrid region. The population of Madrid has overall increased since the city became the capital of Spain in the mid-sixteenth century, and has stabilised at approximately 3,000,000 since the 1970s. From 1970 until the mid-1990s, the population dropped. This phenomenon, which also affected other European cities,
15576-495: The type mostly on routes to North America. Also in 1961, the airline joined the International Air Transport Association , becoming its 89th member. In 1963, Viasa started a commercial agreement with Iberia and KLM for operations through the mid- Atlantic . The same year, a third Convair 880 was ordered. Until the first DC-8-50 the company had ordered in early 1965 was delivered, long-haul services using
15708-554: The type were provided with wet-leased aircraft from KLM. The type was also chartered from KLM for deployment on the Caribbean routes. By April 1966 ( 1966-04 ) , the first DC-8-50 was already forming part of the company's fleet along with the three Convair 880s, while an additional DC-8-50 was on order. To complement these two DC-8-50s, the carrier ordered two Douglas DC-8-63s in early 1967. Two Convair 880s were sold to Cathay Pacific in mid-1967. Also in 1967, Viasa started up
15840-428: 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
15972-429: The wider Tagus River catchment area. With an average altitude of 650 m (2,130 ft), Madrid is the second highest capital of Europe (after Andorra la Vella ). The difference in altitude within the city proper ranges from the 700 m (2,297 ft) around Plaza de Castilla in the north of city to the 570 m (1,870 ft) around La China wastewater treatment plant on the Manzanares' riverbanks, near
16104-416: Was all orange, with the name Viasa in white. After Iberia took over, all the fuselage went white, and so did the tail. The cheatlines were made thicker around the plane's cockpit, to resemble Iberia's planes. According to Aviation Safety Network , Viasa experienced five accidents/incidents events throughout its history, with two of them being deadly ones, yielding a combined death toll of 216 fatalities, plus
16236-642: Was becoming more and more tense. On 2 May, a crowd began to gather near the Royal Palace protesting against the French attempt to evict the remaining members of the Bourbon royal family to Bayonne , prompting up an uprising against the French Imperial troops that lasted hours and spread throughout the city, including a famous last stand at the Monteleón barracks. Subsequent repression was brutal, with many insurgent Spaniards being summarily executed . The uprising led to
16368-433: Was decisive for the evolution of the city and influenced its fate and during the rest of the reign of Philip II, the population boomed, going up from about 18,000 in 1561 to 80,000 in 1598. During the early 17th century, although Madrid recovered from the loss of the capital status, with the return of diplomats, lords and affluent people, as well as an entourage of noted writers and artists together with them, extreme poverty
16500-454: Was envisioned by the government of Venezuela in 1959 to create a new company that could serve as the country's flag carrier and run without government intervention . It was set up in 1960 when the international routes operated by Línea Aeropostal Venezolana (LAV) and Avensa were merged and taken over by the newly created carrier . The government contributed with 55% of the capital, while private investors – among which were LAV and Avensa,
16632-610: 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,
16764-509: Was however rampant. The century also was a time of heyday for theatre, represented in the so-called corrales de comedias . The city changed hands several times during the War of the Spanish Succession : from the Bourbon control it passed to the allied "Austracist" army with Portuguese and English presence that entered the city in late June 1706 [ es ] , only to be retaken by
16896-542: Was on 16 January 1945 with −10.1 °C (13.8 °F) in Madrid. While at the airport, in the eastern side of the city, the highest recorded temperature was on 24 July 1995, at 42.2 °C (108.0 °F), and the lowest recorded temperature was on 16 January 1945 at −15.3 °C (4.5 °F). From 7 to 9 January 2021 , Madrid received the most snow in its recorded history since 1904; Spain's meteorological agency AEMET reported between 50 and 60 cm (20 and 24 in) of accumulated snow in its weather stations within
17028-607: 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
17160-430: Was the scene of some of the most important events of the time, such as the mass demonstrations of support for democracy after the failed coup, 23-F , on 23 February 1981. The first democratic mayors belonged to the centre-left PSOE ( Enrique Tierno Galván , Juan Barranco Gallardo ). Since the late 1970s and through the 1980s Madrid became the center of the cultural movement known as la Movida . Conversely, just like in
17292-466: 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
17424-464: Was yet to be delivered. At a cost of US$ 30,000,000 (equivalent to $ 160,631,579 in 2023), another DC-10-30 was ordered in 1976, followed by an order for three more of these aircraft in July ;1977 ( 1977-07 ) . In 1983, Viasa took delivery of two McDonnell Douglas DC-9 Super 80s . The early 1980s marked an overturn in the carrier's finances, as both the worldwide collapse of oil prices in
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