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82-575: The bus was based on a license-built chassis of the Saurer 3CT1D bus designed by Swiss Saurer company and a six-cylinder Saurer BLD engine, also license-built in Poland. The license for the chassis was bought in 1932 and initially 70 Saurer 3CT1D buses were completed entirely of Swiss-made parts. Until 1934 additional 43 chassis were completed, partially of parts produced in Poland. Some of those were finished with bus bodies, others were converted to 5-tonne lorries for

164-648: 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

246-555: A V12 design in 1918. The FLB series, developed from the 1930s to the 1940s, were based on the principles of the Junkers Jumo 205 . Like the Jumo they were two-stroke diesels with two crank shafts and two pistons per combustion chamber. However the cylinders were bent into a V shape, allowing them to be doubled up on each crank shaft to create a compact diamond arrangement. The design was also able to run on petrol, still with fuel injection and

328-798: A civilian version of the Saurer F006 military vehicle, which they called the 260Z, on display at the Geneva Motor Show 1979. The 260Z was not produced, though three prototypes were created which are listed in the Monteverdi Museum in Binningen . While Monteverdi did not use the Saurer chassis, they did produce two versions of a luxury SUV vehicle called the Safari/Sahara , based on the International Scout vehicle. Another civilian version, called

410-405: 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

492-453: 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

574-432: 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'

656-614: 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

738-602: 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

820-626: 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

902-632: 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

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984-460: 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

1066-467: 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

1148-625: 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

1230-503: 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

1312-474: 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

1394-483: A small test engine was run in both modes. The FLB 1000 had three banks giving a design output of 1,000 hp and was briefly bench-tested using petrol. However the project was dropped before it could be run on diesel. The FLB project was dropped to make room for an urgent requirement to develop the Hispano-Suiza 12Y-51 V-12, a conventional four-stroke petrol engine which was no longer available. Saurer developed it as

1476-594: 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

1558-428: A very significant segment of Saurer production. Typically Saurer, or Berna, trolleybuses featured Brown, Boveri & Cie or Société Anonyme des Ateliers de Sécheron (SAAS) electric equipment and Carrosserie Hess bodies. Saurer trolleybuses operated in most of Central Europe countries, and still do in several of them. In World War 2, a restructured type BT 4500 and 5 BHw of Saurer trucks were used to gas people in

1640-544: Is a manufacturer of systems for spinning, texturizing, twisting and embroidery. Also, since 2007 the remaining Saurer AG automative part "Graziano Trasmissioni", a manufacturer of gears, gear groups and complete transmission systems for agricultural, earth moving and special vehicles as well as for four wheel drive passenger cars and luxury sport cars, has been integrated into the Oerlikon Corporation. The Saurer F006 (also known as Saurer 288) and F007 were, apart from

1722-576: 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

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1804-419: 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

1886-621: 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

1968-503: 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

2050-493: 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

2132-631: 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

2214-683: 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

2296-513: 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

2378-531: 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

2460-487: 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

2542-462: The Mercedes G and Puch 230GE joint venture vehicle with the front turn signals mounted conventionally on the front of the vehicle. The equipment installed in the front bumper parking lights can be turned by flicking the "Tarnlicht" switch (a multipurpose military switch for light dimming). The basic vehicle has a fixed open back cab. The passenger seats are closed with a fast demountable plastic sheet at

PZInż Zawrat - Misplaced Pages Continue

2624-519: The Monteverdi 250 - Z , was derived from the Saurer F006 by Monteverdi , with engineering input from Berna . Saurer took over the production. The axles are from the International Scout. The vehicle had a plastic body made of polyester. For power, the drive-train was a 6-cylinder petrol engine from Volvo with an automatic transmission. Maximum speed was 100 km/h. Overall styling contrasted with

2706-676: The NAW brand, while the last Saurer-badged truck sold in the open market was delivered in 1983. Four years later, in 1987, a model 10DM supplied to the Swiss Army meant the very last Saurer truck produced in history. In 1982 Daimler-Benz had acquired a major shareholding in NAW and soon took full control; and in a short time dropped Saurer, Berna and FBW brands, while using NAW premises to assemble heavy haulage versions of Mercedes-Benz trucks. Eventually NAW went into liquidation in early 2003. Last remain of

2788-654: The Polish Army . In 1936 the PZInż designed a new all-metal body for the Saurer 3CT1D and named the new bus "Zawrat" after the pass in Tatra Mountains . The bus had two doors and seats for 50 passengers. In line with other buses of pre-war construction, the rear doors were used for entry to the vehicle. However, unlike all previous wooden-built buses used or tested in Warsaw (such as Büssing 650 TU, Somua SIX or Chevrolet EFD FS 183)

2870-489: The continued existence of the company. In modern-day corporate law , 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

2952-510: 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),

3034-493: The F006, but utilizing a cab-over design, with the engine compartment located internally. Unlike the F006, the F007 has three windshield wiper blades instead of two, four headlights instead of two, and the front parking lights and turn signals are housed in the same headlamp shell. The gasoline tank filler neck is on the left side immediately behind the driver's door, and not as in the F006 on

3116-552: The Germans stole much of the fleet of Warsaw Tramways . The last surviving Zawrat (body number 53) was returned to service after the war and served in the ruined city until 1949. Saurer Adolph Saurer AG was a Swiss manufacturer of embroidery and textile machines, trucks and buses under the Saurer and Berna (beginning in 1929) brand names. Based in Arbon , Switzerland , the firm

3198-458: The Nazi Chełmno extermination camp . Extermination vans were adapted, when they went in for repair, to carry the optimum number of people who could be gassed in the time it took to drive them from Chelmno to the woods where they were disposed of in ovens. There was concern about the strain on the front axle if too many people were loaded to be gassed, but as piles of bodies were always closest to

3280-631: The Saurer automotive activity in Arbon is the present FPT Industrial S.p.A. engine research centre, that up to 1990 had been the Saurer Motorenforschung Research & Development Centre. In 1995, Ernst Thomke , reputed Swiss Manager, took over the leadership of Saurer AG in Arbon as chairman of the board. To restructure this conglomerate, he had previously abandoned his position with its then major shareholder: BB Industrie Holding AG (22%). The previous major shareholder Tito Tettamanti of

3362-549: The Saurer name until 1918. In 1922 IMTC would become Mack Trucks, Inc. Saurer trucks were developed along the years into four basic ranges: It was the B-type that established Saurer's international reputation as a builder of long-lasting trucks. In 1929 Saurer acquired its Swiss rival, Motorwagenfabrik Berna AG of Olten , but the Berna name was allowed to continue, badging the very same Saurer models. From 1932 on, trolleybuses were

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3444-587: The Swiss Army cross-country trucks known as the (6-ton) Saurer 6DM and the (10-ton) Saurer 10DM, the last vehicle designs of the company. In the late 1970s, the F006 design was intended as a successor to the Jeep for the Swiss Army. It was hoped that the vehicle would also be purchased by fire departments and become work vehicles for community structures, such as road maintenance operations, forest rangers, electric and water utilities, etc. Luxury car manufacturer Monteverdi put

3526-548: 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,

3608-562: The YS-2, which entered limited production. It was fitted to the EKW C-3604 and Doflug D-3802 . The further developed YS-3 flew in the prototype Doflug D-3803 . Declining sales in the early 1980s saw the two leading Swiss truck makers, Saurer and FBW (Franz Brozincevic & Cie of Wetzikon , Switzerland), forming a joint organization called Nutzfahrzeuggesellschaft Arbon & Wetzikon , proceeding with motorbus and trolleybus production under

3690-491: The Zawrat had a completely closed passenger cabin, without an open platform at the rear. The first 12 buses were delivered to Warsaw in 1936 and on 13 July 1936 the first new "T" line started to operate them. By the end of the next year 6 additional buses were delivered, which allowed for creation or extension of five new bus lines. While spacious, the type proved cumbersome to operate. The chassis proved too rigid, making turning in

3772-572: 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

3854-545: 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 ,

3936-480: 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

4018-520: 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

4100-489: 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

4182-469: 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

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4264-408: 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

4346-422: The competing machine's width at ten meters.  In 1913 it increased the width to 15 meters. The embroidery industry experienced many ups and downs due to fashion, trade policies and world wars. Saurer diversified into petrol and diesel engines , and then trucks to reduce its exposure to this volatility. However, Saurer continued to innovate and is still a leader in schiffli embroidery machines. In 1896

4428-455: The conglomerate founded in 1853, specialized in textile machinery and "propulsion technology", had acquired the main competitor in each field Schlafhorst , with a large manufacturing capacity excess and Ghidela . Thomke led actively Saurer AG until 1996, when he retired to the direction of the Board until 1999. In his years he promulgated transparency at all levels, flexible working hours, optimized

4510-509: 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

4592-563: 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

4674-495: The doors there was no strain on the front axle. In 1951 Saurer and its Italian licensee, OM, reached an agreement by which Saurer would market in Switzerland OM's light and medium-weight trucks and buses, using Saurer-OM and Berna-OM badges. This was successful and lasted until Saurer closure. Saurer began licensed manufacture of aero engines in 1917. They also began developing their own designs, and built two prototypes of

4756-428: The eldest surviving son Adolph Saurer (1841–1920) took over the company. He and his son Hippolyt (1878–1936) developed the enterprise as a joint-stock company . Hippolyt Saurer initiated the production of a phaeton body automobile run by a one-cylinder opposed-piston engine . In 1902 a first four-cylinder T-head engine model with touring car and sedan chassis was built. From 1903 onwards Saurer concentrated on

4838-586: The end only the 24 prototypes were built. One remained in service until 1988 and was subsequently donated to the Saurer Oldtimer Club. The other remaining vehicles are privately owned. Simultaneously with the Saurer F006, the Saurer F007 was introduced in 1980 as a Pinzgauer High-Mobility All-Terrain Vehicle with similar versions available to the public. The F007 uses the same chassis and the same drive unit as

4920-458: 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

5002-516: The first practical, satin stitch embroidery machine, known as the Handstickmaschine . Several Swiss companies began building and improving these machines, and their heyday lasted from roughly 1865 until the end of the century. Two of Franz Saurer's sons – Anton and Adolf - were aware of this invention, saw an opportunity, and began building hand embroidery machines in their father's foundry in about 1869. By 1873 F. Saurer & Söhne

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5084-481: The high-road tested prototypes of the F007, but did not buy the vehicle. The existing Saurer F007's are now privately owned. Joint-stock company 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

5166-497: 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

5248-481: 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

5330-425: The narrow streets of downtown Warsaw a difficult task. Also the diesel engine proved too loud. Because of that already in 1938 the Zawrat buses were relegated to suburban service, where their disadvantages were less of a problem. During World War II most of Warsaw's Zawrat buses were mobilised by the army and eventually destroyed. Some bodies of Zawrat still in Warsaw were converted in 1943 to makeshift tramway cars as

5412-465: 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

5494-492: 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

5576-482: The production and refined accounting systems. In 1996, the group Saurer AG went back into financial results showing profits. More than half of the revenues originating from Schlafhorst, upon its positive restructuring. Since 2007, the conglomerate Saurer AG, which meanwhile had reached a worldwide leading status in textile machinery, has been integrated into the Oerlikon Corporation . Oerlikon-Saurer Textile

5658-591: The production of commercial vehicles which soon gained a good reputation. The company ran subsidiary companies in Austria (1906–1959, in the end taken over by Steyr-Daimler-Puch ), France (1910–1956, taken over by Unic ), the United Kingdom (1927–1931, taken over by Armstrong Whitworth as Armstrong-Saurer ), and in Germany (1915–1918, taken over by MAN ). In Italy , the Officine Meccaniche (OM) manufacturer

5740-426: 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

5822-417: 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:

5904-517: The rear including a military holder for a gas canister; a fixed structure is provided for use in case of fire. The F006 was first shown in 1980, and tested by the War Technical Department of the Swiss Army in 1982. They instead procured the Puch 230GE . Failure to secure the army production order meant that production of the vehicle for other potential customers was not economically viable, and in

5986-417: The right side between the rear and the rear wheel. The vehicle has a fixed cab which is open to the rear. The cargo area is covered with a plastic sheet, including two plastic windows on each side. This was based on the concept of the cab-over model 260 F by Monteverdi. For Swiss Army procurement, SUVs in addition to dedicated military vehicles were prepared for testing starting from 1982. The Swiss Army examined

6068-744: The rights to manufacture and sell heavy trucks under the Saurer brand name at its plant in Plainfield, New Jersey (which commenced operations in November 1911). On September 23, 1911, the Saurer Motor Truck Company merged with the Mack Brothers Motor Car Company of Allentown, Pennsylvania , headed by J. M. Mack, to form the International Motor Truck Company (IMTC). IMTC would continue to make and sell trucks using

6150-428: 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

6232-456: Was active between 1903 and 1982. Their vehicles were widely used across mainland Europe, particularly in the interwar period . In 1853 Franz Saurer (1806–1882) from Veringenstadt , Germany established an iron foundry for household goods near the Swiss town of Sankt Gallen . Eastern Switzerland was a centre for both embroidery and embroidery machine development. About 1850 Franz Rittmeyer built

6314-586: Was for many years licensee of Saurer engines and other mechanical units, which they used in their own ranges of trucks and buses. In Poland the state-owned Państwowe Zakłady Inżynieryjne produced license-built Saurer engines (powering, among others, the 7TP and 9TP tanks) and coach chassis used in the Zawrat bus. In the United States , the Saurer Motor Truck Company , headed by C.P. Coleman, had

6396-610: 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,

6478-421: Was invented. The (bobbin) shuttle, or schiffli machine adapted the lock stitch from the sewing machine. A German company added a Jacquard punch card reader , and thus fully automated the process. Competition motivated engineers at Saurer to develop their own Jacquard card reader, improve the stitch rate, and increase the machine's width, i.e. total number of needles and throughput. In 1905 Saurer matched

6560-607: 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

6642-401: Was the leader among the Swiss competitors in terms of sales and total machines built. By 1883 Saurer's production peaked at 796 machines per year. They had produced a total of 5,530 machines to date. Saxony Germany was also a centre for embroidery and machine development. By the 1890s, German companies were Saurer's strongest competition. By the late 1870s a new, faster type of machine

6724-399: 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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