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CHAPTER 1
THE GENERAL NATURE OF A COMPANY

MODERN commercial companies are the result of the fusion of two different legal principles. A company is a definite legal person with perpetual succession and a common seal, and such bodies, known as " corporations," have always been known to the common law. The expression " company," however, is not confined in its meaning to corporations, but includes partnerships, and the present day company registered under the Companies Acts represents the fusion of the principle of incorporation with that of partnership.
At common law the Crown always had the right of granting charters of incorporation. This right was first used for creating commercial corporations at the end of the sixteenth and the beginning of the seventeenth centuries, when such companies as the Levant Company, the East India Company, the Hudson's Bay Company, and the notorious South Sea Company (afterwards incorporated by Act of Parliament), were incorporated. As these corporations were legal entities quite distinct from their members, it followed that at common law the members were not liable for the debts of the corporation, and, indeed, the Crown had no power to incorporate persons so as to make them liable for the debts of the corporation.(1) In a partnership, on the other hand, as the firm was not given a corporate existence, the partners were always individually liable for all the debts of the firmin other words, their liability was unlimited.
Trading companies were originally regulated companies, that is, companies in which each member traded with his own stock subject to the rules of the company, but towards the end of the seventeenth century the joint-stock company emerged, (2) and this is the form of company in common use to-day. In a joint-stock company, the company trades as a single person with a stock which is jointly contributed by its members. Such companies could only be formed by legislation or by charter but, as the advantages of the joint-stock form of trading became better known, these methods proved too expensive

1 Elve v. Boyton., [1891] 1 Ch. 501, 507
2 Holdsworth, History of English Law, vol. 8, pp. 206-222.

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where is HTML where is HEAD where is TITLE MODERN commercial companies are what is result of what is fusion of two different legal principles. A company is a definite legal person with perpetual succession and a common seal, and such bodies, known as " corporations," have always been known to what is common law. what is expression " company," however, is not confined in its meaning to corporations, but includes partnerships, and what is present day company registered under what is Companies Acts represents what is fusion of what is principle of incorporation with that of partnership. At common law what is Crown always had what is right of granting charters of incorporation. This right was first used for creating commercial corporations at what is end of what is sixteenth and what is beginning of what is seventeenth centuries, when such companies as what is Levant Company, what is East India Company, what is Hudson's Bay Company, and what is notorious South Sea Company (afterwards incorporated by Act of Parliament), were incorporated. As these corporations were legal entities quite distinct from their members, it followed that at common law what is members were not liable for what is debts of what is corporation, and, indeed, what is Crown had no power to incorporate persons so as to make them liable for what is debts of what is corporation.(1) In a partnership, on what is other hand, as what is firm was not given a corporate existence, what is partners were always individually liable for all what is debts of what is firmin other words, their liability was unlimited. Trading companies were originally regulated companies, that is, companies in which each member traded with his own stock subject to what is rules of what is company, but towards what is end of what is seventeenth century what is joint-stock company emerged, (2) and this is what is form of company in common use to-day. In a joint-stock company, what is company trades as a single person with a stock which is jointly contributed by its members. Such companies could only be formed by legislation or by charter but, as what is advantages of what is joint-stock form of trading became better known, these methods proved too expensive 1 Elve v. Boyton., [1891] 1 Ch. 501, 507 2 Holdsworth, History of English Law, vol. 8, pp. 206-222. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 1 where is strong CHAPTER 1 what is GENERAL NATURE OF A COMPANY where is p align="justify" MODERN commercial companies are what is result of what is fusion of two different legal principles. A company is a definite legal person with perpetual succession and a common seal, and such bodies, known as " corporations," have always been known to what is common law. what is expression " company," however, is not confined in its meaning to corporations, but includes partnerships, and what is present day company registered under what is Companies Acts represents what is fusion of what is principle of incorporation with that of partnership. At common law what is Crown always had what is right of granting charters of incorporation. This right was first used for creating commercial corporations at what is end of what is sixteenth and what is beginning of what is seventeenth centuries, when such companies as what is Levant Company, what is East India Company, what is Hudson's Bay Company, and what is notorious South Sea Company (afterwards incorporated by Act of Parliament), were incorporated. As these corporations were legal entities quite distinct from their members, it followed that at common law what is members were not liable for what is debts of what is corporation, and, indeed, what is Crown had no power to incorporate persons so as to make them liable for what is debts of what is corporation.(1) In a partnership, on what is other hand, as what is firm was not given a corporate existence, what is partners were always individually liable for all what is debts of what is firmin other words, their liability was unlimited. Trading companies were originally regulated companies, that is, companies in which each member traded with his own stock subject to what is rules of what is company, but towards what is end of what is seventeenth century what is joint-stock company emerged, (2) and this is what is form of company in common use to-day. In a joint-stock company, what is company trades as a single person with a stock which is jointly contributed by its members. Such companies could only be formed by legislation or by charter but, as what is advantages of what is joint-stock form of trading became better known, these methods proved too expensive 1 Elve v. Boyton., [1891] 1 Ch. 501, 507 2 Holdsworth, History of English Law, vol. 8, pp. 206-222. where is Server.Execute("_SiteMap.asp") %

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