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A corporation is an organization—usually a group of people or a company —authorized by the state to act as a single entity resume how to say created help documents legal entity recognized by private and public law "born out of statute"; a movie essay examples person essay requirements for scholarship legal context and recognized as such in law for certain purposes.

Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stockor by whether they are formed to make a profit. One of the most attractive corporate identity essays advantages business corporations offered sample thesis defense presentations their investors, compared to earlier business entities like sole proprietorships and general partnerships, was limited liability.

Limited liability means that a passive shareholder in a corporation will not be personally liable either for contractually agreed obligations of the corporation, or for torts involuntary harms committed by the corporation against corporate identity essays third party. Limited liability in contract is uncontroversial because the parties to the contract could have agreed to it and could agree to waive it by contract. However, limited liability in tort remains controversial because third parties do not agree to waive the right to pursue shareholders. There is significant concern that corporate identity essays liability in tort may lead to excessive corporate risk taking and more harm by corporations corporate identity essays third parties.

Where local ut-austin aads dissertation fellowship distinguishes corporations by their ability to issue stock, corporations allowed to do so are referred to as stock corporations ; one type of investment in the corporation is through stock, and owners of stock are referred to as stockholders or shareholders. Corporations not allowed to issue stock academic content writer jobs referred to as non-stock corporations ; i.

Corporations chartered in regions where they are distinguished by whether they are allowed to be for-profit are referred to as for-profit and not-for-profit corporations, respectively. A for-profit corporation is almost always a stock corporation, but some for-profit corporations may choose to be non-stock. To simplify the explanation, whenever "stockholder" corporate identity essays "shareholder" is used in the rest of this agrawal and homework solutions to refer to a stock corporation, it is presumed to mean the same as "member" for a non-profit corporation or corporate identity essays a profit, non-stock corporation.

Registered corporations have legal personality and their shares are owned by shareholders [5] [6] whose liability is generally limited to their investment. Shareholders do not typically actively manage corporate identity essays corporation; shareholders instead elect or appoint a board of directors to control the corporation in a corporate identity essays capacity. In most circumstances, a shareholder may also serve as a director or officer of a corporation. Countries with co-determination employ the practice of workers of an enterprise corporate identity essays the right to vote for representatives on the board of directors in a company.

In American Englishthe word corporation is most often used to describe large business corporations. In American English, the dissertation on consumer behaviour company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Late in the 19th century, a new form of the company having the limited liability protections of a corporation, and the more favorable tax treatment of either a sole proprietorship or partnership was developed.

While not a corporation, this new type corporate identity essays entity became very attractive as an alternative for corporations not needing to issue stock. In the last quarter of the 20th century, this new form of non-corporate organization became available in the United States and other countries, and was known as the limited liability company or LLC. Since the GmbH and LLC forms of organization are technically not corporations even though they have many of the same featuresthey will not be discussed in this article. The word "corporation" derives from corpusthe Latin word for body, or a "body of people". By the time of Justinian reigned —Roman law recognized a range of corporate entities under the names Universitascorpus or collegium.

These included the state itself the Populus Romanusmunicipalities, and such private associations as sponsors of a religious cultburial clubspolitical groups, and guilds of craftsmen or traders. Such bodies commonly had corporate identity essays right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives.

Entities which carried on business and were the subjects of legal rights were found in ancient Romeand the Maurya Empire in ancient India. The point was that the incorporation would survive longer than corporate identity essays lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Corporate identity essays Kopparberg mining community in FalunSwedenobtained a charter from King Magnus Eriksson in In medieval timestraders would do business through common hesi case study answers gerontology constructs, such as partnerships.

Whenever people acted together with a view to profit, the law deemed dissertation word count introduction a partnership arose. Early guilds and livery companies were also often involved in the regulation of competition between traders. Acting under a charter sanctioned by the Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands corporate identity essays order to profit from the European demand for spices.

Investors in the VOC were issued paper certificates as proof of share corporate identity essays, and were able to trade their shares on the original Amsterdam Stock Exchange. Shareholders were also explicitly granted limited liability in the company's royal charter. In England, the government created corporations under a royal charter or an Act of Parliament with the grant of a monopoly over a specified territory.

The best-known example, established inwas the East India Company of London. Queen Elizabeth I granted it the exclusive right to trade with all countries to the east of the Cape of Good Hope. Some corporations at this time would act on the government's behalf, bringing in revenue from its exploits abroad. Subsequently, the company became increasingly integrated with English and later British military and colonial policy, just as most corporations were essentially corporate identity essays on the Royal Navy 's ability to control trade routes.

Labeled by both contemporaries and historians as "the grandest society of merchants in the universe", the English East India Company would come to symbolize the dazzlingly rich essay about management style of the corporation, as corporate identity essays as new methods of business that could be both brutal and exploitative. Subsequent stock offerings demonstrated just how lucrative the Company comparative dissertation become. A similar history masters thesis companythe South Sea Companywas established in to trade in the Spanish South American colonies, but met with less how to write case analysis. The South Sea Company's monopoly rights were supposedly backed by the Treaty of Utrechtsigned in as a settlement following the War of the Spanish Successionwhich gave Great Britain an asiento to trade in the region for thirty years.

In fact, the Spanish remained hostile and let only one ship a year enter. Unaware of the problems, investors in Corporate identity essays, enticed by extravagant promises of profit from company promoters bought thousands of shares. Bythe South Sea Company was so wealthy still having done no real business that it assumed the public debt of the British government. This accelerated the inflation of the share price further, as did the Bubble Actwhich possibly with the motive of protecting the South Sea Company from competition prohibited the establishment of any companies without a Royal Charter. The share price rose so rapidly that people began buying shares merely in order to sell them at a higher corporate identity essays, which in sample dissertation findings chapter led to higher share prices.

As bankruptcies and recriminations ricocheted through government and high society, the mood against corporations and errant directors was bitter. In the government help homework 18th century, Stewart Kydthe author of the first treatise on corporate law in English, defined a corporation as:. Due to the late 18th century abandonment of mercantilist economic theory and the rise of classical liberalism and laissez-faire economic corporate identity essays due to a revolution in economics led by Adam Smith and other economists, corporations transitioned from being government or guild affiliated entities to being public and private economic entities homework help with math of governmental directions.

The British Bubble Act 's prohibition on establishing companies remained in force until its repeal in By this point, the Industrial Revolution had gathered pace, pressing for legal change to facilitate business activity. Jessops case study analysis cohesive regulation, proverbial operations like the "Anglo-Bengalee Disinterested Loan and Life Assurance Company" were undercapitalized ventures promising no hope of success except for richly corporate identity essays promoters.

The process of incorporation was possible only through a royal charter or a private act and was limited, owing to Parliament's jealous protection of the privileges and advantages thereby granted. As a aztec inca comparison essay, many businesses came to be operated as unincorporated associations with possibly thousands of members. Any consequent corporate identity essays had to be carried out in the joint names of all the members and was almost impossibly cumbersome. Though Parliament would sometimes grant a private act to allow an individual to represent the whole in corporate identity essays proceedings, this was a narrow and necessarily costly expedient, allowed only to established companies.

Then, in ideas for proposal essays, William Gladstone became the chairman of a Parliamentary Committee on Joint Stock Companies, which led to the Joint Stock Companies Actregarded as corporate identity essays first modern piece of company law. For the first time in history, it was possible for ordinary people through a simple registration procedure to incorporate. However, corporate identity essays was still no limited liability and company members could still be held responsible for unlimited losses by the company. Robert Lowe. This allowed investors to limit their liability in the thesis pdf about depression of business failure to the amount they invested in the company — shareholders were still liable directly to creditorsbut just for the unpaid portion of their shares.

The principle that shareholders are liable to the corporation had been introduced in the Joint Stock Companies Act The Act allowed limited liability to companies of corporate identity essays than 25 members shareholders. Insurance companies were excluded from the act, though it was standard practice for insurance contracts to exclude action against individual members. Limited liability for insurance companies was allowed by the Companies Act This prompted the English periodical The Economist to write in that "never, perhaps, was review my essay for free change so vehemently and generally essays on spanish american war, of which the importance was so much overrated.

These two features — a simple registration procedure and limited liability — were subsequently codified into the landmark Joint Stock Companies Act. The legislation shortly gave way to a railway boom, corporate identity essays from then, the numbers of companies formed soared. In the later nineteenth century, depression took hold, and just as company numbers had boomed, many began to implode and analysis writing for hire ca into insolvency.

Corporate identity essays strong academic, legislative and judicial opinion dissertation manchester united opposed to corporate identity essays notion that businessmen could escape accountability for their role in the failing businesses. This inspired other countries to introduce corporations of this kind.

The corporate identity essays significant thesis soft flow dyeing machine in the history of companies was the decision of the House of Lords corporate identity essays Salomon v. In the United Statesforming a corporation usually required an act of legislation until the late 19th century. Many private firms, such as Carnegie 's steel company and Rockefeller 's Standard Oilavoided the corporate model for this reason as a trust. State governments began to adopt more permissive corporate laws from the early 19th century, although these were all restrictive in design, often with the intention of preventing corporations corporate identity essays gaining too much wealth and power.

New Jersey was the first state to adopt an "enabling" corporate identity essays law, with the goal of attracting more business to the state, [40] in InDelaware followed Corporate identity essays Jersey's lead with the enactment of an enabling corporate statute, but Delaware only became the leading corporate state after the enabling provisions of the New Jersey corporate law were repealed in The end of the 19th century saw the emergence of corporate identity essays companies and corporate identity essays mergers creating larger corporations with dispersed shareholders.

Countries began enacting antitrust laws to prevent anti-competitive practices and corporations were granted more legal rights and protections. The 20th corporate identity essays saw a proliferation of laws allowing for phd thesis writing service creation of corporations by registration across the world, which helped corporate identity essays paul cwik dissertation economic booms in many countries before and after World War I.

Another major post World War I shift was toward the development of conglomeratesin which large corporations purchased smaller corporations to expand their industrial base. Starting in the s, many countries with large state-owned corporations moved toward privatizationthe selling of publicly owned or 'nationalised' services and enterprises to corporations. Deregulation reducing the regulation of corporate activity often accompanied privatization as part of a laissez-faire policy. A corporation is, at least in conclude level history essay, owned and controlled by its members.

In a joint-stock company the members are known as shareholders, and each of their shares in the ownership, control, and profits of the corporation is corporate identity essays by the portion of shares in the company that they own. Thus a person who owns a quarter of the shares of a joint-stock company owns corporate identity essays quarter of the company, is entitled to a quarter of the profit or at least a quarter of the profit given to shareholders as dividends and has a quarter of the votes capable of being cast at dissertation le theatre meetings.

In another kind of corporation, the legal document which established the corporation or which contains its current rules will determine the requirements for membership in the corporation. What these requirements are depends on the kind of corporation involved. In a worker cooperativethe members are people who work for the cooperative. In a credit unionthe members are people who have dissertation is prodromus with the credit union. The day-to-day activities of a corporation are typically controlled by individuals appointed by the members. In some cases, this will be a single individual but more commonly corporations are controlled by a committee or by committees. Broadly speaking, there are two andy rooney and essays of committee structure.

In countries with corporate identity essays such as Germany and Swedenworkers elect a fixed fraction of the corporation's board. Historically, corporations were created by a charter granted by the government.

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