Misplaced Pages

#186813

94-730: The Worshipful Company of Cordwainers is one of the Livery Companies of the City of London . Cordwainers were workers in fine leather; the Company gets its name from "cordwain" ( cordovan ), the white leather produced from goatskin in Cordova , Spain . All fine leather makers, including Girdlers and Glovers , were originally classified as cordwainers; however, the term eventually came to refer only to fine leather footwear , including boots . The Cordwainers' Company, which received

188-491: A court of Assistants (board of directors), responsible for company business and electing its Master and Wardens. The " Clerk to the Company" is the most senior permanent member of staff, who as chief executive officer runs its day-to-day activities. The livery companies elect a majority of the members of the Livery Committee, a body administered at Guildhall . The committee oversees the elections of Sheriffs and

282-732: A guild or meeting hall such as in Derry , a city in Northern Ireland founded and named after London livery companies in the 17th century. Though these halls faced destruction in the Great London Fire of 1666 and during the Blitz of World War II , over forty companies still own or share ownership of livery halls, some elaborate and historic, others modern replacements for halls destroyed or redeveloped. Most of these halls are made available for use by other companies not having

376-401: A legal person in a legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e., by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration . Corporations come in many different types but are usually divided by

470-451: A nobleman and then by extension to special dress to denote status of belonging to a trade. Livery companies evolved from London 's medieval guilds , becoming corporations by royal charter responsible for training in their respective trades, as well as for the regulation of aspects such as wage control, labour conditions and industry standards. Early guilds often grew out of parish fraternal organizations , where numerous members of

564-492: A separate legal person was mainly administrative, as a unified entity under which the rights and duties of all investors and managers could be channeled. However, there was still no limited liability and company members could still be held responsible for unlimited losses by the company. The next, crucial development, then, was the Limited Liability Act 1855 , passed at the behest of the then Vice President of

658-531: A challenge/demand from the floor for a ballot which would be held a week later. Any two liverymen may nominate a candidate for the freedom of the City. Before the Reform Act 1832 the liverymen had the exclusive right to elect the four Members of Parliament (MPs) representing the City. Between 1832 and 1918 being a liveryman was one of a number of possible franchises which could qualify a parliamentary elector in

752-400: A charter granted by the government. As explained above, such charters were often enacted as private bills . Today, a corporation is formed, or incorporated , by registering with the state, province, or national government and regulated by the laws enacted by that government. Registration is the main prerequisite to the corporation's assumption of limited liability. The law sometimes requires

846-489: 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 kinds of committee structure. In countries with co-determination (such as in Germany ), workers elect a fixed fraction of the corporation's board. Historically, corporations were created by

940-436: A corporation as: a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by the policy of the law, with the capacity of acting, in several respects, as an individual, particularly of taking and granting property, of contracting obligations, and of suing and being sued, of enjoying privileges and immunities in common, and of exercising

1034-439: A corporation; shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary 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 having the right to vote for representatives on the board of directors in a company. The word "corporation" derives from corpus ,

SECTION 10

#1732798229187

1128-451: A corps rather than a guild. City Livery Club , founded in 1914, is a livery-oriented organisation of over 1000 members based at Bell Wharf Lane near Southwark Bridge. The club's motto is uniting the livery, promoting fellowship . The Guild of Young Freemen and the Guild of Freemen of the City of London , whilst not being livery companies, are popular associations amongst the freemen of

1222-424: A distinct name. Historically, some corporations were named after the members of their boards of directors: for example, the " President and Fellows of Harvard College " is the name of one of the two governing boards of Harvard University , but it is also the exact name under which Harvard was legally incorporated. Nowadays, corporations in most jurisdictions have a distinct name that does not need to make reference to

1316-764: A livery hall of their own. Most ancient livery companies maintain contact with their original trade or craft. In some cases, livery companies have chosen to support a replacement industry fulfilling a similar purpose today, e.g. plastics replacing use of horn or ivory in the case of the Horners' Company and fashion for the Haberdashers' Company . Modern companies are mainly represented by today's professions and industry and operate in close association with these. Many ancient crafts remain as relevant today as when their guilds were originally established. Some still exercise powers of regulation, inspection and enforcement, e.g.

1410-537: A partnership arose. Early guilds and livery companies were also often involved in the regulation of competition between traders. Dutch and English chartered companies, such as the Dutch East India Company (also known by its Dutch initials: VOC) and the Hudson's Bay Company , were created to lead the colonial ventures of European nations in the 17th century. Acting under a charter sanctioned by

1504-553: A partnership or some other form of collective ownership (in the United States it can be used by a sole proprietorship but this is not generally the case elsewhere). Despite not being human beings, corporations have been ruled legal persons in a few countries, and have many of the same rights as natural persons do. For example, a corporation can own property, and can sue or be sued for as long as it exists. Corporations can exercise human rights against real individuals and

1598-481: A private act to allow an individual to represent the whole in legal proceedings, this was a narrow and necessarily costly expedient, allowed only to established companies. Then, in 1843, William Gladstone became the chairman of a Parliamentary Committee on Joint Stock Companies, which led to the Joint Stock Companies Act 1844 , regarded as the first modern piece of company law. The Act created

1692-466: A proliferation of laws allowing for the creation of corporations by registration across the world, which helped to drive economic booms in many countries before and after World War I. Another major post World War I shift was toward the development of conglomerates , in which large corporations purchased smaller corporations to expand their industrial base. Starting in the 1980s, many countries with large state-owned corporations moved toward privatization ,

1786-574: A tie, scarf, badge or brooch. Freemen are expected to advance to become liverymen by a vote of the court of each company. Liverymen no longer have any local government franchise in the City, but retain the exclusive right of voting in the election of the Lord Mayor (Michaelmas 'Common Hall' 29 September) and for the Sheriffs (Mid-Summer 'Common Hall' 24 June) held at Guildhall as a ceremonial occasion. The votes are made by 'acclamation' subject to

1880-958: A variety of political rights, more or less extensive, according to the design of its institution, or the powers conferred upon it, either at the time of its creation or at any subsequent period of its existence. Due to the late 18th century abandonment of mercantilist economic theory and the rise of classical liberalism and laissez-faire economic theory 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 free of governmental directions. Smith wrote in his 1776 work The Wealth of Nations that mass corporate activity could not match private entrepreneurship, because people in charge of others' money would not exercise as much care as they would with their own. The British Bubble Act 1720s prohibition on establishing companies remained in force until its repeal in 1825. By this point,

1974-413: Is a favourite theory for the origin of the phrase " at sixes and sevens ", as has been pointed out by at least one Master Merchant Taylor; however, it is possible that the phrase may have been coined before the dispute arose, as it comes from the companies both receiving their Charters in 1327 with no proof surviving as to which was granted first. Company without Livery is a status which applies during

SECTION 20

#1732798229187

2068-470: Is a type of guild or professional association that originated in medieval times in London , England. Livery companies comprise London's ancient and modern trade associations and guilds, almost all of which are styled the "Worshipful Company of" their respective craft , trade or profession . There are 111 livery companies in total. They play a significant part in the life of the City of London (i.e.

2162-520: Is appreciated that any increase in the overall number of livery halls would inevitably lead to some dilution of use of the existing halls. There is also attraction in belonging to a company which is peripatetic . In 1515, the Court of Aldermen of the City of London settled an order of precedence for the 48 livery companies then in existence, based on those companies' contemporary economic or political power. The 12 highest-ranked companies remain known as

2256-473: Is authorized to issue, and the names and addresses of directors. Once the articles are approved, the corporation's directors meet to create bylaws that govern the internal functions of the corporation, such as meeting procedures and officer positions. In theory, a corporation cannot own its own stock. An exception is treasury stock , where the company essentially buys back stock from its shareholders, which reduces its outstanding shares. This essentially becomes

2350-444: Is generally limited to their investment. One of the attractive early advantages business corporations offered to their investors , compared to earlier business entities like sole proprietorships and joint partnerships , was limited liability. Limited liability separates control of a company from ownership and means that a passive shareholder in a corporation will not be personally liable either for contractually agreed obligations of

2444-447: Is limited: one can only collect from whatever assets the entity still controls when one obtains a judgment against it. Corporate names are supposed to be unique to the jurisdiction in which the corporation is registered. Governments will not allow another corporation or any other kind of legal entity to register a name that is too similar to the name of an existing corporation. However, since "different states may register entities with

2538-407: Is usually required to register with other governments as a foreign corporation and must formally appoint a registered agent to accept service of process within such other jurisdictions. A foreign corporation is almost always subject to the laws of its host state pertaining to external affairs such as employment , crimes , contracts , civil actions , and the like. Corporations generally have

2632-553: The Administration of Justice Act 1977 , being in no way guilds never having been related to trading and occupational activities. Guilds which at one point attained the status of livery companies and have since ceased to exist include the following: Corporation A corporation is an organization —usually a group of people or a company —authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute";

2726-459: The City and Guilds of London Institute . From their inception, livery companies cared for their members in sickness and old age by the giving of alms . Today, they continue to support both their members, and wider charitable aims and activities such as education and training . Numerous educational establishments in England were founded by and retain association with livery companies, among

2820-716: The City of London Solicitors' Company and the Worshipful Company of Engineers . Other companies whose trade died out long ago, such as the Bowyers' Company , have evolved into being primarily charitable foundations . Some companies, such as the Pinmakers, disappeared entirely in the Victorian era . After the Carmen's Company received City livery status in 1848 no new companies were established for 80 years until

2914-586: The City of London constituency , as it was a preserved ancient borough franchise under the terms of the 1832 Act. Today 39 out of 111 City livery companies own premises in London, as well as the Watermen and Lightermen which although not strictly a livery company, retains headquarters still in regular use. Among the earliest companies known to have had halls are the Merchant Taylors and Goldsmiths in

Worshipful Company of Cordwainers - Misplaced Pages Continue

3008-565: The Company of Parish Clerks nor the Company of Watermen have applied or intend to apply for livery status, which remains a long-standing City tradition. This is granted by the City Corporation in effect to control a company. The Watermen and Parish Clerks are governed by statutes and royal charters with responsibilities outside the City. The Company of Watermen and Lightermen was established by Act of Parliament in 1555 to regulate

3102-642: The Honourable Company of Master Mariners in 1926 (granted livery in 1932). Post-1926 creations are known as modern livery companies . The Nurses' Company , the newest, was granted livery status in 2023, making it the 111th City livery company in order of precedence . The Honourable Company of Air Pilots is exceptional among London's livery companies in having active overseas committees in Australia, Canada, Hong Kong, New Zealand and North America. Livery companies were originally formed, starting in

3196-715: The Industrial Revolution had gathered pace, pressing for legal change to facilitate business activity. The repeal was the beginning of a gradual lifting on restrictions, though business ventures (such as those chronicled by Charles Dickens in Martin Chuzzlewit ) under primitive companies legislation were often scams. Without 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 paid promoters. The process of incorporation

3290-617: The Ironmongers . Many livery halls can be hired for business and social functions, and are popular for weddings , commercial and society meetings, luncheons and dinners. Three livery companies (the Glaziers and Painters of Glass , Launderers and Scientific Instrument Makers ) share a hall in Southwark , just south of and outside the City of London, while the Worshipful Company of Gunmakers has long been based at Proof House in

3384-620: The Latin word for body, or a "body of people". By the time of Justinian (reigned 527–565), Roman law recognized a range of corporate entities under the names Universitas , corpus or collegium . Following the passage of the Lex Julia during the reign of Julius Caesar as Consul and Dictator of the Roman Republic (49–44 BC), and their reaffirmation during the reign of Caesar Augustus as Princeps senatus and Imperator of

3478-479: The London Borough of Tower Hamlets . Companies without halls customarily book use of another livery hall for their formal gatherings, giving members and guests the opportunity to visit and enjoy different City livery halls by rotation. Blue plaques throughout the City of London indicate where companies formerly had halls. Whilst several livery companies may aspire to owning or regaining their own hall it

3572-457: The Registrar of Joint Stock Companies , empowered to register companies by a two-stage process. The first, provisional, stage cost £5 and did not confer corporate status, which arose after completing the second stage for another £5. For the first time in history, it was possible for ordinary people through a simple registration procedure to incorporate. The advantage of establishing a company as

3666-853: The Roman Army (27 BC–14 AD), collegia required the approval of the Roman Senate or the Emperor in order to be authorized as legal bodies . These included the state itself (the Populus Romanus ), municipalities, and such private associations as sponsors of a religious cult , burial clubs , political groups, and guilds of craftsmen or traders. Such bodies commonly had the 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. Private associations were granted designated privileges and liberties by

3760-471: The Square Mile , less competitive. The City adapted with Britain's role in the expansion of global trade by establishing exchanges which later became guardians of business conduct . From the 1870s however, there was a revival, with livery companies extending their original educational purpose to technical education, supporting new industries and providing the necessary training, most notably through

3854-729: The War of the Spanish Succession , which 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 Britain, enticed by extravagant promises of profit from company promoters bought thousands of shares. By 1717, the South Sea Company was so wealthy (still having done no real business) that it assumed

Worshipful Company of Cordwainers - Misplaced Pages Continue

3948-601: The freedom of the City of London , now an essential formality, though in the past the Freedom carried benefits, such as being able to drive a flock of sheep across London Bridge at no charge. Livery companies are governed by a Master (alternatively styled Prime Warden in some companies, or Upper Bailiff of the Weavers' Company), a number of Wardens (holding various titles such as the Upper, Middle, Lower, or Renter Wardens), and

4042-463: The order of precedence of Livery Companies and is the highest ranked one without its own Livery Hall. The Company's motto is Corio et Arte , Latin for Leather and Art . The livery hall of the Cordwainers, Cordwainers' Hall , though rebuilt several times, stood at the same site near St. Paul's Churchyard from 1316 until its final destruction in the London blitz in 1941. The livery hall

4136-562: The public debt of the British government. This accelerated the inflation of the share price further, as did the Bubble Act 1720 , which (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 price, which in turn led to higher share prices. This

4230-612: The watermen on the River Thames responsible for the movement of goods and passengers and remains the only ancient City guild to be formed and governed by Act of Parliament. They are then strictly not 'companies without livery' at all but simply 'companies'. The Ward Beadles of the City of London are the elected officials, not representatives, of the City Wards so have constitutional standing. They are associated together for mainly communications and social activities; they are

4324-521: The 12th century, to guarantee that a member was trustworthy and fully qualified, and that the goods they produced were of reputable quality, the two-fold aim being to protect the public and to protect members from charlatans. After the Middle Ages , they continued to be established until the 17th century, when political upheaval in England, the growth of London outwards from the City rendered many such livery companies, which only controlled trade within

4418-542: The 14th century, and, uniquely, the kitchen and the crypt of Merchant Taylors' Hall survived both the Great Fire of London and the Blitz , the kitchen now having been in uninterrupted use for over 600 years. Besides part of Merchant Taylors' Hall kitchens, the oldest interiors extant of a livery hall proper are those of the Apothecaries' Society , most rooms of which date from 1668 to 1671; significant portions of

4512-658: The Board of Trade, Robert Lowe . This allowed investors to limit their liability in the event of business failure to the amount they invested in the company – shareholders were still liable directly to creditors , but 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 1844). The 1855 Act allowed limited liability to companies of more than 25 members (shareholders). Insurance companies were excluded from

4606-477: The City's Sheriffs , Bridge Masters, Ale Conners , Auditors, members of the City Livery Committee, and approve the aldermanic candidates for election to the office of Lord Mayor of London . Entry to a livery company may be by one of four routes: Regardless of method of entry, membership carries the same duties, responsibilities and privileges. Membership of a livery company may combine with

4700-713: The City, with the young freemen being open to those under the age of 40. The Honourable Company of Freemen of the City of London of North America (headquartered in Toronto, Ontario, Canada) represents Freemen and Liverymen of the City of London living in North America. The City Corporation of London retains the lordship of three manors in Southwark ( Guildable , King's and Great Liberty ). Now membership organisations, members are eligible to serve as ceremonial officers or jurors in their relevant manorial jurisdiction . These courts retain legal-standing under

4794-713: The Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands in order to profit from the European demand for spices . Investors in the VOC were issued paper certificates as proof of share ownership, and were able to trade their shares on the original Amsterdam Stock Exchange . Shareholders were also explicitly granted limited liability in

SECTION 50

#1732798229187

4888-699: The English East India Company would come to symbolize the dazzlingly rich potential of the corporation, as well as new methods of business that could be both brutal and exploitative. On 31 December 1600, Queen Elizabeth I granted the company a 15-year monopoly on trade to and from the East Indies and Africa . By 1711, shareholders in the East India Company were earning a return on their investment of almost 150 per cent. Subsequent stock offerings demonstrated just how lucrative

4982-642: The Goldsmiths' Company Assay Office , while others are awarding bodies for professional qualifications. The Scriveners' Company admits senior members of legal and associated professions, the Apothecaries' Society awards post-graduate qualifications in some medical specialities, and the Hackney Carriage Drivers' Company comprises licensed taxi drivers who have passed the " Knowledge of London " test. Several companies restrict membership to those holding relevant professional qualifications, e.g.

5076-558: The Great Twelve City Livery Companies. Presently, there are 111 City livery companies, with the newer companies generally being ranked by seniority of creation. The origins of some companies, and the granting of their liveries, are now obscure. The Merchant Taylors and the Skinners have long disputed their precedence, so once a year (at Easter) they swap between sixth and seventh places. This mix-up

5170-472: The Lord Mayor, educates liverymen regarding the City Corporation's activities and represents the livery companies in communications with the City. Membership generally falls into two categories: freemen and liverymen. One may become a freeman, or be admitted to the "freedom of the company", upon fulfilling certain criteria: traditionally, by "patrimony", if either parent/grandparent were a liveryman of

5264-525: The Master, Wardens and Assistants wear livery gowns at company functions. Masters wear them at the City's formal events, e.g. the two Common Halls and the United Guilds Service, and Lord Mayor's Show, wherever they may participate. Ordinarily, liverymen wear ties or brooches at formal functions and each company differs by allowing men/women to wear distinct items subject to the occasion, such as

5358-472: The UK, such as fraud and corporate manslaughter . However, corporations are not considered living entities in the way that humans are. Legal scholars and others, such as Joel Bakan , have observed that a business corporation created as a "legal person" has a psychopathic personality because it is required to elevate its own interests above those of others even when this inflicts major risks and grave harms on

5452-539: 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 1862 . This prompted the English periodical The Economist to write in 1855 that "never, perhaps, was a change so vehemently and generally demanded, of which the importance was so much overrated." The major error of this judgment

5546-612: The annual election of the Lord Mayor of London , the Sheriffs and various other City civic offices, including the Ale Conners and Bridge Masters . A liveryman is a full member of his/her respective company. When a freeman is promoted liveryman, the candidate is said to be 'clothed in the livery': indeed, a livery gown is placed on him at the Court meeting which he wears to the subsequent formal or social occasion. Thereafter only

5640-502: The best-known being the Haberdashers' , Merchant Taylors' and Skinners' schools. Most livery companies maintain proud affiliations with regular and reserve units of the British Armed Forces , providing links between civilian and military life. The livery companies have always been a constituent part of the governance of the City of London . The senior members of the livery companies, i.e. liverymen , elect

5734-613: The company had become. Its first stock offering in 1713–1716 raised £418,000, its second in 1717–1722 raised £1.6 million. A similar chartered company , the South Sea Company , was established in 1711 to trade in the Spanish South American colonies, but met with less success. The South Sea Company's monopoly rights were supposedly backed by the Treaty of Utrecht , signed in 1713 as a settlement following

SECTION 60

#1732798229187

5828-556: 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 in 1600, was 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

5922-496: The company; by "servitude", if one has served a requisite number of years as an apprentice to a senior company member; or by "redemption", upon paying a fee. Most livery companies reserve the right to admit distinguished people, particularly in their sphere of influence, as Honorary Freeman/Liveryman/Assistant . Freemen may advance to become liverymen, after obtaining the Freedom of the City of London , and with their court of Assistants' approval. Only liverymen are eligible to vote in

6016-402: 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 from gaining too much wealth and power. New Jersey was the first state to adopt an "enabling" corporate law, with the goal of attracting more business to

6110-427: The corporate status of the entity (for example, "Incorporated" or "Inc." in the United States) or the limited liability of its members (for example, "Limited", "Ltd.", or "LLC"). These terms vary by jurisdiction and language. In some jurisdictions, they are mandatory, and in others, such as California, they are not. Their use puts everybody on constructive notice that they are dealing with an entity whose liability

6204-408: The corporation is determined 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 a 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 general meetings. In another kind of corporation,

6298-408: The corporation to designate its principal address, as well as a registered agent (a person or company designated to receive legal service of process). It may also be required to designate an agent or other legal representatives of the corporation. Generally, a corporation files articles of incorporation with the government, laying out the general nature of the corporation, the amount of stock it

6392-556: The corporation, or for torts (involuntary harms) committed by the corporation against a third party (acts done by the controllers of the corporation). Where local law 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 are referred to as non-stock corporations ; i.e. those who are considered

6486-406: The emperor. The concept of the corporation was revived in the Middle Ages with the recovery and annotation of Justinian's Corpus Juris Civilis by the glossators and their successors the commentators in the 11th–14th centuries. Particularly important in this respect were the Italian jurists Bartolus de Saxoferrato and Baldus de Ubaldis , the latter of whom connected the corporation to

6580-422: The equivalent of unissued capital, where it is not classified as an asset on the balance sheet (passive capital). Under the internal affairs doctrine , the law of the jurisdiction in which a corporation is incorporated will govern its internal activities—that is, conflicts between shareholders and managers such as the board of directors and corporate officers. If a corporation operates outside its home state, it

6674-409: The fabric of this building are also medieval, from the 13th-century priory, part of which became Apothecaries' Hall. Several companies that do not have a hall of their own share office premises within the hall of another company on a semi-permanent basis, examples being the Spectacle Makers' Company , which uses part of Apothecaries' Hall, and the Worshipful Company of Shipwrights , which co-habits with

6768-511: The financial district and historic heart of the capital ), not least by providing charitable-giving and networking opportunities. Liverymen retain voting rights for the senior civic offices , such as the Lord Mayor , Sheriffs and Common Council of the City Corporation , London's ancient municipal authority with extensive local government powers. The term livery originated in the designed form of dress worn by retainers of

6862-460: 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 dependent 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",

6956-661: The history of companies was the 1897 decision of the House of Lords in Salomon v. Salomon & Co. where the House of Lords confirmed the separate legal personality of the company, and that the liabilities of the company were separate and distinct from those of its owners. In the United States , forming 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 Oil , avoided

7050-650: The landmark 1856 Joint Stock Companies Act . This was subsequently consolidated with a number of other statutes in the Companies Act 1862, which remained in force for the rest of the century, up to and including the time of the decision in Salomon v A Salomon & Co Ltd . The legislation shortly gave way to a railway boom, and 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 fall into insolvency. Much strong academic, legislative and judicial opinion

7144-521: The law of the jurisdiction where they are chartered based on two aspects: whether they can issue stock , or whether they are formed to make a profit . Depending on the number of owners, a corporation can be classified as aggregate (the subject of this article) or sole (a legal entity consisting of a single incorporated office occupied by a single natural person ). Registered corporations have legal personality recognized by local authorities and their shares are owned by shareholders whose liability

7238-425: 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 cooperative , the members are people who work for the cooperative. In a credit union , the members are people who have accounts with the credit union. The day-to-day activities of

7332-532: The lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun , Sweden , obtained a charter from King Magnus Eriksson in 1347. In medieval times , traders would do business through common law constructs, such as partnerships . Whenever people acted together with a view to profit, the law deemed that

7426-417: The members of their boards. In Canada, this possibility is taken to its logical extreme: many smaller Canadian corporations have no names at all, merely numbers based on a registration number (for example, "12345678 Ontario Limited"), which is assigned by the provincial or territorial government where the corporation incorporates. In most countries, corporate names include a term or an abbreviation that denotes

7520-488: The metaphor of the body politic to describe the state . Early entities which carried on business and were the subjects of legal rights included the collegium of ancient Rome and the sreni of the Maurya Empire in ancient India. In medieval Europe, churches became incorporated, as did local governments, such as the City of London Corporation . The point was that the incorporation would survive longer than

7614-408: The owners of a non-stock corporation are persons (or other entities) who have obtained membership in the corporation and are referred to as a member of the corporation. 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. Shareholders do not typically actively manage

7708-506: The period between when a guild is recognised by the Court of Aldermen and when it is granted the rights of a livery. A guild initially applies to be a London Guild , and may later apply to the Court to become a Company of the City of London . After an indefinite period, such a Company of the City of London can apply to the Aldermen for livery status; if granted, they can thereafter use the honorific prefix Worshipful Company . Neither

7802-411: The public or on other third-parties. Such critics note that the legal mandate of the corporation to focus exclusively on corporate profits and self-interest often victimizes employees, customers, the public at large, and/or the natural resources . The political theorist David Runciman notes that corporate personhood forms a fundamental part of the modern history of the idea of the state , and believes

7896-508: The right to regulate City trade in 1272, obtained a Royal Charter of incorporation in 1439. The status of the Company as a trade association has lessened over the years; the Company is now, as are most other Livery Companies, a charitable body. Other leather-linked Livery Companies, which enjoy close relations with the Cordwainers include the Curriers , Leathersellers , Saddlers , Girdlers and Glovers . The Company ranks twenty-seventh in

7990-407: The same names, a corporate name is a unique identifier only when combined with the name of the state of incorporation". This explains why lawyers in legal papers often expressly refer to a corporation's state of incorporation after the first mention of its name. Some jurisdictions do not allow the use of the word " company " alone to denote corporate status, since the word " company " may refer to

8084-739: The same trade lived in close proximity often congregating at the same church . Like most organisations during the Middle Ages , these livery companies had close ties with the Roman Catholic Church (before the Protestant Reformation ), endowing religious establishments such as chantry chapels and churches , observing religious festivals and hosting ceremonies as well as well-known mystery plays . Most livery companies retain their historical religious associations, although nowadays members are free to follow any faith or none. Livery companies invariably established

8178-431: The 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 theory, 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

8272-500: The state, and they can themselves be responsible for human rights violations. Corporations can be "dissolved" either by statutory operation, the order of the court, or voluntary action on the part of shareholders. Insolvency may result in a form of corporate failure, when creditors force the liquidation and dissolution of the corporation under court order, but it most often results in a restructuring of corporate holdings. Corporations can even be convicted of special criminal offenses in

8366-581: The state, in 1896. In 1899, Delaware followed New 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 1896 New Jersey corporate law were repealed in 1913. The end of the 19th century saw the emergence of holding companies and corporate 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 century saw

8460-533: Was not rebuilt after the war. However, a window was removed from the hall for safekeeping in 1939. Thus surviving the destruction of the hall in 1941, it was re-installed in the Holy Sepulchre church in London in 1973. 51°30′41″N 0°04′52″W  /  51.51144°N 0.08109°W  / 51.51144; -0.08109 This London -related article is a stub . You can help Misplaced Pages by expanding it . Livery Company A livery company

8554-484: Was opposed to the notion that businessmen could escape accountability for their role in the failing businesses. In 1892, Germany introduced the Gesellschaft mit beschränkter Haftung with a separate legal personality and limited liability even if all the shares of the company were held by only one person. This inspired other countries to introduce corporations of this kind. The last significant development in

8648-454: 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 result, many businesses came to be operated as unincorporated associations with possibly thousands of members. Any consequent litigation had to be carried out in the joint names of all the members and was almost impossibly cumbersome. Though Parliament would sometimes grant

8742-534: Was recognised by the same magazine more than 70 years later, when it claimed that, "[t]he economic historian of the future... may be inclined to assign to the nameless inventor of the principle of limited liability, as applied to trade corporations, a place of honour with Watt and Stephenson , and other pioneers of the Industrial Revolution. " These two features – a simple registration procedure and limited liability – were subsequently codified into

8836-417: Was the first speculative bubble the country had seen, but by the end of 1720, the bubble had "burst", and the share price sank from £1,000 to under £100. As bankruptcies and recriminations ricocheted through government and high society, the mood against corporations and errant directors was bitter. In the late 18th century, Stewart Kyd , the author of the first treatise on corporate law in English, defined

#186813