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89-474: Case's corporate entities and brands changed repeatedly in the 1980s and 1990s. When its corporate parent, Tenneco , bought International Harvester 's agricultural equipment division and merged it into Case, the J. I. Case Company continued, but it began using the Case IH brand. In the 1990s it changed names several more times (each name including "Case") before its merger into CNH Global ended its history as

178-492: 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

267-400: 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

356-482: A combine in a single operation, but the much lighter binder is still in use in small fields or mountain areas too steep or inaccessible for heavy combines. Reaper-binders were in wide use in the People's Republic of Poland , but farmers often could not operate them due to shortages of twine and a lack of replacement parts. This was such a regular occurrence that baling twine ( Polish : sznurek do snopowiązałki ) remains

445-489: 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

534-436: 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

623-558: 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 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 ,

712-485: A corporation that is majority-owned by Fiat Industrial . The name Case lives on in two CNH brands: Case CE (from "Construction Equipment"), which is the world's third largest brand of construction equipment, and Case IH , which is the world's second largest brand of agricultural equipment. Jerome Increase Case (1819–1891) was born to a farming family in Williamstown, New York . As a young child, Case read about

801-439: 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 ,

890-464: A distinct entity. Various CNH brands continue to make use of the Case name, such as Case CE and Case IH. Founded by Jerome I. Case in 1842 as the J. I. Case Threshing Machine Company, the company operated under that name for most of a century, until 1928. In some of its advertisements the name was styled J. I. Case T. M. Co. for short. Another business founded by Jerome I. Case, the J. I. Case Plow Works,

979-424: 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

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1068-633: A machine that could cut wheat without people needing to use their hands. He developed an interest in agriculture at that point. Case took small, hand-powered threshing machines to Wisconsin in 1842, where he improved the design and established a company to manufacture them. In 1843, Case moved the business to Racine, Wisconsin , in order to have better access to water power, and opened the Racine Threshing Machine Works. In 1863, Case partnered with three of his top employees, Massena Erskine , Robert Baker and Stephen Bull . Case

1157-399: 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 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,

1246-537: 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

1335-553: 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

1424-481: 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

1513-466: 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 ,

1602-958: 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,

1691-494: Is a farm implement that improved upon the simple reaper . The binder was invented in 1872 by Charles Baxter Withington, a jeweler from Janesville, Wisconsin. In addition to cutting the small-grain crop, a binder also 'binds' the stems into bundles or sheaves . These sheaves are usually then 'shocked' into A-shaped conical stooks , resembling small tipis , to allow the grain to dry for several days before being picked up and threshed . Withington's original binder used wire to tie

1780-473: 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

1869-447: 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

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1958-407: 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

2047-678: The American Tractor Corporation (ATC). ATC was founded in 1950 and was a producer of small crawler tractors. Their production of dozers (marketed as Terradozers) and development of an integrated backhoe was of particular interest to Case. Case dropped the ATC name in 1959 only retaining the Terratrac name for the drive trains. This led to a hybrid tractor being rolled out of the Burlington Plant in 1957. This model,

2136-715: 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

2225-620: 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

2314-457: 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

2403-853: 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

2492-729: 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

2581-562: 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

2670-471: The 320 Construction King, would become synonymous in the United States to the name backhoe loader . Since then Case has released other models such as the T-Series which includes the 580T, 580ST, 590ST and 695ST. In 1998, a jury awarded a construction worker over $ 17million in damages after a defect in the design of the 580 backhoe led to him being crushed and being paralyzed from the waist down while operating

2759-658: 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

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2848-662: The Case Jay-Eye-See Brougham (named for Case's horse ) and Case Touring-Y. Case evolved as World War II arrived by becoming involved in the manufacturing of shells for the United States and allied forces military, as well as airplane parts for the B-26s , bombs, and doors for the Sherman Tank . Three new plants were opened across the United States during that year, and, in 1942, the company produced its first self-propelled combine. That same year, Case released

2937-480: The Case brand name until 1987. In 1984, Case parent Tenneco bought selected assets of the International Harvester agriculture division and merged it with J. I. Case. All agriculture products are first labeled Case International and later Case IH . They used the 94 Series Case Utility, two- and four wheel drives for Case IH's first tractor together as a company. The first tractor developed by

3026-713: 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

3115-699: 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

3204-472: 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

3293-539: 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

3382-430: The bundle with string to form a sheaf. Once tied, the sheaf is discharged from the side of the binder, to be picked up by the 'stookers'. With the replacement of the threshing machine by the combine harvester , the binder has become almost obsolete. Some grain crops such as oats are now cut and formed into windrows with a swather . With other grain crops, such as wheat , the grain is now mostly cut and threshed by

3471-406: The bundles. There were problems with using wire and it was not long before William Deering invented a binder that successfully used twine and a knotter (invented in 1858 by John Appleby ). Early binders were horse-drawn, their cutting and tying-mechanisms powered by a bull-wheel, that through the traction of being pulled forward creates rotational forces to operate the mechanical components of

3560-613: 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

3649-401: The company won the first place in a plowing contest held in the so-called "old continent". Case at this time developed a wide line of products: threshers, binders, graders, water tanks, plows, buggies, and even automobiles. The advent of oil engines by the start of the 20th century, suggested a change on the horizon. From Froelich 's first tractors to Hart-Parr products, oil tractors seemed

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3738-541: The company's first cotton picker , which is currently preserved by the Smithsonian society. A protracted 440-day strike in Wisconsin of the Case factory weakened the company. For the next 31 years, the company went through more globalization, becoming a well-known company in the agricultural markets of Australia, Japan, and other places. Many other companies joined Case during this period. In 1957, Case bought out

3827-556: 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

3916-402: 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

4005-490: 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

4094-408: 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,

4183-632: 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 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

4272-408: 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

4361-403: The early 1920s dampened tractor sales; price-cutting to stimulate demand sparked a price war in the tractor industry (called the tractor war ). Ford, with a massive advantage in manufacturing capacity and distribution, had the upper hand, producing an estimated 73 percent of all American tractors, with IHC in a far away second place at nine percent, and several other companies sharing the rest of

4450-520: 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

4539-422: 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

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4628-500: The farm equipment brands were combined as Case IH , although the corporation legally remained the J. I. Case Company. It continued as such until 1994, when Tenneco divested it as the Case Equipment Corporation . Case Equipment became Case Corporation and later Case LLC . In 1999, Case LLC merged with New Holland Agriculture to form CNH Global , a Fiat Group division, which has since been demerged into

4717-401: The gas tractors were painted grey. In 1939, Case changed its color scheme to Flambeau Red, with the excavators being a ruddy yellow. By 1929, Case had expanded to Australia, Mexico, Sweden, and other countries. Also that year, the J. I. Case Company produced its first crawler tractor. S and V tractors were introduced in 1940. Automobiles produced by Case during the period 1911-1925/1927 include:

4806-460: 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",

4895-661: 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

4984-656: The iconic "eagle" smokebox covers. Case had built a total of 36,000 steamers by the time it switched to gas tractors in 1927. By 1902, five major American agricultural manufacturing companies decided that a consolidation was needed, and so the McCormick Harvesting Machine Company, the Deering Harvester Company , the Plano Manufacturing Company and two others merged their companies, rebranding

5073-406: The idea of the corporation as legal persons can help to clarify the role of citizens as political stakeholders , and to break down the sharp conceptual dichotomy between the state and the people or the individual, a distinction that, on his account, is "increasingly unable to meet the demands placed on the state in the modern world". Other Twine binder The reaper-binder , or binder ,

5162-650: 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

5251-425: 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

5340-532: 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

5429-595: The machine. In 1961, Case Corporation signed a deal with RyCSA and Metalúrgica Tandil (in Buenos Aires), to make Case tractors and agricultural implements under licence in Argentina. The models built were the 830 and the 831, made until 1964 when RyCSA closed down. 1964 brought the acquisition of Colt Garden Tractors . This was the first garden tractor powered by 'Hy-Drive", a form of hydraulic propulsion that allowed for various heavy duty attachments and eliminated

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5518-406: The machine. Later models were tractor-drawn and some were tractor-powered. (This mechanical power transfer is commonly referred to as a PTO or power take-off device.) Binders have a reel and a sickle bar , like a modern grain head for a combine harvester . The cut stems fall onto a canvas bed which conveys the cut stems to the binding mechanism. This mechanism bundles the stems of grain and ties

5607-417: 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

5696-706: The merger, CNH was forced to release its production plants in Doncaster , England and Winnipeg , Manitoba, Canada. The Doncaster site was bought by the ARGO-group, owner of tractor builder Landini , and brought back the McCormick brand. The plant in Winnipeg was taken over by the Buhler family to start Buhler Tractors. In Europe the merger with New Holland (including the former Fordson and Fiat tractor lines)

5785-538: 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

5874-607: The need for transaxle drive belts. The Kern County Land Company, using oil money, bought the Case Company. In turn Kern County sold Case to Tenneco Company of Texas. In 1972, Case bought the British tractor builder David Brown Ltd. In 1974, Case acquired most of the French construction equipment firm, Poclain . In 1983, during purchase of International Harvester assets, Case sold its garden tractor division to Ingersoll Power Equipment . Ingersoll tractors would continue to carry

5963-509: The new company conglomerate as International Harvester Company , which became one of the giants of industry. By 1895, the Case Company had begun to produce gasoline engines. By 1899, the Case Company entered the Russian market. In 1904, Case introduced the first all-steel thresher machine. Case sold their first gasoline tractor that year, and established a continuous presence in Europe when

6052-593: The new corporation was the Magnum. Introduced in 1987, the Magnum began production and the 94 series line was dropped. When Case IH bought out Steiger in 1986 they also continued the Steiger branding, and still do today. In 1996, Austrian tractor builder Steyr Tractor was purchased. The Case Corporation joined with New Holland N.V. to become CNH (Case-New Holland), now CNH Industrial , in November 1999. Because of

6141-526: The offer and a new facility, called the McCormick Works was built, in southwest Chicago. The McCormick company introduced the first of many twine binder machines in 1881, leading to the so-called "Harvester Wars" that gained the attention of the farm industry during the 1880s. In 1884, Case made a visit to a farm named after him in Minnesota upon receiving news that one of his thresher machines

6230-522: The percentages. In 1923, the IHC Farmall entered the agricultural industry, and Ford's stranglehold began to slip. That same year also, the 100,000th thresher machine produced by Case made its way out of the assembly line, marking an important milestone for the Case company. In 1927 the J. I. Case Company ceased building its legendary steam engines. Case steam engines, of which over 30,000 were produced, were painted in black with green machinery, while

6319-411: 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

6408-549: The revised Steyr tractor styling. These styling themes continue to this day. Corporation This is an accepted version of this page 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"; 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

6497-407: 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

6586-431: 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

6675-500: 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

6764-581: 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

6853-516: The steam traction engine business. By the start of the 20th century, Case was the most prolific North American builder of engines. These engines ranged in size from the diminutive 9 HP, to the standard 15, 25, 30, 40, 50, 65 HP and up to the plowing 75 and 80 HP sizes. Case also made the large 110 HP breaking engines with its notable two-story cab. Nine massive 150 HP hauling engines were made, in addition to steam rollers . Case engines were noted for their use of Woolf valve gear, feedwater heaters , and

6942-541: The way ahead. Case hired Joe Jagersberger , and he tested a motor by racing in the 1911 Indianapolis 500 . Case began production of the 30-60 oil engine in 1912. Case also produced kerosene tractors in the teen years, similar to the Rumely oil pulls. During World War I, Case's sales and demand grew dramatically in Europe. These increases were directly connected to the war; as many farm laborers became soldiers, each remaining farmer needed to become more productive, and machinery

7031-701: Was also involved in politics and horseracing. Over time, the company grew. J. I. Case introduced an eagle logo for the first time in 1865 based on Old Abe , a Wisconsin Civil War Regiment's mascot. Case constructed his first portable steam engine in 1869, an engine used to power wheat threshers. This engine is in the Smithsonian Museum in Washington, D.C. Case won first place at the 1878 Paris Exposition in France for his thresher. This

7120-536: Was an independent business. When the Plow Works was bought by Massey-Harris in 1928, the latter sold the name rights to the J. I. Case Threshing Machine Company, which reincorporated as the J. I. Case Company. That company, which became majority-owned by Tenneco in 1967 and a wholly owned subsidiary in 1970, was often called by the simple brand name Case . In 1984, Tenneco bought International Harvester's agricultural equipment division and merged it into Case, and

7209-550: 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 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

7298-428: Was not working. Infuriated by the fact that he could not fix the machine himself, he set it ablaze the next day, and sent the owner a brand new thresher machine upon return to Wisconsin. In 1890, the Case Company expanded to South America, opening a factory in Argentina. In 1891, the company's founder died. By this time the Case company produced portable steam engines to power the threshing machines, and later went into

7387-484: 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

7476-454: 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

7565-534: 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

7654-417: 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

7743-579: Was the first thresher sent abroad by the Case company and was the first of thousands which would later be exported internationally. It is at this time that Case created his first self-propelled traction engine , with a drive mechanism on one of his portable engines. Meanwhile, in 1871 the Great Chicago Fire destroyed the McCormick factory. Despite Case's offer to help McCormick with the manufacturing of their machines, McCormick Company refused

7832-557: Was the success Case IH expected. In 2006, Case IH came with a plan to bring back the "International" feel to their products. They brought back the old International Harvester logo, and made more technical difference between the two brands. Montgomery Design International redid the industrial design and styling of the MAGNUM and several other new Case IH products as well as the New Holland "Cat's Eye" styling on all New Holland tractors and

7921-486: Was the way to make this happen. In 1919, John Deere entered the harvester business, and International Harvester's reply to their new competition was to purchase P&O Plowing of Canton, Illinois, and the Chattanooga Plowing company of Chattanooga, Tennessee. Henry Ford also entered the tractor business with his Fordson Tractor produced at the massive Rouge River plant . An economic downturn during

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