A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders . Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.
145-630: Aktiebolag ( Swedish pronunciation: [ˈâktsɪɛbʊˌlɑːɡ] , " stock company ") is the Swedish term for " limited company " or " corporation ". When used in company names, it is abbreviated as AB (in Sweden ), Ab (in Finland ), or, rarely, A/B (dated), roughly equivalent to the abbreviations Corp. , Ltd. , and PLC . The state authority responsible for registration of aktiebolag in Sweden
290-675: A Chancellor of the Tang dynasty . With this victory, the Turks accepted Taizong as their khagan , a title rendered as Tian Kehan in addition to his rule as emperor of China under the traditional title " Son of Heaven ". Taizong was succeeded by his son Li Zhi (as Emperor Gaozong ) in 649. The Tang engaged in military campaigns against the Western Turks , exploiting the rivalry between Western and Eastern Turks in order to weaken both. Under Emperor Taizong , campaigns were dispatched in
435-725: A differential gear was reproduced in several models for Tenji in 666, as recorded in the Nihon Shoki (720). Japanese monks also visited China; such was the case with Ennin (794–864), who wrote of his travel experiences including travels along the Grand Canal . The Japanese monk Enchin (814–891) stayed in China from 839 to 847, and again from 853 to 858, landing near Fuzhou , Fujian and setting sail for Japan from Taizhou, Zhejiang during his second trip to China. The Sui and Tang carried out successful military campaigns against
580-464: A public limited company ). The Ukrainian form of the private limited company is called товариство з обмеженою відповідальністю (ТОВ or ТзОВ). Tang dynasty The Tang dynasty ( / t ɑː ŋ / , [tʰǎŋ] ; Chinese : 唐朝 ), or the Tang Empire , was an imperial dynasty of China that ruled from 618 to 907, with an interregnum between 690 and 705. It was preceded by
725-672: A subsidiary of another corporation (its parent company ), which may itself be either a closely held or a public corporation. In some jurisdictions, the subsidiary of a listed public corporation is also defined as a public corporation (for example, in Australia ). In Australia corporations are registered and regulated by the Commonwealth Government through the Australian Securities and Investments Commission . Corporations law has been largely codified in
870-681: A "restored" Tang dynasty, the Later Tang , before toppling the Later Liang dynasty the same year. However, southern China remained splintered into various small kingdoms until most of China was reunified under the Song dynasty (960–1279). Control over parts of northeast China and Manchuria by the Liao dynasty of the Khitan people also stemmed from this period. In 905, their leader Abaoji formed
1015-607: A Buddhist memorial service for the casualties of war; in 629, he had Buddhist monasteries erected at the sites of major battles so that monks could pray for the fallen on both sides of the fight. During the Tang campaign against the Eastern Turks , the Eastern Turkic Khaganate was destroyed after the capture of its ruler, Illig Qaghan by the famed Tang military officer Li Jing (571–649), who later became
1160-418: A broad variety of texts. The jinshi tested a student's literary abilities in writing essays in response to questions on governance and politics, as well as in composing poetry . Candidates were also judged on proper deportment, appearance, speech, and calligraphy , all subjective criteria that favoured the wealthy over those of more modest means who were unable to pay tutors of rhetoric and writing.Although
1305-405: A company with legal liability, not being a partnership, had a distinct legal personality that was separate from that of its individual shareholders. The existence of a corporation requires a special legal framework and body of law that specifically grants the corporation legal personality, and it typically views a corporation as a fictional person, a legal person, or a moral person (as opposed to
1450-459: A corporate tax rate, and dividends paid to shareholders are taxed at a separate rate. Such a system is sometimes referred to as " double taxation " because any profits distributed to shareholders will eventually be taxed twice. One solution, followed by as in the case of the Australian and UK tax systems, is for the recipient of the dividend to be entitled to a tax credit to address the fact that
1595-479: A disproportionate number of civil officials came from aristocratic families, wealth and noble status were not prerequisites, and the exams were open to all male subjects whose fathers were not of the artisan or merchant classes . To promote widespread Confucian education, the Tang government established state-run schools and issued standard versions of the Five Classics with commentaries. Open competition
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#17327867452701740-432: A form for smaller enterprises, are becoming increasingly common. Between 2002 and 2008, the intermediary corporation ( 中間法人 , chūkan hōjin ) existed to bridge the gap between for-profit companies and non-governmental and non-profit organizations. In Latvia , which uses a model similar to Germany, a public stock company is called an akciju sabiedrība (a/s, A/S or AS), whereas a private, 'limited liability company'
1885-551: A golden age of economic prosperity and pleasant lifestyles within the imperial court. Xuanzong was seen as a progressive and benevolent ruler, having abolished the death penalty in 747. Previously, all executions had to be approved by the emperor; in 730, there were only 24 executions. Xuanzong bowed to the consensus of his ministers on policy decisions and made efforts to staff government ministries fairly with different political factions. His staunch Confucian chancellor Zhang Jiuling (673–740) worked to reduce deflation and increase
2030-613: A large pool of shareholders with management in the hands of jingshang , merchants who operated their businesses using investors' funds, with investor compensation based on profit-sharing, reducing the risk of individual merchants and burdens of interest payment. The operation of these joint investment partnerships can be examined in a mathematical problem included in the Mathematical treatise in nine sections ( Shu-shu chiu-chang ) (1247 ed.) of Ch'in Chiu-shao (c.1202–61). Although
2175-640: A legal entity that has shares (Bosnian/Croatian: dionica or vrijednosni papir ; Serbian: akcija or hartija od vrijednosti - Cyrillic : акција or хартија од вриједности ) that can be traded in a free market or stock exchanges in the Bosnia and Herzegovina (listed in Sarajevo Stock Exchange or Banja Luka Stock Exchange ). In Bulgaria , a joint-stock company is called a aktsionerno druzhestvo or AD ( Bulgarian : акционерно дружество or АД ). When all shares are owned by
2320-454: A major state". Even after the power of the central government was in decline after the mid-8th century, it was still able to function and give out imperial orders on a massive scale. The Old Book of Tang (945) recorded that a government decree issued in 828 standardised the use of square-pallet chain pumps for irrigation throughout the country. The last ambitious ruler of the Tang was Emperor Xianzong ( r. 805–820 ), whose reign
2465-755: A military alliance with Li Keyong against Zhu Wen but the Khitans eventually turned against the Later Tang, helping another Shatuo leader Shi Jingtang of Later Jin to overthrow Later Tang in 936. Taizong set out to solve internal problems within the government which had constantly plagued past dynasties. Building upon the Sui legal code, he issued a new legal code that subsequent Chinese dynasties would model theirs upon, as well as neighbouring polities in Vietnam , Korea , and Japan . The earliest law code to survive
2610-469: A monopoly of this trade to the Buddhist clergy. The Tang government attempted to create an accurate census of the empire's population, mostly for effective taxation and military conscription. The early Tang government established modest grain and cloth taxes on each household, persuading households to register and provide the government with accurate demographic information. In the official census of 609,
2755-660: A more viable financial structure than previous guilds or state-regulated companies. The first joint-stock companies to be implemented in the Americas were the London Company and the Plymouth Company . Transferable shares aim to achieve positive returns on equity , which is evidenced by investment in companies like the East India Company, which used the financing model to manage their trade on
2900-460: A much smaller hit to their returns as opposed to those involved with a closely held corporation. Publicly traded companies, however, can suffer from that advantage. A closely held corporation can often voluntarily take a hit to profit with little to no repercussions if it is not a sustained loss. A publicly traded company often comes under extreme scrutiny if profit and growth are not evident to stock holders, thus stock holders may sell, further damaging
3045-467: A natural person) which shields its owners (shareholders) from "corporate" losses or liabilities; losses are limited to the number of shares owned. It furthermore creates an inducement to new investors (marketable stocks and future stock issuance). Corporate statutes typically empower corporations to own property, sign binding contracts, and pay taxes in a capacity separate from that of its shareholders, who are sometimes referred to as "members". The corporation
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#17327867452703190-455: A period of progress and stability in the first half of the dynasty's rule. The dynasty was formally interrupted during 690–705 when Empress Wu Zetian seized the throne, proclaiming the Wu Zhou dynasty and becoming the only legitimate Chinese empress regnant . The An Lushan rebellion (755–763) led to devastation and the decline of central authority during the latter half of the dynasty. Like
3335-416: A perpetual succession and a common seal. Ownership refers to a large number of privileges. The company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting. The shareholders also vote to accept or reject an annual report and audited set of accounts. Individual shareholders can sometimes stand for directorships within the company if a vacancy occurs, but that
3480-625: A publicly traded company, as there will generally be fewer voting shareholders, and the shareholders would have common interests. A publicly traded company is also at the mercy of the market, with capital flow in and out based not only on what the company is doing but also on what the market and even what the competitors, major and minor, are doing. However, publicly traded companies also have advantages over their closely held counterparts. Publicly traded companies often have more working capital and can delegate debt throughout all shareholders. Therefore, shareholders of publicly traded company will each take
3625-480: A rebellion by Huang Chao (874–884) devastated both northern and southern China, took an entire decade to suppress, resulted in the sacking of both Chang'an and Luoyang. In 878–879, Huang's army committed a massacre in the southern port of Guangzhou against foreign Arab and Persian Muslim, Zoroastrian, Jewish and Christian merchants. A medieval Chinese source claimed that Huang Chao killed 8 million people. The Tang never recovered from Huang's rebellion, which paved
3770-511: A responsabilità limitata , or S.r.l.), and the publicly traded partnership ( società in accomandita per azioni , or S.a.p.a.). The latter is a hybrid of the limited partnership and public limited company, having two categories of shareholders, some with and some without limited liability, and is rarely used in practice. In Japan , both the state and local public entities under the Local Autonomy Act (now 47 prefectures , made in
3915-508: A rich variety of historical literature , as well as encyclopaedias and geographical works. Notable innovations included the development of woodblock printing . Buddhism became a major influence in Chinese culture, with native Chinese sects gaining prominence. However, in the 840s, Emperor Wuzong enacted policies to suppress Buddhism , which subsequently declined in influence. The House of Li had ethnic Han origins, and it belonged to
4060-514: A school to prepare candidates for Taoist examinations. In 726, he called upon the Indian monk Vajrabodhi (671–741) to perform tantric rites to avert a drought. In 742, he personally held the incense burner while patriarch of the Shingon school Amoghavajra (705–774) recited "mystical incantations to secure the victory of Tang forces". Emperor Xuanzong closely regulated religious finances. Near
4205-548: A screen. When Empress Wu's eldest son, the crown prince, began to assert his authority and advocate policies opposed by Empress Wu, he suddenly died in 675. Many suspected he was poisoned by Empress Wu. Although the next heir apparent kept a lower profile, Wu accused him of plotting a rebellion in 680; he was banished and later obliged to commit suicide. In 683, Emperor Gaozong died and was succeeded by Emperor Zhongzong , his eldest surviving son by Wu. Zhongzong tried to appoint his wife's father as chancellor: after only six weeks on
4350-478: A single shareholder the company receives the special designation of ednolichno aktsionerno druzhestvo or EAD ( Bulgarian : еднолично акционерно дружество or ЕАД ). In Canada both the federal government and the provinces have corporate statutes, and thus a corporation may be incorporated either provincially or federally. Many older corporations in Canada stem from Acts of Parliament passed before
4495-424: A small scale in Sui and Tang times, played a central role in the fashioning of this new elite. The early Song emperors, concerned above all to avoid domination of the government by military men, greatly expanded the civil service examination system and the government school system. From the outset, religion played a role in Tang politics. In his bid for power, Li Yuan had attracted a following by claiming descent from
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4640-611: A stock transfer for an eighth of the company (or more specifically, the mountain in which the copper resource was available) as early as 1288. In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands , founded in 1551 with 240 shareholders. It became the Muscovy Company , which had a monopoly on trade between Russia and England , when royal charter
4785-584: Is a matter of definition. An early form of joint-stock company was the medieval commenda , although it was usually employed for a single commercial expedition. Around 1350 in France at Toulouse , 96 shares of the Société des Moulins du Bazacle , or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned, making it probably the first company of its kind in history. The Swedish company Stora has documented
4930-419: Is also empowered to borrow money, both conventionally and directly to the public, by issuing interest-bearing bonds. Corporations subsist indefinitely; "death" comes only by absorption (takeover) or bankruptcy. According to Lord Chancellor Haldane , ...a corporation is an abstraction. It has no mind of its own any more than it has a body of its own; its active and directing will must consequently be sought in
5075-540: Is also used in Finland Swedish , alongside the Finnish osakeyhtiö ; the choice and ordering of terms tends to indicate the company's primary working language. Joint-stock company In modern-day corporate law , the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for
5220-440: Is an artificial person; it has legal existence separate from persons composing it. It can sue and can be sued in its own name. It is created by law, established for commercial purposes, and comprises a large number of members. The shares of each member can be purchased, sold, and transferred without the consent of other members. Its capital is divided into transferable shares, suitable for large undertakings. Joint stock companies have
5365-624: Is called a sabiedrība ar ierobežotu atbildību (SIA). State-owned variants of these companies add an initial capital V ( valsts - 'state'), as in VAS and VSIA. In Norway, a joint-stock company is called an aksjeselskap , abbreviated AS . A special and by far less common form of joint-stock companies, intended for companies with a large number of shareholders, is the publicly traded joint-stock companies, called allmennaksjeselskap and abbreviated ASA . A joint-stock company must be incorporated, has an independent legal personality and limited liability, and
5510-495: Is called the Swedish Companies Registration Office . All aktiebolag are divided into two categories: private limited companies and public limited companies . The name of a private limited company may not contain the word publikt ("public") and the name of a public limited company may not contain the word privat or pvt. ("private"). A public limited company ( publikt aktiebolag )
5655-578: Is legally denoted as " AB (publ.) " in Sweden or " Abp " in Finland. A Swedish public limited company must have a minimum share capital of 500,000 Swedish kronor and its shares can be offered to the public on the stock market . The suffix "(publ.)" is sometimes omitted in texts of an informal nature, but according to the Swedish Companies Registration Office, "the name of a public limited company must be mentioned with
5800-503: Is required to have a certain capital upon incorporation. Ordinary joint-stock companies must have a minimum capital of NOK 30,000 upon incorporation, which was reduced from 100,000 in 2012. Publicly traded joint-stock companies must have a minimum capital of NOK 1 million. See: Open joint-stock company (OJSC). In Spain there are two types of companies with limited liability: (i) "S.L.", or Sociedad Limitada (a private limited company ), and (ii) "S.A.", or Sociedad Anónima (similar to
5945-466: Is seen in company names such as EA Digital Illusions CE AB , Ericsson AB , MySQL AB , Mojang AB , Spotify AB , Scania AB , Hi3G Access AB , and originally, Svenska Aeroplan AB (SAAB). Other companies have included this into their abbreviated trading name, for example SSAB AB (formerly Svenskt Stål AB), HIAB (Hydrauliska Industri AB), ESAB (Elektriska Svetsnings-Aktiebolaget) and LKAB (Luossavaara-Kiirunavaara Aktiebolag). The term aktiebolag
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6090-496: Is that publicly traded corporations have the burden of complying with additional securities laws, which (especially in the US) may require additional periodic disclosure (with more stringent requirements), stricter corporate governance standards as well as additional procedural obligations in connection with major corporate transactions (for example, mergers) or events (for example, elections of directors). A closely held corporation may be
6235-438: Is uncommon. A joint-stock company also differs from other company forms, as it lacks internal ownership (hence its shareholders). This means that although the shareholder(s) in the joint-stock company may also work for the company as employees or by contract, when they act as shareholders they are always exterior to the company, which may help keep ownership business-oriented and impersonal. Provided sales and assets exist within
6380-657: The Aktiengesellschaft (AG), analogous to public limited companies (or corporations in US/Can) in the English-speaking world, and the Gesellschaft mit beschränkter Haftung (GmbH), similar to the modern private limited company . Italy recognizes three types of company limited by shares: the public limited company ( società per azioni , or S.p.A.), the private limited company ( società
6525-706: The Canada Business Corporations Act . The Chilean form of joint-stock company is called Sociedad por Acciones (often abbreviated "SpA"). They were created in 2007 by Law N° 20.190, and they are the most recent variety of societary types, as they represent a simplified form of corporation – originally conceived for venture capital companies. According to the Ministry of Economy's Business and Society Registry, SpAs accounted for 71.42% of new businesses in October 2023. The Czech form of
6670-508: The Portraits of Periodical Offering , probably painted by Yan Liben (601–673). Having entered Emperor Gaozong's court as a lowly consort, Wu Zetian ultimately acceded to the highest position of power in 690, establishing the short-lived Wu Zhou. Emperor Gaozong suffered a stroke in 655, and Wu began to make many of his court decisions for him, discussing affairs of state with his councillors, who took orders from her while she sat behind
6815-526: The Corporations Act 2001 . In Brazil there are many different types of legal entities ( sociedades ), but the two most common ones commercially speaking are (i) sociedade limitada , identified by "Ltda." or "Limitada" after the company's name, equivalent to the British limited liability company, and (ii) sociedade anônima or companhia , identified by "SA" or "Companhia" in
6960-551: The Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange . The development enhanced the ability of joint-stock companies to attract capital from investors, as they could now easily dispose of their shares. In 1612, it became the first 'corporation' in intercontinental trade with 'locked in' capital and limited liability. The joint-stock company became
7105-639: The Hexi Corridor and Dunhuang in Gansu ; in 848, the general Zhang Yichao (799–872) managed to wrestle control of the region from the Tibetan Empire during its civil war . Shortly afterwards, Emperor Xuanzong of Tang ( r. 846–859 ) acknowledged Zhang as the protector ( 防禦使 ; fángyùshǐ ) of Sha Prefecture, and military governor of the new Guiyi Circuit . In addition to factors like natural calamity and jiedushi claiming autonomy,
7250-491: The Indian subcontinent . Joint-stock companies paid out divisions (dividends) to their shareholders by dividing up the profits of the voyage in the proportion of shares held. Divisions were usually cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit. However, in general, incorporation
7395-623: The Sui dynasty and followed by the Five Dynasties and Ten Kingdoms period . Historians generally regard the Tang as a high point in Chinese civilisation, and a golden age of cosmopolitan culture. Tang territory, acquired through the military campaigns of its early rulers, rivalled that of the Han dynasty . The Li family founded the dynasty after taking advantage of a period of Sui decline and precipitating their final collapse, in turn inaugurating
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#17327867452707540-597: The Tibetan Empire had fallen apart in 842, followed soon after by the Uyghur Kingdom of Qocho , the Tang were in no position to reconquer Central Asia after 763. So significant was this loss that half a century later jinshi examination candidates were required to write an essay on the causes of the Tang's decline. Although An Lushan was killed by one of his eunuchs in 757, this time of troubles and widespread insurrection continued until rebel Shi Siming
7685-571: The Xuanwu Gate Incident on July 2, 626. Shortly thereafter, his father abdicated in his favour, and Li Shimin ascended the throne. He is conventionally known by his temple name Taizong. Although killing two brothers and deposing his father contradicted the Confucian value of filial piety , Taizong showed himself to be a capable leader who listened to the advice of the wisest members of his council. In 628, Emperor Taizong held
7830-628: The first campaign because they failed to overcome the successful defence led by General Yeon Gaesomun . The Tang entered into the Silla–Tang alliance , the Chinese fought against Baekje and their Yamato Japanese allies in the Battle of Baekgang in August 663, a decisive Tang–Silla victory. The Tang dynasty navy had several different ship types at its disposal to engage in naval warfare , these ships described by Li Quan in his Taipai Yinjing (Canon of
7975-521: The 19th century and municipalities ) are considered to be corporations ( 法人 , hōjin ) . Non-profit corporations may be established under the Civil Code . The term "company" ( 会社 , kaisha ) or (企業 kigyō ) is used to refer to business corporations. The predominant form is the Kabushiki gaisha (株式会社), used by public corporations as well as smaller enterprises. Mochibun kaisha (持分会社),
8120-509: The Chinese model, based his state ceremonies on the Chinese model, and constructed his palace at Fujiwara on the Chinese model of architecture . Many Chinese Buddhist monks came to Japan to help further the spread of Buddhism as well. Two 7th-century monks, Zhi Yu and Zhi You, visited the court of Emperor Tenji ( r. 661–672 ), whereupon they presented a gift of a south-pointing chariot that they had crafted. This vehicle employing
8265-463: The Khitans were unsuccessful. He was given great responsibility in Hebei , which allowed him to rebel with an army of more than 100,000 troops. After capturing Luoyang, he named himself emperor of a new, but short-lived, Yan state . Despite early victories scored by the Tang general Guo Ziyi (697–781), the newly recruited troops of the army at the capital were no match for An Lushan's frontier veterans;
8410-587: The Kingdom of Goguryeo was destroyed by 668. Although they were formerly enemies, the Tang accepted officials and generals of Goguryeo into their administration and military, such as the brothers Yeon Namsaeng (634–679) and Yeon Namsan (639–701). From 668 to 676, the Tang Empire controlled northern Korea. However, Silla broke the alliance in 671, and began the Silla–Tang War to expel the Tang forces. At
8555-481: The Song dynasty, when it doubled to 100 million because of extensive rice cultivation in central and southern China, coupled with higher yields of grain sold in a growing market. The 7th and first half of the 8th century are generally considered to be the era in which the Tang reached the zenith of its power. In this period, Tang control extended further west than any previous dynasty, stretching from north Vietnam in
8700-411: The Tang capital Chang'an and with it the imperial family. By 903, he forced Emperor Zhaozong of Tang to move the capital to Luoyang, preparing to take the throne for himself. In 904, Zhu assassinated Emperor Zhaozong to replace him with the emperor's young son Emperor Ai of Tang . In 905, Zhu executed the brothers of Emperor Ai as well as many officials and Empress Dowager He . In 907, the Tang dynasty
8845-529: The Tang census of 754, there were 1,859 cities, 321 prefectures , and 1,538 counties throughout the empire. Although there were many large and prominent cities, the rural and agrarian areas comprised 80–90% of the population. There was also a dramatic migration from northern to southern China , as the North held 75% of the overall population at the dynasty's inception, which by its end was reduced to 50%. The Chinese population would not dramatically increase until
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#17327867452708990-444: The Tang dynasty until the end of 755, there were approximately ten Turkic generals serving under the Tang. While most of the Tang army was made of fubing Chinese conscripts, the majority of the troops led by Turkic generals were of non-Chinese origin, campaigning largely in the western frontier where the presence of fubing troops was low. Some "Turkic" troops were tribalised Han Chinese, a desinicised people. Civil war in China
9135-441: The Tang era. It is traditionally considered the greatest age for Chinese poetry . Two of China's most famous poets, Li Bai and Du Fu , belonged to this age, contributing with poets such as Wang Wei to the monumental Three Hundred Tang Poems . Many famous painters such as Han Gan , Zhang Xuan , and Zhou Fang were active, while Chinese court music flourished with instruments such as the popular pipa . Tang scholars compiled
9280-411: The Tang government responded effectively to natural disasters by extending the price-regulation granary system throughout the country. The central government was able then to build a large surplus stock of foods to ward off the rising danger of famine and increased agricultural productivity through land reclamation . Although these natural calamities and rebellions stained the reputation and hampered
9425-572: The Taoist sage Laozi ( fl. 6th century BC ). People bidding for office would request the prayers of Buddhist monks, with successful aspirants making donations in return. Before the persecution of Buddhism in the 9th century, Buddhism and Taoism were both accepted. Religion was central in the reign of Emperor Xuanzong ( r. 712–756 ). The Emperor invited Taoist and Buddhist monks and clerics to his court, exalted Laozi with grand titles, wrote commentary on Taoist scriptures, and set up
9570-479: The Turks. As early as the Sui dynasty, the Turks had become a major militarised force employed by the Chinese . When the Khitans began raiding northeast China in 605, a Chinese general led 20,000 Turks against them, distributing Khitan livestock and women to the Turks as a reward. On two occasions between 635 and 636, Tang royal princesses were married to Turk mercenaries or generals in Chinese service. Throughout
9715-565: The US). The institution most often referenced by the word "corporation" is publicly traded , which means that the company's shares are traded on a public stock exchange (for example, the New York Stock Exchange or Nasdaq in the United States) whose shares of stock of corporations are bought and sold by and to the general public. Most of the largest businesses in the world are publicly traded corporations. However,
9860-543: The Western Regions against Gaochang in 640, Karasahr in 644 and 648, and Kucha in 648. The wars against the Western Turks continued under Emperor Gaozong , and the Western Turkic Khaganate was finally annexed after General Su Dingfang 's defeat of Khagan Ashina Helu in 657. Around this time, the Tang court enjoyed visits by numerous dignitaries from foreign lands. These were depicted in
10005-468: The Western Turks ruled by Ashina Helu. The Tang Empire competed with the Tibetan Empire for control of areas in Inner and Central Asia, which was at times settled with marriage alliances such as the marrying of Princess Wencheng ( d. 680 ) to Songtsän Gampo ( d. 649 ). A Tibetan tradition mentions that Chinese troops captured Lhasa after Songtsän Gampo's death, but no such invasion
10150-618: The White and Gloomy Planet of War) of 759. The Battle of Baekgang was actually a restoration movement by remnant forces of Baekje, since their kingdom was toppled in 660 by a Tang–Silla invasion, led by Chinese general Su Dingfang and Korean general Kim Yushin (595–673). In another joint invasion with Silla, the Tang army severely weakened the Goguryeo Kingdom in the north by taking out its outer forts in 645. With joint attacks by Silla and Tang armies under commander Li Shiji (594–669),
10295-477: The ability to maintain their own armies, collect taxes, and pass their titles on hereditarily. This is commonly recognised as the beginning of the fall of Tang's central government. By 737, Emperor Xuanzong discarded the policy of conscripting soldiers that were replaced every three years, replacing them with long-service soldiers who were more battle-hardened and efficient. It was more economically feasible as well, since training new recruits and sending them out to
10440-492: The administrations that implemented policy, each of which was assigned different tasks. These Three Departments and Six Ministries included the personnel administration, finance, rites, military, justice, and public works—an administrative model which lasted until the fall of the Qing dynasty (1644–1912). Although the founders of the Tang related to the glory of the earlier Han dynasty (202 BC – 220 AD),
10585-413: The age of 18, had prowess with bow and arrow, sword and lance and was known for his effective cavalry charges. Fighting a numerically superior army, he defeated Dou Jiande (573–621) at Luoyang in the Battle of Hulao on May 28, 621. Due to fear of assassination, Li Shimin ambushed and killed two of his brothers, Li Yuanji ( b. 603 ) and crown prince Li Jiancheng ( b. 589 ), in
10730-437: The ailing Tang was also challenged when natural disasters led many to believe that the Tang had lost their right to rule. In 873, a disastrous harvest shook the foundations of the empire; in some areas only half of all agricultural produce was gathered, and tens of thousands faced famine and starvation. In the earlier period of the Tang, the central government was able to meet crises in the harvest—from 714 to 719, records show that
10875-470: The basis for much of their administrative organisation was very similar to the previous Northern and Southern dynasties . The Northern Zhou (6th century) fubing system of divisional militia was continued by the Tang, along with farmer-soldiers serving in rotation from the capital or frontier in order to receive appropriated farmland. The equal-field system of the Northern Wei (4th–6th centuries)
11020-727: The beginning of his reign in 713, he liquidated the Inexhaustible Treasury of a prominent Buddhist monastery in Chang'an which had collected vast riches as multitudes of anonymous repentants left money, silk, and treasure at its doors. Although the monastery used its funds generously, the Emperor condemned it for fraudulent banking practices , and distributed its wealth to other Buddhist and Taoist monasteries, and to repair local statues, halls, and bridges. In 714, he forbade Chang'an shops from selling copied Buddhist sutras, giving
11165-423: The capital. Students of Confucian studies were candidates for the imperial examinations , which qualified their graduates for appointment to the local, provincial, and central government bureaucracies. Two types of exams were given, mingjing ( 明經 ; 'illuminating the classics') and jinshi ( 進士 ; 'presented scholar'). The mingjing was based upon the Confucian classics and tested the student's knowledge of
11310-592: The case of Hallett v Dowdall , the Court of the Exchequer held that such clauses bound people who have notice of them. Four years later, the Joint Stock Companies Act 1856 provided for limited liability for all joint-stock companies provided, among other things, that they included the word "limited" in their company name. The landmark case of Salomon v A Salomon & Co Ltd established that
11455-404: The company debts that extend beyond the company's ability to pay up to the amount of them. The earliest records of joint-stock companies appear in China during the Tang and Song dynasties . The Tang dynasty saw the development of the heben , the earliest form of joint stock company with an active partner and one or two passive investors. By the Song dynasty this had expanded into the douniu ,
11600-520: The company profits. Closely held companies often have a better relationship with workers. In larger, publicly traded companies, often after only one bad year, the first area to feel the effects is the workforce with layoffs or worker hours, wages or benefits being cut. Again, in a closely held business the shareholders can incur the profit damage rather than passing it to the workers. The affairs of publicly traded and closely held corporations are similar in many respects. The main difference in most countries
11745-516: The company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies . Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies . A joint-stock company
11890-494: The company's name, equivalent to the British public limited company. The "Ltda." is mainly governed by the new Civil Code, enacted in 2002, and the "SA", by Law 6.404, dated December 15, 1976, as amended. In Bosnia and Herzegovina , a joint-stock company is called: The specified form of organization means that the company ( private or state-owned ) is organized on the Bosnian market (Federation of BiH and RS entity level) as
12035-469: The company, a joint-stock company is effectively a forum for three- party trading: Owners, i.e. shareholders, are seeking financial funds (profits) and offer economic assets, in the form of capital. Employees, contractors and other contracted parties seek compensation and offer labor for this. Utilisers, ie customers, clients and other stakeholders, seek products and services, and offer financial funds for this. The shareholders are usually not liable for any of
12180-408: The company. Often, that blow is enough to make a small public company fail. Often, communities benefit from a closely held company more so than from a public company. A closely held company is far more likely to stay in a single place that has treated it well even if that means going through hard times. Shareholders can incur some of the damage the company may receive from a bad year or slow period in
12325-467: The conditions for a massive rebellion against Xuanzong. The Tang Empire was at its height of power up until the middle of the 8th century, when the An Lushan rebellion (755–763) destroyed the prosperity of the empire. An Lushan was a half- Sogdian , half- Turkic Tang commander since 744, who had experience fighting the Khitans of Manchuria with a victory in 744, yet most of his campaigns against
12470-513: The corporation are able to assess the creditworthiness of the corporation and cannot enforce claims against shareholders. Shareholders, therefore, experience some loss of privacy in return for limited liability. That requirement generally applies in Europe, but not in common law jurisdictions, except for publicly traded corporations (for which financial disclosure is required for investor protection). In many countries, corporate profits are taxed at
12615-534: The court fled Chang'an. While the heir apparent raised troops in Shanxi and Xuanzong fled to Sichuan , they called upon the help of the Uyghur Khaganate in 756. The Uyghur khan Moyanchur was greatly excited at this prospect, and married his own daughter to the Chinese diplomatic envoy once he arrived, receiving in turn a Chinese princess as his bride. The Uyghurs helped recapture the Tang capital from
12760-563: The dealings it describes are perhaps more complex than those practiced a century earlier, it essentially deals with a kind of investment and division of profits that for sure would have been made in the twelfth if not also the eleventh century: a four-party partnership that collectively made an investment (of 424,000 strings of cash) in a Chinese trading venture to southeast Asia. Each party's original investment consisted of precious metals like silver and gold and commodities like salt, paper, and monk certificates (and their accruing tax exemption). Yet
12905-508: The dynasty in 907. The Tang capital at Chang'an (present-day Xi'an ) was the world's most populous city for much of the dynasty's existence. Two censuses of the 7th and 8th centuries estimated the empire's population at about 50 million people, which grew to an estimated 80 million by the dynasty's end. From its numerous subjects, the dynasty raised professional and conscripted armies of hundreds of thousands of troops to contend with nomadic powers for control of Inner Asia and
13050-566: The earlier Han dynasty, the Tang and their Turkic allies conquered and subdued Central Asia during the 640s and 650s. During Emperor Taizong's reign alone, large campaigns were launched against not only the Göktürks , but also separate campaigns against the Tuyuhun , the oasis states , and the Xueyantuo . Under Emperor Gaozong, a campaign led by the general Su Dingfang was launched against
13195-435: The effectiveness of the central government, the early 9th century is nonetheless viewed as a period of recovery for the Tang. The government's withdrawal from its role in managing the economy had the unintended effect of stimulating trade, as more markets with fewer bureaucratic restrictions were opened up. By 780, the old grain tax and labour service of the 7th century was replaced by a semi-annual tax paid in cash, signifying
13340-458: The firm cannot be taken by personal creditors of its shareholders. The second feature requires special legislation and a special legal framework, as it cannot be reproduced via standard contract law. The regulations most favorable to incorporation include: In many jurisdictions, corporations whose shareholders benefit from limited liability are required to publish annual financial statements and other data so that creditors who do business with
13485-611: The frontier every three years drained the treasury. By the late 7th century, the fubing troops began abandoning military service and the homes provided to them in the equal-field system. The supposed standard of 100 mu of land allotted to each family was in fact decreasing in size in places where population expanded and the wealthy bought up most of the land. Hard-pressed peasants and vagrants were then induced into military service with benefits of exemption from both taxation and corvée labour service, as well as provisions for farmland and dwellings for dependents who accompanied soldiers on
13630-544: The frontier. By 742, the total number of enlisted troops in the Tang armies had risen to about 500,000 men. In East Asia, Tang military campaigns were less successful elsewhere than in previous imperial Chinese dynasties. Like the emperors of the Sui dynasty before him , Taizong established a military campaign in 644 against the Korean kingdom of Goguryeo in the Goguryeo–Tang War ; however, this led to its withdrawal in
13775-437: The government had to officially acknowledge the jiedushi ' s hereditary rule without accreditation. The Tang government relied on these governors and their armies for protection and to suppress local revolts. In return, the central government would acknowledge the rights of these governors to maintain their army, collect taxes and even to pass on their title to heirs. As time passed, these military governors slowly phased out
13920-498: The imperial court. From Tang times until the end of the Qing dynasty in 1912, scholar-officials served as intermediaries between the people and the government. The potential of a widespread examination system was not fully realised until the succeeding Song dynasty, when the merit-driven scholar official largely shed his aristocratic habits and defined his social status through the examination system. The examination system, used only on
14065-506: The introduction of general corporation law. The oldest corporation in Canada is the Hudson's Bay Company ; though its business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it moved its corporate headquarters from London to Canada. Federally recognized corporations are regulated by
14210-407: The landed wealth and official positions, was largely destroyed or marginalised. During the last two decades of the Tang dynasty, the gradual collapse of central authority led to the rise of the rival military figures Li Keyong and Zhu Wen in northern China. Tang forces had defeated Huang's rebellion with the aid of allied Shatuo , a Turkic people of what is now Shanxi , led by Li Keyong. He
14355-474: The lucrative trade-routes along the Silk Road . Far-flung kingdoms and states paid tribute to the Tang court, while the Tang also indirectly controlled several regions through a protectorate system. In addition to its political hegemony , the Tang exerted a powerful cultural influence over neighbouring East Asian nations such as Japan and Korea . Chinese culture flourished and further matured during
14500-481: The majority of corporations are privately held , or closely held, so there is no ready market for the trading of shares. Many such corporations are owned and managed by a small group of businesspeople or companies, but the size of such a corporation can be as vast as the largest public corporations. Closely held corporations have some advantages over publicly traded corporations. A small, closely held company can often make company-changing decisions much more rapidly than
14645-403: The money supply by upholding the use of private coinage, while his aristocratic and technocratic successor Li Linfu ( d. 753 ) favoured government monopoly over the issuance of coinage. After 737, most of Xuanzong's confidence rested in his long-standing chancellor Li Linfu , who championed a more aggressive foreign policy employing non-Chinese generals. This policy ultimately created
14790-545: The northwest military aristocracy prevalent during the Sui dynasty . According to official Tang records, they were paternally descended from Laozi , the traditional founder of Taoism (whose personal name was Li Dan or Li Er), the Han dynasty general Li Guang , and Li Gao , the founder of the Han-ruled Western Liang kingdom. This family was known as the Longxi Li lineage, which also included
14935-517: The original forms after her death. Arguably the most important part of her legacy was diminishing the hegemony of the Northwestern aristocracy, allowing people from other clans and regions of China to become more represented in Chinese politics and government. There were many prominent women at court during and after Wu's reign, including Shangguan Wan'er (664–710), a poet, writer, and trusted official in charge of Wu's private office. In 706,
15080-478: The palace with a few followers and slew Empress Wei and her faction. He then installed his father Emperor Ruizong ( r. 710–712 ) on the throne. Just as Emperor Zhongzong was dominated by Empress Wei, so too was Ruizong dominated by Princess Taiping . This ended when Princess Taiping's coup failed in 712, and Emperor Ruizong abdicated to Emperor Xuanzong . The Tang reached its height during Emperor Xuanzong's 44-year reign, which has been characterized as
15225-465: The person of somebody who is really the directing mind and will of the corporation, the very ego and centre of the personality of the corporation. This 'directing will' is embodied in a corporate Board of Directors. The legal personality has two economic implications. It grants creditors (as opposed to shareholders or employees) priority over the corporate assets upon liquidation. Second, corporate assets cannot be withdrawn by its shareholders, and assets of
15370-417: The population was tallied at 9 million households, about 50 million people, and this number did not increase in the census of 742. Patricia Ebrey writes that nonwithstanding census undercounting, China's population had not grown significantly since the earlier Han dynasty , which recorded 58 million people in 2 AD. Adshead disagrees, estimating about 75 million people by 750. In
15515-462: The position of Taishang Huang ('retired emperor'), and acted as regent to the puppet child-emperor Yang You . On the news of Emperor Yang's murder by General Yuwen Huaji on June 18, 618, Li Yuan declared himself emperor of the newly founded Tang dynasty. Emperor Gaozu ruled until 626, when he was forcefully deposed by his son Li Shimin , the Prince of Qin. Li Shimin had commanded troops since
15660-404: The practice of selling merchants the rights to buy monopoly salt, which they transported and sold in local markets. In 799, salt accounted for over half of the government's revenues. S. A. M. Adshead writes that this salt tax represents "the first time that an indirect tax, rather than tribute, levies on land or people, or profit from state enterprises such as mines, had been the primary resource of
15805-525: The previous Sui dynasty , the Tang maintained a civil-service system by recruiting scholar-officials through standardised examinations and recommendations to office. The rise of regional military governors known as jiedushi during the 9th century undermined this civil order. The dynasty and central government went into decline by the latter half of the 9th century; agrarian rebellions resulted in mass population loss and displacement, widespread poverty, and further government dysfunction that ultimately ended
15950-426: The profits represented by the dividend have already been taxed. The company profit being passed on is thus effectively taxed only at the rate of tax paid by the eventual recipient of the dividend. In other systems, dividends are taxed at a lower rate than other income (for example, in the US), or shareholders are taxed directly on the corporation's profits, while dividends are not taxed (for example, S corporations in
16095-407: The prominence of civil officials drafted by exams, and became more autonomous from central authority. The rule of these powerful military governors lasted until 960, when a new civil order under the Song dynasty was established. The abandonment of the equal-field system also meant that people could buy and sell land freely; many poor fell into debt because of this and were forced to sell their land to
16240-400: The prominent Tang poet Li Bai . The Tang emperors were partially of Xianbei ancestry, as Emperor Gaozu of Tang 's mother Duchess Dugu was part-Xianbei. Apart from the traditional historiography, some modern historians have suggested the Tang imperial family might have modified its genealogy to conceal their Xianbei heritage. Emperor Gaozu (born Li Yuan) was the founder of the Tang. He
16385-417: The public limited company is called akciová společnost ( a.s. ) and its private counterpart is called společnost s ručením omezeným ( s.r.o. ). Their Slovak equivalents are called akciová spoločnosť ( a.s. ) and spoločnosť s ručením obmedzeným ( s.r.o. ). Germany , Austria , Switzerland and Liechtenstein recognize two forms of company limited by shares:
16530-479: The rebels, but they refused to leave until the Tang paid them an enormous sum of tribute in silk. Even Abbasid Arabs assisted the Tang in putting down the rebellion. A massacre of foreign Arab and Persian Muslim merchants by Tian Shengong happened during the An Lushan rebellion in the 760 Yangzhou massacre . The Tibetans took hold of the opportunity and raided many areas under Chinese control, and even after
16675-512: The release of enslaved Chinese prisoners who were captured during the transition from Sui to Tang from the northern frontier; this embassy succeeded in freeing 80,000 Chinese men and women who were then returned to China. While the Turks were settled in the Ordos region (former territory of the Xiongnu ), the Tang government took on the military policy of dominating the central steppe. As during
16820-876: The same time the Tang faced threats on its western border when a large Chinese army was defeated by the Tibetans on the Dafei River in 670. By 676, the Tang army was expelled out of Korea by a unified Silla . Following a revolt of the Eastern Turks in 679, the Tang abandoned its Korean campaigns. Although the Tang had fought the Japanese, they still held cordial relations with Japan. There were numerous Imperial embassies to China from Japan, diplomatic missions that were not halted until 894 by Emperor Uda ( r. 887–897 ), upon persuasion by Sugawara no Michizane (845–903). The Japanese Emperor Tenmu ( r. 672–686 ) even established his conscripted army on that of
16965-521: The shift to a money economy boosted by the merchant class. Cities in the southern Jiangnan region such as Yangzhou , Suzhou , and Hangzhou prospered the most economically during the late Tang period. The government monopoly on salt production , weakened after the An Lushan rebellion, was placed under the Salt Commission , which became one of the most powerful state agencies, run by capable ministers chosen as specialists. The commission began
17110-494: The south, to a point north of Kashmir bordering Persia in the west, to northern Korea in the north-east. Some of the kingdoms paying tribute to the Tang dynasty included Kashmir , Nepal, Khotan , Kucha , Kashgar , Silla , Champa , and kingdoms located in Amu Darya and Syr Darya valley. Turkic nomads addressed the Tang emperor as Tian Kehan . After the widespread Göktürk revolt of Shabolüe Khan ( d. 658 )
17255-560: The steppe nomads. Chinese foreign policy to the north and west now had to deal with Turkic nomads, who were becoming the most dominant ethnic group in Central Asia. To handle and avoid any threats posed by the Turks, the Sui government repaired fortifications and received their trade and tribute missions. They sent four royal princesses to form heqin marriage alliances with Turkic clan leaders, in 597, 599, 614, and 617. The Sui stirred trouble and conflict among ethnic groups against
17400-751: The term (publ.) after the business name in the articles of association and elsewhere", unless it is clearly understood from the company’s business name that the company is a public limited company. For a private limited company in Sweden ( privat aktiebolag ), the minimum share capital is 25,000 Swedish kronor. The main Swedish statutes regulating limited companies are The Companies Act ( Aktiebolagslagen (ABL) 2005:551) and The Limited Companies Ordinance ( Aktiebolagsförordningen 2005:559). The law provisions in ABL stipulate that parent companies and subsidiaries are separate legal persons and legal entities. The abbreviation AB
17545-701: The throne, he was deposed by Empress Wu in favour of his younger brother, Emperor Ruizong . This provoked a group of Tang princes to rebel in 684. Wu's armies suppressed them within two months. She proclaimed the Tianshou era of Wu Zhou on October 16, 690, and three days later demoted Emperor Ruizong to crown prince . He was also forced to give up his father's surname Li in favour of the Empress Wu. She then ruled as China's only empress regnant . A palace coup on February 20, 705, forced Empress Wu to yield her position on February 22. The next day, her son Zhongzong
17690-428: The value of their individual investments varied considerably, as much as eightfold. Likewise, each party's share of the profits varied greatly, evidently in proportion to its overall share in the total investment. While social and family ties may have shaped the circle of potential coinvestors, they affected little, if at all, an investor's eventual share of the profits, or losses. Finding the earliest joint-stock company
17835-607: The various regions of the empire, it was recorded in 845 that bandits and river pirates in parties of 100 or more began plundering settlements along the Yangtze River with little resistance. In 858, massive floods along the Grand Canal inundated vast tracts of land and terrain of the North China Plain , which drowned tens of thousands of people in the process. The Chinese belief in the Mandate of Heaven granted to
17980-417: The way for the later overthrow of the Tang. Large groups of bandits in the size of small armies ravaged the countryside in the last years of the Tang. They smuggled illicit salt, ambushed merchants and convoys, and even besieged several walled cities. Amid the sacking of cities and murderous factional strife among eunuchs and officials, the top tier of aristocratic families, which had amassed a large fraction of
18125-488: The wealthy, which led to the exponential growth of large estates. With the breakdown of the land allocation system after 755, the central Chinese state barely interfered in agricultural management and acted merely as tax collector for roughly a millennium, save a few instances such as the Song's failed land nationalisation during the 13th-century war with the Mongols . With the central government collapsing in authority over
18270-475: The wife of Emperor Zhongzong of Tang, Empress Wei ( d. 710 ), persuaded her husband to staff government offices with his sister and her daughters, and in 709 requested that he grant women the right to bequeath hereditary privileges to their sons (which before was a male right only). Empress Wei eventually poisoned Zhongzong, whereupon she placed his fifteen-year-old son upon the throne in 710. Two weeks later, Li Longji (the later Emperor Xuanzong) entered
18415-445: Was a brief end to the hereditary jiedushi , as Xianzong appointed his own military officers and staffed the regional bureaucracies once again with civil officials. However, Xianzong's successors proved less capable and more interested in the leisure of hunting, feasting, and playing outdoor sports, allowing eunuchs to amass more power as drafted scholar-officials caused strife in the bureaucracy with factional parties. The eunuchs' power
18560-570: Was aided by the fiscal reforms of the 780s, including a government monopoly on the salt industry. He also had an effective and well-trained imperial army stationed at the capital led by his court eunuchs; this was the Army of Divine Strategy, numbering 240,000 in strength as recorded in 798. Between 806 and 819, Emperor Xianzong conducted seven major military campaigns to quell the rebellious provinces that had claimed autonomy from central authority, managing to subdue all but two of them. Under his reign, there
18705-517: Was almost totally diminished by 626, along with the 628 defeat of the Ordos warlord Liang Shidu ; after these internal conflicts, the Tang began an offensive against the Turks. In 630, Tang armies captured areas of the Ordos Desert, modern-day Inner Mongolia province, and southern Mongolia from the Turks. After this military victory, On June 11, 631, Emperor Taizong also sent envoys to the Xueyantuo bearing gold and silk in order to persuade
18850-483: Was also filled with incredible amounts of riches and resources to spare. When the Chinese prefectural government officials travelled to the capital in 643 to give the annual report of the affairs in their districts, Emperor Taizong discovered that many had no proper quarters to rest in and were renting rooms with merchants. Therefore, Emperor Taizong ordered the government agencies in charge of municipal construction to build every visiting official his own private mansion in
18995-447: Was also kept, although there were a few modifications. Although the central and local governments kept an enormous number of records about land property in order to assess taxes, it became common practice in the Tang for literate and affluent people to create their own private documents and signed contracts. These had their own signature and that of a witness and scribe in order to prove in court (if necessary) that their claim to property
19140-650: Was designed to draw the best talent into government. But perhaps an even greater consideration for the Tang rulers was to avoid imperial dependence on powerful aristocratic families and warlords by recruiting a body of career officials having no family or local power base. The Tang law code ensured equal division of inherited property among legitimate heirs, encouraging social mobility by preventing powerful families from becoming landed nobility through primogeniture . The competition system proved successful, as scholar-officials acquired status in their local communities while developing an esprit de corps that connected them to
19285-545: Was different when a servant or nephew killed a master or an uncle than when a master or uncle killed a servant or nephew. The Tang Code was largely retained by later codes such as the early Ming dynasty (1368–1644) code of 1397, yet there were several revisions in later times, such as improved property rights for women during the Song dynasty (960–1279). The Tang had three departments ( 省 ; shěng ), which were obliged to draft, review, and implement policies respectively. There were also six ministries ( 部 ; bù ) under
19430-595: Was ended when Zhu deposed Ai and took the throne for himself (known posthumously as Emperor Taizu of Later Liang). He established the Later Liang , which inaugurated the Five Dynasties and Ten Kingdoms period . A year later, Zhu had the deposed Emperor Ai poisoned to death. Zhu Wen's enemy Li Keyong died in 908, having never claimed the title of emperor out of loyalty to the Tang. His son Li Cunxu (Emperor Zhuangzong) inherited his title Prince of Jin along with his father's rivalry against Zhu. In 923, Li Cunxu declared
19575-421: Was established in 653; it was divided into 500 articles specifying different crimes and penalties ranging from ten blows with a light stick, one hundred blows with a heavy rod, exile, penal servitude, or execution. The legal code distinguished different levels of severity in meted punishments when different members of the social and political hierarchy committed the same crime. For example, the severity of punishment
19720-631: Was granted in 1555. The most notable joint-stock company from the British Isles was the East India Company , which was granted a royal charter by Queen Elizabeth I on December 31, 1600 with the intention of establishing trade on the Indian subcontinent . The charter effectively granted the newly formed Honourable East India Company a fifteen-year monopoly on all English trade in the East Indies . Soon afterwards, in 1602,
19865-470: Was killed by his own son in 763. After 710, regional military governors called jiedushi gradually came to challenge the power of the central government. After the An Lushan rebellion, the autonomous power and authority accumulated by the jiedushi in Hebei went beyond the central government's control. After a series of rebellions between 781 and 784 in present-day Hebei, Henan , Shandong , and Hubei,
20010-491: Was legitimate. The prototype of this actually existed since the ancient Han dynasty, while contractual language became even more common and embedded into Chinese literary culture in later dynasties. The centre of the political power of the Tang was the capital city of Chang'an (modern Xi'an ), where the emperor maintained his large palace quarters and entertained political emissaries with music, sports, acrobats, poetry, paintings, and dramatic theatre performances . The capital
20155-465: Was made a jiedushi , and later Prince of Jin , bestowed with the imperial surname Li by the Tang court. Zhu Wen, originally a salt smuggler who served as a lieutenant under the rebel Huang Chao, surrendered to Tang forces. By helping to defeat Huang, he was renamed Zhu Quanzhong ("Zhu of Perfect Loyalty") and granted a rapid series of promotions to military governor of Xuanwu Circuit. In 901, from his power base of Kaifeng , Zhu Wen seized control of
20300-719: Was not challenged following the Ganlu Incident , where Emperor Wenzong ( r. 826–840 ) failed in his plot to have them overthrown; instead, Wenzong's allies were publicly executed in Chang'an's West Market on the eunuchs' command. Decades after the An Lushan rebellion, the Tang was able to muster enough power to launch offensive military campaigns, including its destruction of the Uyghur Khaganate in Mongolia from 840 to 847. The Tang managed to restore indirect control over former territories as far west as
20445-623: Was possible by royal charter or private act , and it was limited because of the government's jealous protection of the privileges and advantages thereby granted. As a result of the rapid expansion of capital-intensive enterprises in the course of the Industrial Revolution in Europe and the United States, many businesses came to be operated as unincorporated associations or extended partnerships , with large numbers of members. Nevertheless, membership of such associations
20590-572: Was previously Duke of Tang and governor of Taiyuan , the capital of modern Shanxi , during the collapse of the Sui dynasty (581–618). Li had prestige and military experience, and was a first cousin of Emperor Yang of Sui (their mothers were both one of the Dugu sisters ). Li Yuan rose in rebellion in 617, along with his son and his equally militant daughter Princess Pingyang ( d. 623 ), who raised and commanded her own troops. In winter 617, Li Yuan occupied Chang'an , relegated Emperor Yang to
20735-533: Was put down at Issyk Kul in 657 by Su Dingfang (591–667), Emperor Gaozong established several protectorates governed by a Protectorate General or Grand Protectorate General, which extended the Chinese sphere of influence as far as Herat in Western Afghanistan. Protectorate Generals were given a great deal of autonomy to handle local crises without waiting for central admission. After Xuanzong's reign, jiedushi were given enormous power, including
20880-554: Was restored to power; the Tang was formally restored on March 3. She died soon after. To legitimise her rule, she circulated a document known as the Great Cloud Sutra , which predicted that a reincarnation of the Maitreya Buddha would be a female monarch who would dispel illness, worry, and disaster from the world. She even introduced numerous revised written characters for the language, though they reverted to
21025-399: Was usually for a short term so their nature was constantly changing. Consequently, registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844 . Initially, companies incorporated under this Act did not have limited liability, but it became common for companies to include a limited liability clause in their internal rules. In
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