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58-628: The founders of the original mill business concept were Thomas Somers and James Leonard , who had recruited others to build and create the mill and machines. In 1787, Beverly Cotton Manufactory was established by The Proprietors of the Beverly Cotton Manufactory , a Massachusetts company that consisted of Capt. John Cabot , George Cabot , Andrew Cabot , Deborah Higginson Cabot , Henry Higginson , Dr. Joshua Fisher , Moses Brown , Israel Thorndike , and Isaac Chapman . In 1789, legislation had shown that 22/40 of company ownership

116-400: A communist nation, the means of production of goods would be owned communally by all people of that nation; the original thinkers did not specify rules and regulations. Personal property is a type of property . In the common law systems personal property may also be called chattels . It is distinguished from real property , or real estate . In the civil law systems personal property

174-496: A cooperative (also co-operative or co-op, in German Wohnungsgenossenschaft – apartment co-operative, also " Wohnbaugenossenschaft " or simply " Baugenossenschaft ") which relies heavily on internal rules of operation instead of the legal framework governing condominium associations. These "co-ops", owning the building for the mutual benefit of its members, can ultimately perform most of the functions of

232-451: A bet, receive it as a gift , inherit it, find it, receive it as damages , earn it by doing work or performing services, make it, or homestead it. One can transfer or lose ownership of property by selling it for money , exchanging it for other property, giving it as a gift, misplacing it, or having it stripped from one's ownership through legal means such as eviction , foreclosure , seizure , or taking . Ownership implies that

290-401: A cushion against losses or as a means to finance growth activities. Examples of this are not-for-profit entities: they are allowed to make profits, but are not permitted to give any of it back to members except by way of discounts in the future on new transactions. Depending on the charter at the foundation of the entity, and depending on the legal framework under which the entity was created,

348-441: A legally constituted condominium, i.e. restricting use appropriately and containing financial liabilities to within tolerable levels. To change their structure now that they are up and operating would require significant effort to achieve acceptance among members and various levels of government. The owning entity makes rules governing use of property; each property may comprise areas that are made available to any and every member of

406-708: A major area of business . An individual or group of individuals can own shares in corporations and other legal entities , but do not necessarily own the entities themselves. A legal entity is a legal construct through which the law allows a group of natural persons to act as if it were an individual for certain purposes. Some duly incorporated entities may not be owned by individuals nor by other entities; they exist without being owned once they are created. Not being owned, they cannot be bought and sold. Mutual life insurance companies, credit unions , foundations and cooperatives , not for profit organizations, and public corporations are examples of this. No person can purchase

464-462: A particular subset of intellectual property known as industrial property . Like other forms of property, intellectual property (or rather the exclusive rights which subsist in the IP) can be transferred ( with or without consideration) or licensed to third parties. In some jurisdictions it is possible to use intellectual property as collateral for a loan . The basic public policy rationale for

522-451: A partner or owner in a group may give little advantage in terms of share ownership while producing a lot of risk to the partner, owner or participant. At the end of each fiscal year , accounting rules determine a surplus or profit, which may be retained inside the entity or distributed among owners according to the initial setup intent when the entity was created. For public corporations, common shareholders have no right to receive any of

580-411: A problem occurs which leads to a massive liability, the individual is protected from losing more than the value of that one property. Many other properties are protected, when owned by other distinct entities. In the loosest sense of group ownership, a lack of legal framework, rules and regulations may mean that group ownership of property places each member in a position of responsibility (liability) for

638-537: A quantity of 50,000 yards of cotton, aggregately, and keep a record of all kinds, quantities, and values of the cotton produced. The record would be verified by the testimony of at least two of the proprietors on oath. A copy of the document would be kept in the Commonwealth Secretary's office. The Manufactory would also be required to pay £500 back to the Commonwealth within eight years. Due to

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696-399: A responsibility to others for actions regarding the property. A "legal shield" is said to exist if the entity's legal liabilities do not get redistributed among the entity's owners or members. An application of this, to limit ownership risks, is to form a new entity (such as a shell company ) to purchase, own and operate each property. Since the entity is separate and distinct from others, if

754-581: A variety of ways, such as goods , money , negotiable instruments , securities , and intangible assets including choses in action . Real estate or immovable property is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings . Real estate (immovable property) is often considered synonymous with real property , in contrast from personal property (also sometimes called chattel or personalty ). However, for technical purposes, some people prefer to distinguish real estate, referring to

812-711: Is a key factor in determining their type. Each type has advantages and disadvantages derived from their means of recognizing or disregarding (rewarding or not) contributions of financial capital or personal effort. Cooperatives , corporations , trusts , partnerships , and condominium associations are only some of the many varied types of structured ownership; each type has many subtypes. Legal advantages or restrictions on various types of structured ownership have existed in many societies past and present. To govern how assets are to be used, shared, or treated, rules and regulations may be legally imposed or internally adopted or decreed. Ownership by definition does not necessarily imply

870-410: Is documented that the factory stood at Baker's Corner, which is the corner of Cabot and Dodge streets. The corner was the site of Baker's Inn. Across the street, roughly where Prinzi's Pizza is now is where the building stood. Oxen and horses used at the mill were watered from the pond nearby. The building no longer stands. There are efforts being made locally to create an information display adjacent to

928-657: Is found very difficult to temper, and is considered by the Beverly Workmen as a great Secret, having accidentally fallen in with the maker of theirs should you stand in need I will inform you where you may have them made by their Workmen. They refused to let me see their Knives or the operation of cutting tho' simple as it is." The competition between the Beverly Mill and the Slater Mill, after its foundation, caused Beverly mill to lose workers as people moved to

986-425: Is often called movable property or movables – any property that can be moved from one location or another. This term is used to distinguish property that different from immovable property or immovables, such as land and buildings. This also means the direct owner of the item(s) is in full control of them/it until either stolen, confiscated by law enforcement , or destroyed. Personal property may be classified in

1044-495: Is ongoing debate as to whether IP laws truly operate to confer the stated public benefits, and whether the protection they are said to provide is appropriate in the context of innovation derived from such things as traditional knowledge and folklore, and patents for software and business methods . Manifestations of this controversy can be seen in the way different jurisdictions decide whether to grant intellectual property protection in relation to subject matter of this kind, and

1102-597: Is reported that he lost one-half of the property he brought with him. Somers created a petition to the Legislature of Massachusetts requesting financial assistance in order to afford the equipment needed to begin manufacturing of his designs of a cotton mill . March 8, 1787, the Legislation granted Somers twenty pounds from the Public Treasury which was used to assist both Somers and the startup costs of

1160-463: Is the key building block in the development of the capitalist socio-economic system. Adam Smith stated that one of the sacred laws of justice was to guard a person's property and possessions. Individuals may own property directly. In some societies only adult men may own property; in other societies (such as the Haudenosaunee ), property is matrilinear and passed on from mother to

1218-485: Is the state or fact of legal possession and control over property , which may be any asset, tangible or intangible . Ownership can involve multiple rights, collectively referred to as title , which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can purchase it with money , trade it for other property, win it in

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1276-558: The American Civil War . Chattel slavery is currently (2020) illegal in every country in the world. However, until the 19th century slavery in one form or another existed in most societies and was thought of as the normal state of things; slaves of whatever ethnicity were considered racially inferior. Notwithstanding the illegality of enslavement, virtual slavery still exists in various forms today, although called by other names. The question of ownership reaches back to

1334-523: The Tragedy of the Commons , occurs where unlimited unrestricted and unregulated access to a resource (e.g. pasture land) destroys the resource because of over-exploitation . The benefits of exploitation accrue to individuals immediately, while the costs of policing or enforcing appropriate use, and the losses dues to over exploitation, are distributed among many, and are only visible to these gradually. In

1392-515: The ancient philosophers , Plato and Aristotle , who held different opinions on the subject. Plato (428/427 BC – 348/347 BC) thought private property created divisive inequalities, while Aristotle (384 BC – 322 BC) thought private property enabled people to receive the full benefit of their labor . Private property can circumvent what is now referred to as the " tragedy of the commons " problem, where people tend to degrade common property more than they do private property. While Aristotle justified

1450-441: The Beverly Cotton Manufactory ." Several proprietors and contributors did not join the ownership, including Nathan Dane, Thomas Somers, and James Leonard. On February 17, 1789, The Legislature decided to repay "The Proprietors of the Beverly Cotton Manufactory" for £500 of their losses and efforts in starting a valuable resource for the community. This bailout had a cost, however. Beverly Cotton Manufactory would be required to create

1508-481: The Beverly Cotton Manufactory. There is some indication that Somers' contribution to the Beverly Cotton Manufactory was higher in price than what would have been reasonably expected, and that his grasp of the necessities of the Manufactory construction were overestimated. This article about a United States businessperson is a stub . You can help Misplaced Pages by expanding it . Ownership Ownership

1566-466: The IP. The term intellectual property reflects the idea that this subject matter is the product of the mind or the intellect, and that IP rights may be protected at law in the same way as any other form of property . Intellectual property laws confer a bundle of exclusive rights in relation to the particular form or manner in which ideas or information are expressed or manifested, and not in relation to

1624-422: The ability to fabricate almost any type of cotton or linen at the time, the low costs of cotton locally in the region (50% lower than imported goods.) The total loss to the proprietors of the Manufactory totaled £687 12s. 2d., a value of approximately $ 2,500. It was estimated that the entire company was worth £90,000, or $ 300,000. On February 3, 1789, the proprietors formed a corporation named " The Proprietors of

1682-411: The actions of every other member. A structured group duly constituted as an entity under law may still not protect members from being personally liable for each other's actions. Court decisions against the entity itself may give rise to unlimited personal liability for each and every member. An example of this situation is a professional partnership (e.g. law practice ) in some jurisdictions . Thus, being

1740-542: The commercial viability of Beverly mill were called into question as Slater Mill was founded. Moses Brown of Providence had stated in a letter to the Beverly mill that Beverly's manufactory process is the "first and largest" (1791). In addition, Robert Lovett, a business historian, wrote that "Beverly . . . was the earliest to manufacture cloth, at private expense, by means of power-driven machines." On January 11, 1798, John Cabot and Joshua Fisher, having bought all shares of

1798-402: The company, as their ownership is not legally available for sale, neither as shares nor as a single whole. Intellectual property (IP) refers to a legal entitlement which sometimes attaches to the expressed form of an idea , or to some other intangible subject matter. This legal entitlement generally enables its holder to exercise exclusive rights of use in relation to the subject matter of

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1856-406: The company, sold the five and three-fourths acres of land to Samuel Blanchard of Wenham for $ 2630.29. Blanchard operated the factory on his own account until March 21, 1801, when he sold one-third to George S. Johonnut of Baltimore for $ 1,011.01. On March 1, 1813, George Johonnot purchased another third of the land for $ 333.33. The deed attached to this mentioned that the machinery within the buildings

1914-480: The costs, with most of the burden lying on the Cabot Family investors. Legislation was passed to protect the mill and the people, including legislation not to raise taxes to offset the costs of the mill, and prevent local competition from forming out of the economic weakness that the mill created. Much of the funding that kept the mill alive in the beginning years came from the Public Treasury of Massachusetts in

1972-511: The entity. Depending on internal rules and regulations, certain classes of shares have the right to receive increases in financial "dividends" while other classes do not. After many years the increase over time is substantial if the business is profitable. Examples of this are common shares and preferred shares in private or publicly listed share capital corporations. Entities with a focus on providing service in perpetuam do not distribute financial surplus; they must retain it. It will then serve as

2030-465: The existence of private ownership, he left two open questions In modern western politics , some people believe that exclusive ownership of property underlies much social injustice, and facilitates tyranny and oppression on an individual and societal scale. Others consider the striving to achieve greater ownership of wealth as the driving factor behind human innovation and technological advancement and increasing standards of living . Some support

2088-590: The first methods in America of spinning cotton commercially. On February 17, 1789, the Massachusetts legislature decided to repay The Proprietors of the Beverly Cotton Manufactory for £500 of their losses and efforts in starting the mill, as a valuable resource for the community. Although the plant was not erected until the summer of 1787, there are port records indicating shipments of cotton being imported as early as March 1785. The business officially opened for

2146-513: The form of a bailout. On January 15, 1789, John Cabot, George Cabot, Deborah Cabot, Andrew Cabot, Moses Brown, Nathan Dane, Joshua Fisher, Thomas Somers, Israel Thorndike, James Leonard, Henry Higginson, and Isaac Chapman petitioned to the Legislature that the creation of the mill was a major financial burden for everyone involved. Being a major asset to the region, they noted the following: the employment of otherwise unlabored women and children,

2204-431: The form of ownership is determined once and for all time. To change it requires significant work in terms of communicating with stakeholders (member-owners, governments, etc.) and acquiring their approval. Whatever structural constraints or disadvantages exist at the creation thus remain an integral part of the entity. Common in, for instance, New York City , Hamburg , and Berlin is a form of real estate ownership known as

2262-420: The group to use. When the group is the entire nation, the same principle is in effect whether the property is small (e.g. picnic rest stops along highways ) or large (such as national parks , highways, ports, and publicly owned buildings). Smaller examples of shared use include common areas such as lobbies, entrance hallways and passages to adjacent buildings. One disadvantage of communal ownership, known as

2320-434: The ideas or concepts themselves (see idea-expression divide ). The term "intellectual property" denotes the specific legal rights which authors, inventors and other IP holders may hold and exercise, and not the intellectual work itself. Intellectual property laws are designed to protect different forms of intangible subject matter, although in some cases there is a degree of overlap. Patents, trademarks and designs fall into

2378-457: The junction of Birch Plain and Ipswich Roads." Beverly received a visit from George Washington in the fall of 1789 during his New England tour. He made notes in his diary that "In short, the whole seemed perfect, and the cotton stuffs which they turn out, excellent of their kind." Beverly mill suffered from economic problems, specifically with the costs associated with building such a mill. There were no government subsidies available to offset

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2436-412: The land and fixtures themselves, from real property, referring to ownership rights over real estate. The terms real estate and real property are used primarily in common law , while civil law jurisdictions refer instead to immovable property . In law, the word real means relating to a thing (from Latin reālis, ultimately from rēs , 'matter' or 'thing'), as distinguished from a person. Thus

2494-416: The latter view, believing that ownership is necessary for liberty itself. Ownership society was a political slogan used by United States President George W. Bush to promote a series of policies aimed to increase the control of individual citizens over health care and social security payments and policies. Critics have claimed that slogan hid an agenda that sought to implement tax cuts and curtail

2552-408: The law broadly distinguishes between real property (land and anything affixed to it) and personal property (everything else, e.g., clothing, furniture, money). The conceptual difference is between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. With the development of private property ownership, real estate has become

2610-457: The machines used for carding and spinning cotton . After some difficulty, he was able to leave England, having stolen descriptions and models of the machines used. He returned to Baltimore in the summer of 1786. Okay Shortly after Somers returned, he found out that the boat that was carrying much of his personal property during his stay in England had crashed at Cape Cod , Massachusetts. It

2668-642: The memorial stone to present information to the public. Thomas Somers (investor) Thomas Somers was an English textile factory superintendent and was one of the original investors and architects for the Beverly Cotton Manufactory in Beverly, Massachusetts . Thomas Somers had traveled, at his own expense, to England the fall of 1785 on behalf of the Tradesmen and Manufacturers of Baltimore , Maryland , in an attempt to procure

2726-424: The nature of the new business, relying on proprietary machinery and methods, the workers and owners of the Beverly mill did not show its wares to anyone who would potentially steal their ideas to run a rival mill. Moses Brown from Providence had contacted the Beverly mill in a request for information but was denied the information he was looking for. In a statement from Brown, he writes: "As to cutting knives, which

2784-475: The new invention. George Cabot persuaded Thomas Somers and James Leonard, investors from England, to come to Beverly in the fall of 1787. On April 22, 1788 it was reported by the Salem Mercury newspaper that the mill's hardware had been completed, including a spinning jenny , carding machine, warping machine, and other tools. "A building of brick was erected in the second parish, near 'Bakers Corner,' at

2842-575: The offspring. In most societies both men and women can own property with no restrictions and limitations at all. Throughout history, nations (or governments ) and religious organizations have owned property. These entities exist primarily for purposes other than to own or operate property; hence, they may have no clear rules regarding the disposition of their property. To own and operate property, structures (often known today as legal entities ) have been created in many societies throughout history. The differences in how they deal with members' rights

2900-421: The other factory. Several workers had been hired at Slater Mill, to which Beverly responded that they would not rehire those workers if they came back. Since the Beverly mill was based on horsepower, the mill was not competitive against soon to be developed future innovations, including water-driven mills. However, the Beverly mill laid the cornerstone for mill technologies in the future. Modern-day questions about

2958-468: The owner of a property also owns any economic benefits or deficits associated with the property. Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money , trade , debt , bankruptcy , the criminality of theft , and private vs. public property. Ownership

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3016-467: The plant on November 1, 1787. On November 23, 1787, 1 box of "coarse woolen and linen cloth here manufactured" was shipped to Maryland , and on December 11, 1787, "1 piece coarse check'd cloath here made" was shipped to the Cape de Verde Islands. Records suggest the Manufactory machines may have been in use before the actual building for the Manufactory was conceived, most likely for testing purposes regarding

3074-508: The profit. Entities with a member focus will give financial surplus back to members according to the volume of financial activity that the participating member generated for the entity. Examples of this are producer cooperatives, buyer cooperatives and participating whole life policyholders in both mutual and share-capital insurance companies . Entities with shared voting rights that depend on financial capital distribute surplus among shareholders without regard to any other contribution to

3132-432: The protection of intellectual property is that IP laws facilitate and encourage disclosure of innovation into the public domain for the common good , by granting authors and inventors exclusive rights to exploit their works and invention for a limited period. However, various schools of thought are critical of the very concept of intellectual property, and some characterise IP as intellectual protectionism . There

3190-408: The stark divide on issues of the role and scope of intellectual property laws. The term "Slavery" is commonly understood to refer to chattel slavery. The living human body is, in modern societies, considered something which cannot be the property of anyone but the person whose body it is. Its opposite, in which the person in the body does not own their body, is chattel slavery . Chattel slavery

3248-521: Was defined as the absolute legal ownership of a person, including the legal right to buy and sell them. Persons who were so enslaved did not have the freedom to direct their own actions, and their legal rights were either severely limited or nonexistent. The Antebellum period in the United States is considered both the worst for the exploitation of chattel slaves, and also where the practice aroused such fierce opposition and support that it led to

3306-542: Was formerly used for the manufacture of cotton. A time prior to that deed on 1813, the business had ceased and part of the machinery sold. It has been mentioned that the mill may have ceased operation during the Embargo of 1807 when commerce in Salem and Beverly was paralyzed. The old brick factory was burned on October 13, 1828. Today, the location of the factory is marked by a memorial stone at 42°34'21.52"N, 70°53'35.46"W. It

3364-404: Was shared by Cabot and Higginson incorporators, with 9/40 being owned by Fisher, 4/40 by Brown, 4/40 by Thorndike, and 1/40 belonging to Chapman. Capt. Cabot and Fisher were the largest shareholders individually, 19/40 together, and were the managers of the manufactory. Massachusetts legislature formed a decision on lending for the mill to be built. As a group, the proprietors were the inventors of

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