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Joint stock company - Wikipedia, the free encyclopedia

Joint stock company

From Wikipedia, the free encyclopedia

A joint stock company is a type of business partnership in which the capital is formed by the individual contributions of a group of shareholders. Certificates of ownership or stocks are issued by the company in return for each contribution, and the shareholders are free to transfer their ownership interest at any time by selling their stockholding to others.

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[edit] Advantages

Ownership of stock confers a number of privileges. The company is managed on behalf of the shareholders by an elected Board of Directors. Consequently, the share owner may attend an annual general meeting, and vote for directors and sometimes the principal officers. The shareholders receive an annual report, and vote upon the yearly audited set of accounts. Other resolutions upon important decisions can be put to them. There are other meetings, which may be called, either regularly or by special resolution of either the Board or the shareholders themselves.

Of course, individual shareholders can sometimes stand for directorships within the company, should a vacancy occur, but this is unusual.

The shareholders are usually liable for any company debts that exceed the company's ability to pay. However, the limit of their liability only extends to the face value of their shareholding. This concept of limited liability largely accounts for the success of this form of business organisation.

Ordinary shares entitle the owner to a share in the company's net profit. This is calculated in the following way: the net profit is divided by the total number of owned shares, producing a notional value per share, known as a dividend. The individual's share of the profit is thus the dividend multiplied by the number of shares that they own.

[edit] History

The English started joint stock companies. The earliest recognized company was the Company of the Staple, a monopoly granted a group of 26 merchants in 1363, by Edward III.[1][2] The British East India Company, sometimes referred to as "John Company", was one of the more famous joint-stock companies. It was granted an English Royal Charter by Elizabeth I on December 31, 1600, with the intention of favouring trade privileges in India. The Royal Charter effectively gave the newly created Honourable East India Company (HEIC) a 21 year monopoly on all trade in the East Indies. The Company transformed from a commercial trading venture to one that virtually ruled India as it acquired auxiliary governmental and military functions, until its dissolution in 1858.

The company's flag initially had the flag of England, the St. George's Cross in the corner
The company's flag initially had the flag of England, the St. George's Cross in the corner

Soon afterwards in 1602, the Dutch East India Company issued shares on the Amsterdam Stock Exchange.

During the period of colonialism, the joint stock company was a financing model that allowed companies to raise large amounts of capital while lowering risk by diversifying contributed capital among multiple ventures. Europeans, initially the British, trading with the Near East for goods, pepper and calico for example, enjoyed spreading the risk of trade over multiple sea voyages. The joint stock company became a more viable financial structure than previous guilds or state regulated companies.

Transferable shares often earned positive returns on equity, which is evidenced by investment in companies like the British East India Company, which used the financing model to manage trade in India. 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 it was 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 in the market.

It also made it affordable to support early colonists in America. Jamestown, for instance, was financed by the Virginia Company. It is because of Joint stock companies that the colonization and settlement of America was made possible.

However, in general, incorporation was only possible by Royal charter or private act, and was limited owing to government's jealous protection of the privileges and advantages thereby granted. As a result, many businesses came to be operated as unincorporated associations with possibly thousands of members. Any consequent litigation had to be carried out in the joint names of all the members and was impossibly cumbersome.

In the UK, registration and incorporation of companies without specific legislation was introduced by the Joint Stock Companies Act 1844.

[edit] Joint stock companies today

The joint stock company was a forerunner of contemporary corporate entities such as the American business corporation, the British public limited company, the French société anonyme, the German Aktiengesellschaft, the Italian Società per Azioni - S.p.A. the Japanese kabushiki kaisha, and the South Korean jushik hoesa. In some countries, "joint stock company" is used as an English translation for business forms that more closely resemble corporations.

While traditional joint stock companies still exist in some areas, they are generally considered an unattractive alternative to limited liability entities. Joint stock companies have recently been used in some fraudulent asset protection schemes in Texas. [3]

[edit] External links

[edit] Bibliography

  • Davis, J.S. (1917). Essays in the Earlier History of American Corporations, vols. 1–2, Cambridge, MA: Harvard University Press. 
  • Ekelund, R.B. & Tollison, R.D. (1980). "Mercantilist origins of the corporation". Bell Journal of Economics 11: 715–720. 
  • Fisher, F. J. (1933). "Some experiments in company organization in the early seventeenth century". Economic History Review 4: 177–194. 
  • Freedman, C.E. (1979). Joint-Stock Enterprise in France 1807–1867: From Privileged Company to Modern Corporation. Chapel Hill: University of North Carolina Press. 
  • Hunt, B.C. (1936). The Development of the Business Corporation in England, 1800–1867. Cambridge, MA: Harvard University Press. 
  • Lobban, M. (1996). "Corporate identity and limited liability in France and England 1825-67". Anglo-American Law Review 25: 397. 
  • Mayson, S.W et al. (2005). Mayson, French & Ryan on Company Law, 22nd ed., London: Oxford University Press. ISBN 0-19-928531-4. 

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