Ad
related to: joint stock limited liability company act statute
Search results
Results from the WOW.Com Content Network
However, there was still no limited liability and company members could still be held responsible for unlimited losses by the company. [2] Limited liability was subsequently introduced by the Limited Liability Act 1855. The system of registration was revised by the Joint Stock Companies Act 1856. The aim of the act was to place business and ...
The Joint Stock Companies Act 1856 (19 & 20 Vict. c. 47) was an Act of the Parliament of the United Kingdom. It was a consolidating statute, recognised as the founding piece of modern United Kingdom company law legislation.
An Act for limiting the Liability of Members of certain Joint Stock Companies. Citation: 18 & 19 Vict. c. 133: Dates; Royal assent: 14 August 1855: Repealed: 11 August 1875: Other legislation; Amended by: Joint Stock Companies Act 1856: Repealed by: Statute Law Revision Act 1875
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 the company's debts only to the value of the money they have invested in the company).
These two features - a simple registration procedure and limited liability - were subsequently codified in the world's first modern company law, the Joint Stock Companies Act 1856. A series of Companies Acts up to the present Companies Act 2006 have essentially retained the same fundamental features.
The world's first modern limited liability law was enacted by the state of New York in 1811. [15] In England it became more straightforward to incorporate a joint stock company following the Joint Stock Companies Act 1844, although investors in such companies carried unlimited liability until the Limited Liability Act 1855.
These two features – a simple registration procedure and limited liability – were subsequently codified in the first modern company law Act, the Joint Stock Companies Act 1856. A series of Companies Acts up to the present Companies Act 2006 have essentially retained the same fundamental features.
A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
Ad
related to: joint stock limited liability company act statute