Businesses typically have a definite name. Historically, some firms were being named after the associates in their boards of administrators: for instance, the "President and Fellows of Harvard College" is the title of among the two governing boards of Harvard University, but Additionally it is the precise name beneath which Harvard was lawfully incorporated.[31] At present, corporations for most jurisdictions have a definite identify that does not have to have to make reference to your customers in their boards.
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The idea of the Company was revived in the Middle Ages Using the Restoration and annotation of Justinian's Corpus Juris Civilis because of the glossators and their successors the commentators within the eleventh–14th hundreds of years.
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This authorized traders to limit their legal responsibility inside the event of business enterprise failure to the amount they invested in the company – shareholders were being even now liable directly to creditors, but only for the unpaid portion of their shares. (The basic principle that shareholders are liable for the Company had been released while in the Joint Stock Firms Act 1844.)
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