DEFINITION:- A company is ‘’ a voluntary association of many individuals for profit having limited liability and contribute money or money’s worth to a common stock. During 17th and 18th centuries, joint stock companies were formed in ENGLAND under ROYAL CHARTER or ACTS OF PARLIAMENT. Joint stock company was first started in ITALY in THIRTEENTH century. The other limitation which hampered the growth of business was the unlimited liability of owners. The earlier form of organisation could not meet the increasing demand for funds of organisation. ![]() ![]() Two important limitations of earlier form of organisation were inadequacy of funds and unlimited liability. INTRODUCTION The limitations of sole-proprietorship and partnership forms of ownership gave birth to joint stock company form of organisation.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |