Abstract
The early forms of corporate entities which emerged during the early 17th century in Europe were created to serve the common good, such as the building of hospitals and creation of orphanages. The concept of a commercial corporation in the UK was defined by an 1844 Act of Parliament. This permitted corporations to define their own purpose and activities. A second Act in 1854 gave shareholders limited liability that protected their personal assets from the consequences of the financial failure of a corporation. This legislation stimulated the emergence of business corporations in both England and Holland. In many of the existing trading companies, partners combined their personal assets and exchanged them for company shares in return for receiving relief from personal liability. This form of organisation gave corporations the added benefit of unlimited life and easy transferability of ownership (Grant, 2003).
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© 2015 Ian Chaston
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Chaston, I. (2015). Online Governance. In: Internet Marketing and Big Data Exploitation. Palgrave Macmillan, London. https://doi.org/10.1057/9781137488961_14
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DOI: https://doi.org/10.1057/9781137488961_14
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