| The term "company" usually refers to a corporation organized or incorporated in accordance with the Company Law for the purpose of engaging in commercial conduct or for profit.In the modern period,the form of British corporation has undergone three changes: the chartered company with administrative monopoly privilege,the joint-stock company freely registered in accordance with the law and the limited liability company whose shareholders bore the responsibility according to the amount of capital.The evolution of the company form was promoted by the profit-seeking behavior of private capital on the one hand and influenced by national legislation on the other.The first chapter mainly discussed the company form in the charterism stage.Chartered companies were the result of joint efforts with businessmen under the dominance of state public power.In the 16 th century,the expansion of foreign trade,the decline of the traditional wool market,the implementation of mercantilist policies and the change of public wealth concept led to the rise of chartered companies.Chartered companies went through two stages: Chartered regulated company and Chartered joint stock company.Charter companies evolved from the medieval guild system,in which merchants operated independently of each other and were responsible for their own profits and losses.With the development of large-scale overseas trade,England established a series of chartered companies through charter,which became the main organizational form of chartered companies.After the promulgation of the Bubble Act,the requirements for applying for chartered companies became more stringent.Under this strict franchising,English businessmen used their business wisdom to create joint stock companies to avoid investment risks.The second chapter introduced the joint stock company under the rule of law.After the mid-18 th century,the industrial revolution,especially the railway industry,established an extensive and huge investment market for people,while the perfection of the securities trading system created a good investment environment and enhanced people’s confidence in investment.British society has much stronger demand for joint ventures.With the establishment of a series of companies,such as the The Bubble Act Repeal Act and the Joint-Stock Company Act 1844,the modern joint stock company form of the principle was established.Once a business was registered,it can be established.Corporate status has changed from a special privilege to a universal right that can be obtained in accordance with legal procedures,and the cost of acquisition has been greatly reduced.At the same time,the free transfer of shares also accelerated the circulation of capital in the financial market.The establishment of the criterion principle for the establishment of joint stock company marked that the British company governance entered the stage of legalization.The third chapter introduces the limited liability company which conforms to the law of modern economy.In essence,the debate on limited liability reflected the conflict of the fundamental interests between the emerging bourgeoisie and the traditional big capitalists in Britain.The two sides played games from the political economy concept and the traditional commercial privacy concept.Finally,a second investment boomed in the railroad industry in the mid-19 th century led to the introduction of limited liability legislation.The Limited Liability Act1855 and the Joint-Stock Company Act 1856 brought limited liability into legislative practice,and the connotation of "responsibility" has changed from ethical responsibility to statutory responsibility based on parliamentary legislation.The independence of corporate personality of limited liability company can be clarified in Salomon case.In the late 30 years of the 19 th century,the demand of small enterprises made the limited liability company develop into the form of private limited liability company,and the Company Law of 1907,1908 and 1928 confirmed the legitimacy of private limited liability company.So far,British companies has had three characteristics of modern companies: legal person status,partnership principle and limited liability principle.The evolution of the British corporation has promoted the development of British society and economy. |
