A corporation is an organization a group of people or a company, authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are divided by the law of the jurisdiction where they are chartered into two kinds: by whether they can issue stock or not, or by whether they are formed to make a profit or not. Corporations can be divided by the number of owners: corporation corporation sole; the subject of this article is a corporation aggregate. A corporation sole is a legal entity consisting of a single incorporated office, occupied by a single natural person. Where local law distinguishes corporations by the ability to issue stock, corporations allowed to do so are referred to as "stock corporations", ownership of the corporation is through stock, owners of stock are referred to as "stockholders" or "shareholders".
Corporations not allowed to issue stock are referred to as "non-stock" corporations. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as "for profit" and "not-for-profit" corporations, respectively. There is some overlap between stock/non-stock and for-profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for-profit corporation is always a stock corporation, but some for-profit corporations may choose to be non-stock. To simplify the explanation, whenever "Stockholder" or "shareholder" is used in the rest of this article to refer to a stock corporation, it is presumed to mean the same as "member" for a non-profit corporation or for a profit, non-stock corporation. Registered corporations have legal personality and their shares are owned by shareholders whose liability is limited to their investment. Shareholders do not actively manage a corporation. In most circumstances, a shareholder may serve as a director or officer of a corporation.
In American English, the word corporation is most used to describe large business corporations. In British English and in the Commonwealth countries, the term company is more used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Late in the 19th century, a new form of company having the limited liability protections of a corporation, the more favorable tax treatment of either a sole proprietorship or partnership was developed. While not a corporation, this new type of entity became attractive as an alternative for corporations not needing to issue stock. In Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of non-corporate organization became available in the United States and other countries, was known as the limited liability company or LLC.
Since the GmbH and LLC forms of organization are technically not corporations, they will not be discussed in this article. The word "corporation" derives from corpus, the Latin word for body, or a "body of people". By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas, corpus or collegium; these included the state itself and such private associations as sponsors of a religious cult, burial clubs, political groups, guilds of craftsmen or traders. Such bodies had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives. Private associations were granted designated liberties by the emperor. Entities which carried on business and were the subjects of legal rights were found in ancient Rome, the Maurya Empire in ancient India. In medieval Europe, churches became incorporated, as did local governments, such as the Pope and the City of London Corporation.
The point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun, obtained a charter from King Magnus Eriksson in 1347. In medieval times, traders would do business through common law constructs, such as partnerships. Whenever people acted together with a view to profit, the law deemed. Early guilds and livery companies were often involved in the regulation of competition between traders. Dutch and English chartered companies, such as the Dutch East India Company and the Hudson's Bay Company, were created to lead the colonial ventures of European nations in the 17th century. Acting under a charter sanctioned by the Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands in order to profit from the European demand for spices. Investors in the VOC were issued paper certificates as proof of share ownership, were able to trade their shares on the original Amsterdam
A statute is a formal written enactment of a legislative authority that governs a city, state, or country. Statutes command or prohibit something, or declare policy. Statutes are rules made by legislative bodies. In all countries, newly enacted statutes are published in a Government gazette, distributed so that everyone can look up the statutory law. A universal problem encountered by lawmakers throughout human history is how to organize published statutes; such publications have a habit of starting small but growing over time, as new statutes are enacted in response to the exigencies of the moment. Persons trying to find the law are forced to sort through an enormous number of statutes enacted at various points in time to determine which portions are still in effect; the solution adopted in many countries is to organize existing statutory law in topical arrangements within publications called codes ensure that new statutes are drafted so that they add, repeal or move various code sections. In turn, in theory, the code will thenceforth reflect the current cumulative state of the statutory law in that jurisdiction.
In many nations statutory law is subordinate to constitutional law. The term statute is used to refer to an International treaty that establishes an institution, such as the Statute of the European Central Bank, a protocol to the international courts as well, such as the Statute of the International Court of Justice and the Rome Statute of the International Criminal Court. Statute is another word for law; the term was adapted from England in about the 18th century. In the Autonomous Communities of Spain, the autonomy statute is a legal document similar to a state constitution in a federated state; the autonomies statutes in Spain have the rank of "Ley Organica", a category of special laws reserved only for the main institutions and issues and mentioned in the Constitution. Leyes Organicas rank between ordinary laws; the name was chosen, among others. In biblical terminology, statute refers to a law given without any justification; the classic example is the statute regarding the Red Heifer. The opposite of a chok is a mishpat, a law given for a specified reason, e.g. the Sabbath laws, which were given because "God created the world in six days, but on the seventh day He rested".
That which upholds, supports or maintains the regulatory order of the universe meaning the Law or Natural Law. This is a concept of central importance in Indian religion. Constitution Legislation Legislature Organic statute Statutory law Super statute
Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. It has been defined both as "the Science of Justice" and "the Art of Justice". Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent in common law jurisdictions. Private individuals can create binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process; the formation of laws themselves may be influenced by a constitution, written or tacit, the rights encoded therein. The law shapes politics, economics and society in various ways and serves as a mediator of relations between people. A general distinction can be made between civil law jurisdictions, in which a legislature or other central body codifies and consolidates their laws, common law systems, where judge-made precedent is accepted as binding law.
Religious laws played a significant role in settling of secular matters, is still used in some religious communities. Islamic Sharia law is the world's most used religious law, is used as the primary legal system in some countries, such as Iran and Saudi Arabia; the adjudication of the law is divided into two main areas. Criminal law deals with conduct, considered harmful to social order and in which the guilty party may be imprisoned or fined. Civil law deals with the resolution of lawsuits between individuals and/or organizations. Law provides a source of scholarly inquiry into legal history, economic analysis and sociology. Law raises important and complex issues concerning equality and justice. Numerous definitions of law have been put forward over the centuries; the Third New International Dictionary from Merriam-Webster defines law as: "Law is a binding custom or practice of a community. The Dictionary of the History of Ideas published by Scribner's in 1973 defined the concept of law accordingly as: "A legal system is the most explicit, institutionalized, complex mode of regulating human conduct.
At the same time, it plays only one part in the congeries of rules which influence behavior, for social and moral rules of a less institutionalized kind are of great importance." There have been several attempts to produce "a universally acceptable definition of law". In 1972, one source indicated. McCoubrey and White said that the question "what is law?" has no simple answer. Glanville Williams said that the meaning of the word "law" depends on the context in which that word is used, he said that, for example, "early customary law" and "municipal law" were contexts where the word "law" had two different and irreconcilable meanings. Thurman Arnold said that it is obvious that it is impossible to define the word "law" and that it is equally obvious that the struggle to define that word should not be abandoned, it is possible to take the view that there is no need to define the word "law". The history of law links to the development of civilization. Ancient Egyptian law, dating as far back as 3000 BC, contained a civil code, broken into twelve books.
It was based on the concept of Ma'at, characterised by tradition, rhetorical speech, social equality and impartiality. By the 22nd century BC, the ancient Sumerian ruler Ur-Nammu had formulated the first law code, which consisted of casuistic statements. Around 1760 BC, King Hammurabi further developed Babylonian law, by codifying and inscribing it in stone. Hammurabi placed several copies of his law code throughout the kingdom of Babylon as stelae, for the entire public to see; the most intact copy of these stelae was discovered in the 19th century by British Assyriologists, has since been transliterated and translated into various languages, including English, Italian and French. The Old Testament dates back to 1280 BC and takes the form of moral imperatives as recommendations for a good society; the small Greek city-state, ancient Athens, from about the 8th century BC was the first society to be based on broad inclusion of its citizenry, excluding women and the slave class. However, Athens had no legal science or single word for "law", relying instead on the three-way distinction between divine law, human decree and custom.
Yet Ancient Greek law contained major constitutional innovations in the development of democracy. Roman law was influenced by Greek philosophy, but its detailed rules were developed by professional jurists and were sophisticated. Over the centuries between the rise and decline of the Roman Empire, law was adapted to cope with the changing social situations and underwent major codification under Theodosius II and Justinian I. Although codes were replaced by custom and case law during the Dark Ages, Roman law was rediscovered around the 11th century when medieval legal scholars began to research Roman codes and adapt their concepts. Latin legal maxims were compiled for guidance. In medieval England, royal
A municipality is a single administrative division having corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it is subordinate. It is to be distinguished from the county, which may encompass rural territory or numerous small communities such as towns and hamlets; the term municipality may mean the governing or ruling body of a given municipality. A municipality is a general-purpose administrative subdivision, as opposed to a special-purpose district; the term is derived from French Latin municipalis. The English word municipality derives from the Latin social contract municipium, referring to the Latin communities that supplied Rome with troops in exchange for their own incorporation into the Roman state while permitting the communities to retain their own local governments. A municipality can be any political jurisdiction from a sovereign state, such as the Principality of Monaco, to a small village, such as West Hampton Dunes, New York.
The territory over which a municipality has jurisdiction may encompass only one populated place such as a city, town, or village several of such places only parts of such places, sometimes boroughs of a city such as the 34 municipalities of Santiago, Chile. Powers of municipalities range from virtual autonomy to complete subordination to the state. Municipalities may have the right to tax individuals and corporations with income tax, property tax, corporate income tax, but may receive substantial funding from the state. In various countries, municipalities are referred to as "communes", notably in Romance languages such as French commune, Italian comune, Romanian comună, Spanish comuna, in Germanic languages such as German Kommune, Swedish kommun, Faroese kommuna, Norwegian, Danish kommune. However, in Moldova and Romania exist both municipalities and communes, a commune may be part of a municipality. Similar terms include Spanish ayuntamiento called municipalidad, Polish gmina, Dutch/Flemish Gemeente and Luxembourgish Gemeng.
In Australia, the term local government area is used in place of the generic municipality. Here, the "LGA Structure covers only incorporated areas of Australia. Incorporated areas are designated parts of states and territories over which incorporated local governing bodies have responsibility." In Canada, municipalities are local governments established through provincial and territorial legislation within general municipal statutes. Types of municipalities within Canada include cities, district municipalities, municipal districts, parishes, rural municipalities, townships and villes among others; the Province of Ontario has different tiers of municipalities, including lower and single tiers. Types of upper tier municipalities in Ontario include regional municipalities. Nova Scotia has regional municipalities, which include cities, districts, or towns as municipal units. In India, a Municipality or Nagar Palika is an urban local body that administers a city of population 100,000 or more. However, there are exceptions to that, as Municipality were constituted in urban centers with population over 20,000, so all the urban bodies which were classified as Municipality were reclassified as Municipality if their population was under 100,000.
Under the Panchayati Raj system, it interacts directly with the state government, though it is administratively part of the district it is located in. Smaller district cities and bigger towns have a Municipality. Municipality are a form of local self-government entrusted with some duties and responsibilities, as enshrined in the Constitutional Act,1992. In the United Kingdom, the term was used until the 1972 Local Government Act came into effect in 1974 in England and Wales, until 1975 in Scotland and 1976 in Northern Ireland, "both for a city or town, organized for self-government under a municipal corporation, for the governing body itself; such a corporation in Great Britain consists of a head as a mayor or provost, of superior members, as aldermen and councillors". Since local government reorganisation, the unit in England, Northern Ireland and Wales is known as a district, in Scotland as a council area. A district can retain its district title. In Jersey, a municipality refers to the honorary officials elected to run each of the 12 parishes into which it is subdivided.
This is the highest level of regional government in this jurisdiction. In Trinidad and Tobago, "municipality" is understood as a city, town, or other local government unit, formed by municipal charter from the state as a municipal corporation. A town may be awarded borough status and on may be upgraded to city status. Chaguanas, San Fernando, Port of Spain and Point Fortin are the 5 current municipalities in Trinidad and Tobago. In the United States, "municipality" is understood as a city, village, or other local government unit, formed by municipal charter from the state as a municipal corporation. In a state law contex