Aktiengesellschaft is a German word for a corporation limited by share ownership whose shares may be traded on a stock market. The term is used in Germany and Switzerland, South Tyrol for companies incorporated there, it is used in Luxembourg, although the equivalent French language term Société Anonyme is more common. In the United Kingdom and the United States, the equivalent terms are "limited" and "incorporated", respectively; the German word Aktiengesellschaft is a compound noun made up of two elements: Aktien meaning shares, Gesellschaft meaning company or society. An English translation is thus "share company", or company limited by shares, or joint-stock company. In German the use of the term Aktien for shares is restricted to Aktiengesellschaften. Shares in other types of German companies are called Anteile rather than Aktien. In Germany and Austria, the legal basis of the AG is the German Aktiengesetz or the Austrian Aktiengesetz. Since the German commercial law requires all corporations to specify their legal form in their name, in order to inform the public of the limits on their liability, all German and Austrian stock corporations include Aktiengesellschaft or AG as part of their name as a suffix.
In Switzerland, the Company Limited by Shares is defined in Title Twenty-Six of the Code of Obligations. Article 950 specifies. German AGs have a "two-tiered board" structure, consisting of a supervisory board and a management board; the supervisory board is controlled by shareholders, although employees may have seats, depending on the size of the company. The management board directly runs the company, but its members may be removed by the supervisory board, which determines the management board's compensation; some German AGs have management boards which determine their own remuneration, but that situation is now uncommon. The general meeting is the supreme governing body of a Swiss company limited by shares, it elects the board of the external auditors. The board of directors may appoint and dismiss persons entrusted with managing and representing the company; the equivalent terms in other countries include the following, which mean either "share company/society" or "anonymous company/society".
Denmark – Aktieselskab Estonia – Aktsiaselts Norway – Aksjeselskap Sweden – Aktiebolag Finland – Osakeyhtiö Turkey – Anonim Şirket Argentina, Costa Rica, Peru and other Spanish speaking countries – Sociedad Anónima Portugal – Sociedade Anónima Brazil – Sociedade Anônima Bulgaria – Акционерно дружество, derived directly from the German AG Belgium, Netherlands – Naamloze Vennootschap Belgium, France – Société Anonyme Poland – Spółka akcyjna Italy – Società per Azioni United Kingdom – Public limited company United Kingdom - cymdeithas cyhoeddus cyfyngedig Croatia - dioničko društvo Romania – Societate pe acțiuni or "Societate anonimă" Russia – Публичное акционерное общество Greece - ανώνυμος εταιρεία Hungary – Részvénytársaság Gesellschaft mit beschränkter Haftung Fohlin, Caroline. "Chapter 4: The History of Corporate Ownership and Control in Germany". In Morck, Randall K. A History of Corporate Governance around the World: Family Business Groups to Professional Managers. University of Chicago Press.
Pp. 223–282. ISBN 0-226-53680-7. E McGaughey,'The Codetermination Bargains: The History of German Corporate and Labour Law' 23 Columbia Journal of European Law 135 Franks, Julian. "Ownership and Control of German Corporations". The Review of Financial Studies. Oxford University Press. 14: 943–977. Doi:10.1093/rfs/14.4.943. JSTOR 2696732. German Stock Corporations Act 1965 translation
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law, the existence of a joint-stock company is synonymous with incorporation and limited liability. Therefore, joint-stock companies are known as corporations or limited companies; some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and other countries that have adopted its model of company law, they are known as unlimited companies. In the United States, they are known as joint-stock companies. Ownership refers to a large number of privileges; the company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting. The shareholders vote to accept or reject an annual report and audited set of accounts.
Individual shareholders can sometimes stand for directorships within the company if a vacancy occurs, but, uncommon. The shareholders are liable for any of the company debts that extend beyond the company's ability to pay up to the amount of them. Finding the earliest joint-stock company is a matter of definition; the earliest records of joint stock company can be found in China during the Song Dynasty. Around 1250 in France at Toulouse, 96 shares of the Société des Moulins du Bazacle, or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned, making it the first company of its kind in history; the Swedish company Stora has documented a stock transfer for an eighth of the company as early as 1288. In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands, chartered in 1553 with 250 shareholders. Muscovy Company, which had a monopoly on trade between Moscow and London, was chartered soon after in 1555.
The much more famous and powerful English East India Company was granted an English Royal Charter by Elizabeth I on December 31, 1600, with the intention of favouring trade privileges in India. The Royal Charter gave the newly created Honourable East India Company a 15-year monopoly on all trade in the East Indies; the Company transformed from a commercial trading venture to one that ruled India and exploited its resources, as it acquired auxiliary governmental and military functions, until its dissolution. Soon afterwards, in 1602, the Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange; that invention enhanced the ability of joint-stock companies to attract capital from investors, as they could now dispose their shares. In 1612, it became the first'corporation' in intercontinental trade with'locked in' capital and limited liability. During the period of colonialism, Europeans the British, trading with the Near East for goods and calico for example, enjoyed spreading the risk of trade over multiple sea voyages.
The joint-stock company became a more viable financial structure than previous guilds or state-regulated companies. The first joint-stock companies to be implemented in the Americas were The London Company and The Plymouth Company. Transferable shares earned positive returns on equity, evidenced by investment in companies like the British East India Company, which used the financing model to manage trade in India. Joint-stock companies paid out divisions to their shareholders by dividing up the profits of the voyage in the proportion of shares held. Divisions were cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit. However, in general, incorporation was possible by royal charter or private act, it was limited because of the government's jealous protection of the privileges and advantages thereby granted; as a result of the rapid expansion of capital-intensive enterprises in the course of the Industrial Revolution in Britain, many businesses came to be operated as unincorporated associations or extended partnerships, with large numbers of members.
Membership of such associations was for a short term so their nature was changing. Registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844. Companies incorporated under this Act did not have limited liability, but it became common for companies to include a limited liability clause in their internal rules. In the case of Hallett v Dowdall, the English Court of the Exchequer held that such clauses bound people who have notice of them. Four years the Joint Stock Companies Act 1856 provided for limited liability for all joint-stock companies provided, among other things, that they included the word "limited" in their company name; the landmark case of Salomon v A Salomon & Co Ltd established that a company with legal liability, not being a partnership, had a distinct legal personality, separate from that of its individual shareholders. The existence of a corporation requires a special legal framework and body of law that grants the corporation legal personality, it ty
The FTSE MIB is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 most-traded stock classes on the exchange; the index was administered by Standard & Poor's from its inception until June 2009, when this responsibility was passed to FTSE Group, 100% owned by the Borsa Italiana's parent company London Stock Exchange Group. Both intraday and closing high are 50,109.00 in 6 March 2000. As of 15 January 2019: FTSE Italia Mid Cap Yahoo Finance page for FTSE MIB Components of the MIB index from Borsa Italiana
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
S. A. or Société anonyme designates a type of corporation in countries that employ civil law. Depending on language, it means anonymous company, anonymous partnership, share company, or joint-stock company equivalent to public limited company in common law jurisdictions, it is different from private limited companies. Shareholders could be anonymous and collect dividends by surrendering coupons attached to their share certificates. Dividends were therefore paid to. Share certificates could be transferred and therefore the management of the company would not know who owned its shares. Like bearer bonds, illegal unregistered share ownership and dividend collection enabled money laundering, tax evasion, concealed business transactions in general, so governments passed laws to audit the practice. Nowadays, shareholders of S. A.s are not anonymous, though shares can still be held by holding companies in order to obscure the beneficiary. S. A. can be an abbreviation of: Sociedade Anónima in Galician and European Portuguese Sociedá Anónima in Asturian and Leonese Sociedade Anônima in Brazilian Portuguese Societat Anònima in Catalan Société anonyme in French Società Anonima in Italian Sociedad Anónima or Sociedad por Acciones in Spanish Mexican law takes into account the variability of the corporate stock, resulting in most S.
A. turning into Sociedad Anónima de Capital Variable, or Sociedad Anónima Bursátil de Capital Variable for publicly traded companies. Mexico has Sociedad de Responsabilidad Limitada de Capital Variable, analogous to the limited liability company. Spółka Akcyjna in Polish Societate pe Acțiuni in RomanianIt is equivalent in literal meaning and function to: Naamloze vennootschap in Dutch Ανώνυμη Εταιρεία, Anonymi Etaireia in Greek Perseroan Terbatas Terbuka in Indonesia Berhad in Malaysia Anonim Şirket in Turkish Corporación anónima in VenezuelaIt is equivalent in function to: Shoqëri Aksionare in Albanian شركة مساهة عامة ذات مسؤولية محدودة ش.ذ.م.م, Sharikah musāhamah ʿāmmah dhāt mas'ūliyyah maḥdūdah in Arabic Dioničko društvo in Croatian and Bosnian Акционерно дружество, Aktsionerno druzhestvo in Bulgarian Акционерско друштво, Aktsionersko drushtvo in Macedonian Akciová společnost in Czech Aktieselskab in Danish Société anonyme égyptienne or (شركة مساهمة مصرية (ش.م.م in Egypt Osakeyhtiö in Finnish Aktsiaselts in Estonian Aktiengesellschaft in German Részvénytársaság in Hungarian Hlutafélag in Icelandic Public Limited in India Public limited company in the United Kingdom and several Commonwealth countries Kabushiki Gaisha or 株式会社 in Japan Jusighoesa or 주식회사 in Korea Société anonyme laotienne in Laos Akcinė bendrovė in Lithuanian Akciju Sabiedrība in Latvian Aksjeselskap in Norwegian Акционерное общество, Aktsionernoye obshchestvo in Russian Деоничарско друштво, Deoničarsko društvo, or Акционарско друштво, Akcionarsko društvo in Serbian Akciová spoločnosť in Slovak Delniška družba in Slovene Aktiebolag in Swedish Акціонерне товариство, Aktsionerne tovarystvo in Ukrainian Publicly traded company or Incorporated in the United States, though the former term does not appear in the names of business entities Compañía Anónima in Andorra ក.អ or Société anonyme cambodgienne in Cambodia Président-directeur général Global Witness on Anonymous Companies