What is COMPANY? Definition of COMPANY in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
A society or association of persons, in considerable number, interested in a common object, and uniting themselves for the prosecution usually of some commercial or industrial undertaking, or other legitimate business. Mills v. State, 23 Tex. 303; Smith v. Janesville, 52 Wis. 680, 9 N.W. 789.
The proper signification of the word "company," when applied to persons engaged in trade, denotes those united for the same purpose or in a joint concern. It is so commonly used in this sense, or as indicating a partnership, that few persons accustomed to purchase goods at shops, where they are sold by retail, would misapprehend that such was its meaning. Palmer v. Pinkham, 33 Me. 32.
The term is not identical with "partnership," although every unincorporated society is, in its legal relations, a partnership. In common use a distinction is made, the name "partnership" being reserved for business associations of a limited number of persons (usually not more than four or five) trading under a name composed of their individual names set out in succession; while "company" is appropriated as the designation of a society comprising a larger number of persons, with greater capital, and engaged in more extensive enterprises, and trading under a title not disclosing the names of the individuals. Attorney General v. Mercantile Marine Ins. Co., 121 Mass. 525.
Sometimes the word is used to represent those members of a partnership whose names do not appear in the name of the firm. See 12 Toullier, 97.
A number of persons united for performing or carrying on anything jointly. In re Tidewater Coal Exchange, C.C.A.N.Y., 280 F. 638, 643.
Thus, the term is not necessarily limited to a trading or commercial body, but may include an unincorporated I organization to promote fraternity among its members and provide mutual aid and protection through the payment of death benefits. In re Order of Sparta, D.C.Pa., 238 F. 437.
"Company" is a generic and comprehensive word, which may include individuals, partnerships, and corporations. Asbury v. Town of Albemarle, 162 N.C. 247, 78 S.E. 146, 148, 44 L.R.A.,N.S., 1189; Ellerson v. Grove, C.C.A.N.C., 44 F.2d 493, 497. But not a municipality. City of Los Angeles, Cal., v. Eighth Judicial District Court, 58 Nev. 1, 67 P.2d 1019, 1023.
The word is sometimes applicable to a single individual. Harger v. Harger, 144 Ark. 375, 222 S.W. 736, 739. But compare Wood v. Wood, 78 Or. 181, 151 P. 969, 970, L.R.A. 1916C, 251, Ann.Cas.1918A, 226.
Joint Stock Company
An association of individuals for purposes of profit, possessing a common capital contributed by the members composing it, such capital being commonly divided into shares of which each member possesses one or more, and which are transferable by the owner. Shelf. Jt. St. Co. 1. One having a joint stock or capital, which is divided into numerous transferable shares, or consists of transferable stock. Lindl. Partn. 6. A partnership whereof the capital is divided, or agreed to be divided, into shares so as to be transferable without the express consent of the co-partners. Pars. Part. § 435. A quasi partnership, invested by statutes in England and many of the states with some of the privileges of a corporation. See Pennsylvania v. Mining Co., 10 Wall. 556, 19 L. Ed. 998; L.R. 4 Eq. 695. It lies midway between a corporation and a copartnership. Rocky Mountain Stud Farm Co. v. Lunt, 46 Utah, 299, 151 P.521, 52 7.
A "joint-stock company" is an entirely different organization from a "corporation," although it has many of the same characteristics and is often not improperly called a quasi corporation, especially under particular statutes, but in Kentucky it is still what it was at common law, namely, a hybrid midway between a corporation and a partnership, that is, it had directors and officers, articles of association, a common capital divided into shares which represented the interests of the members and are transferable without the consent of the other members so that the death of a member does not dissolve the company—but, on the other hand, each member was liable for the debts of the concern, so that such company had characteristics of both a corporation and a partnership. Roller v. Madison, 172 Ky. 693, 189 W. 914, 915.
Limited Company
A company in which the liability of each shareholder is limited by the number of shares he has taken, so that he cannot be called on to contribute beyond the amount of his shares. In England, the memorandum of association of such company may provide that the liability of the directors, manager, or managing director thereof shall be unlimited. 30 & 31 Vict. c. 131; 1 Lindl. Partn. 383; Mozley & Whitley.
Public Company
In English law. A business corporation; a society of persons joined together for carrying on some commercial or industrial undertaking.
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That's the definition of COMPANY in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.
