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With. 205 - 206]. Anyway, in 1856 the parliament has extended Restriction of responsibility on the registered corporations. Often believe that from the point of view of investors main advantage

The corporate form in absence of a private responsibility for enterprise debts.

But historical evidences are dual. Steel incorporated companies

The widespread phenomenon still before have acquired the right to the limited

Responsibility. Even after the parliament has legalised creation of corporations with

Limited liability, founders of corporations quite often declared about Very big authorised capital stock, but took from subscribers only a part Share nominal price. In case of insolvency subscribers bore Responsibility, proceeding from a share nominal price; thus, founders Corporations used not to the full all possibilities represented The law on limited liability. Between 1856 and 1882 years an average price Shares for shareholders fluctuated from 13,3 % of its face-value in 1869 To 57,81 % in 1858 Cottrell, table 4, p. 85, Industrial Finance, 3. Such

In the image, responsibility restriction was not the major property of corporations.

In the United States history of creation of the corporations registered in frameworks

The general corporation laws, it is in some respects similar that

Occurred in England. In both countries they have appeared at the third stage, after

That as corporations, created for religious became habitual, The charitable and municipal purposes Business History Review 52 (Spring 1978): pp. 30 - 60, "The Public Service Origins of the American Business Corporation ", Ronald E. Seavoy, and after the period of distribution licensed Corporations. There is even a known parallelism between the British Use of not formalized incorporated companies and American Use of industrial trusts [in New England them often named

It seems that in the United States advantages of limited liability Were underlined more strongly, than in Britain. [According to legislatively

The confirmed charters of the first business corporations of America managers, seemingly,

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