A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. 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 usually divided by the law of the jurisdiction where they are chartered based on two aspects: whether they can issue stock, or whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as aggregate or sole.
1720 (MDCCXX) was a leap year starting on Monday of the Gregorian calendar and a leap year starting on Friday of the Julian calendar, the 1720th year of the Common Era (CE) and Anno Domini (AD) designations, the 720th year of the 2nd millennium, the 20th year of the 18th century, and the 1st year of the 1720s decade. As of the start of 1720, the Gregorian calendar was 11 days ahead of the Julian calendar, which remained in localized use until 1923.
The South Sea Company was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. To generate income, in 1713 the company was granted a monopoly to supply African slaves to the islands in the "South Seas" and South America. When the company was created, Britain was involved in the War of the Spanish Succession and Spain and Portugal controlled most of South America. There was thus no realistic prospect that trade would take place, and as it turned out, the Company never realised any significant profit from its monopoly. However, Company stock rose greatly in value as it expanded its operations dealing in government debt, and peaked in 1720 before suddenly collapsing to little above its original flotation price. The notorious economic bubble thus created, which ruined thousands of investors, became known as the South Sea Bubble.
The Navigation Acts, or more broadly the Acts of Trade and Navigation, were a long series of English laws that developed, promoted, and regulated English ships, shipping, trade, and commerce with other countries and with its own colonies. The laws also regulated England's fisheries and restricted foreign—including Scottish and Irish—participation in its colonial trade. While based on earlier precedents, they were first enacted in 1651 under the Commonwealth.
The Townshend Acts or Townshend Duties were a series of British acts of Parliament passed during 1767 and 1768 introducing a series of taxes and regulations to enable administration of the British colonies in America. They are named after the Chancellor of the Exchequer who proposed the programme. Historians vary slightly as to which acts they include under the heading "Townshend Acts", but five are often listed:
The Mississippi Company was a corporation holding a business monopoly in French colonies in North America and the West Indies. In 1717, the Mississippi Company received a royal grant with exclusive trading rights for 25 years. The rise and fall of the company is connected with the activities of the Scottish financier and economist John Law who was then the Controller General of Finances of France. Though the company itself started to become profitable and remained solvent until the collapse of the bubble, when speculation in French financial circles and land development in the region became frenzied and detached from economic reality, the Mississippi bubble became one of the earliest examples of an economic bubble.
The Restraining Acts of early 1775 were two Acts passed by the Parliament of Great Britain, which limited colonial trade in response to both increasing and spreading civil disobedience in Massachusetts and New England, and similar trade restrictions instituted by elected colonial representatives. With time the foment would spread to most of its American Colonies. The first restraining act, known variously as the New England Trade And Fisheries Act, the New England Restraining Act, or the Trade Act 1775, limited the export and import of any goods to and from only Great Britain, Ireland, and the British West Indies; it also prohibited the New England colonies from fishing in the waters off Newfoundland and most of America's Atlantic coast, without special permissions and documentation, and imposed stiff penalties on both perpetrators and administrators if violations occurred. Previously legal or finessed trade between the colonies themselves or with other nations was prohibited, and enforced by naval blockade, effective July 1, 1775. The second restraining act, known also as the Trade Act 1775, similarly limited the export or import of any goods by way of only Great Britain, Ireland, and the British West Indies for most colonies south of New England; it was passed shortly after the first, upon receiving news in April that the colony's trade boycott had spread widely among other colonies. New York, Delaware, North Carolina and Georgia would escape these restraints on trade, but only for a few months.
The Joint Stock Companies Act 1844 was an act of the Parliament of the United Kingdom that expanded access to the incorporation of joint-stock companies.
The Piracy Act 1717, sometimes called the Transportation Act 1717, was an Act of the Parliament of Great Britain that established a regulated, bonded system to transport criminals to colonies in North America for indentured service, as a punishment for those convicted or attainted in Great Britain, excluding Scotland. The Act established a seven-year transportation sentence as a punishment for people convicted of lesser felonies, and a fourteen-year sentence for more serious crimes, in lieu of capital punishment. Completion of the sentence had the effect of a pardon; the punishment for returning before completion was death. It is commonly accepted that 30,000 convicts may have been transported to the British American colonies, with some estimates going as high as 50,000.
Events from the year 1720 in Great Britain.
The Royal Exchange Assurance, founded in 1720, was a British insurance company. It took its name from the location of its offices at the Royal Exchange, London.
Exchange Alley or Change Alley is a narrow alleyway connecting shops and coffeehouses in an old neighbourhood of the City of London. It served as a convenient shortcut from the Royal Exchange on Cornhill to the Post Office on Lombard Street and remains as one of a number of alleys linking the two streets. Shops once located in Exchange Alley included ship chandlers, makers of navigation instruments such as telescopes, and goldsmiths from Lombardy in Italy.
Companies Act is a stock short title used for legislation in Botswana, Hong Kong, India, Kenya, Malaysia, New Zealand, South Africa and the United Kingdom in relation to company law. The Bill for an Act with this short title will usually have been known as a Companies Bill during its passage through Parliament.
A period of financial distress occurs when the price of a company or an asset or an index of a set of assets in a market is declining with the danger of a sudden crash of value occurring, either because the company is experiencing increasing problems of cash flow or a deteriorating credit balance or because the price had become too high as a result of a speculative bubble that has now peaked.
Sir John Meres FRS of Kirby Bellars, Leicestershire was an English knight and the director of a number of companies in the early 18th century, including the Charitable Corporation, the York Buildings Company, and Company of Mineral and Battery Works. He was also one of the Six Clerks in Chancery.
The history of company law in the United Kingdom concerns the change and development in UK company law within the context of the history of companies, deriving from its predecessors in Roman and English law. Company law in its current form dates from the mid-nineteenth century, however other forms of business association developed long before.
The Hollow Sword Blades Company was a British joint-stock company founded in 1691 by a goldsmith, Sir Stephen Evance, for the manufacture of hollow-ground rapiers.
The history of corporate law in the United States concerns the development of the corporation, primarily as a business organization, under the different United States corporate law, including federal regulation.
Charles Povey was a British pamphleteer and entrepreneur, who challenged the Royal Mail's postal monopoly by running the "Halfpenny Carriage", a local London postal system similar to William Dockwra's Penny Post. He founded the first joint-stock company for fire insurance, the Exchange House Fire Office later the "Sun Fire Office" that remains in business today as the RSA Insurance Group.
London Assurance was an English insurance company founded in 1720, in the midst of the South Sea Bubble speculation. It was acquired by Sun Alliance in 1965 to form the Sun Alliance and London.
