ABSTRACT
Joint-stock', regulated companies, limited partnerships, business trusts and general partnerships are all ways of organizing equity. The value of a share in a joint stock is always the price which it will bring in the market; and this may be either greater or less, in any proportion, than the sum which its owner stands credited for in the stock of the company. Promoters of joint-stock schemes were quite willing to bribe MPs with shares or directorships in order to secure a favourable hearing for their companies. Smith began his discussion by contrasting the joint-stock company with a partnership, recognizing the features of transferability and limited liability. The legal transition to permit general availability of limited liability corporations to organize equity capital took place in England between 1844 and 1856. This history restrained the use of joint-stock companies in France in the 19th century until passage of the general incorporation law.
