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Early companies were purely economic ventures; it was only belatedly realized that an incidental benefit of holding joint stock was that the company's stock could not be seized for the debts of any individual member .
Previously company was thought as the property of its shareholders but now according to the new socio-economic thinking, is a social institute which has responsibilities towards society, not only it has responsibilities towards the workers but also towards the consumers and other members of the community .
2. PART A: DEFINITIONS AND PHILOSOPHERS’ VIEW
Lord Justice Lindley defines a company as follows: By a company is meant an association of many persons who contribute money or money’s worth to a common stock and employ it for a common purpose ...
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