The Concept Of Organized Business - 1491 Words

The concept of organized business is not as new of a concept as you might think it to be. People have associated themselves with like-minded individuals to achieve common goals for centuries. In fact, organized business can be traced as far back as the 4th and 5th century in the Roman Empire. In spite of being a monarchy, many businesses would be given special license by Caesar to operate as a single entity to carry out tasks essential to the function of Roman society. This type of grouping may not have been classified as a business by today’s standards, but it was structured in a loose concept of what we have today. Guilds of artisans and builders operated in such a manner to perform duties for the government and further societal goals.†¦show more content†¦Storms and dangerous territories caused the loss of many ships in this time period and owners could not be held liable for such natural disasters. In an excerpt from Encyclopedia Britannica, author S. Nicholas Woodward states that the â€Å"the corporate form itself developed in the early Middle Ages with the growth and codification of civil and canon law.† (Woodward, 2015) The specific terms and conditions varied throughout the following centuries, while encompassing input and influence from British law. Much of the modern influence came due to the emerging commerce from the industrial revolution in both England and the United States. The railroad and steel industries take much of the credit for various new businesses that sprang up due to the increased convenience of the transportation of goods. The intended purpose of the corporate blanket was to allow a group of people with common goals, skills, and interests to work together as a single personality or entity. If the company as an entity errs in the manner of liability, the individual pieces are protected under the blanket of a corporate structure. With the increase in commerce and trade between growing nations, the desire for business owners to be protected grew, respectively. According to an article on the website www.llc-reporter.com, â€Å"In 1977, Wyoming became the first American state to enact a true LLC act