F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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joint stock company-meaning,definition,features

 Joint stock company

A  company is an incorporated association of persons having separate legal existence,perpetual succession having common seals official signature. share holders are the owner of the company .but management is vested with Board of directors elected by the shareholders the capital of the company is referred as 'share capital'  which is divided into small units is known as ''share". 

definition

According to Prof. haney A joint stock company "is a voluntary association of  individuals for profits,having a capital divided into transferable shares,the ownership of which is the condition of membership"

Features

  • formation  : no company can came into existence without registration under companies act 2013.
  • registration involves the preparation of several documents and compliance with several legal formalities
  • separate legal entity : after the registration company gets a separate legal existence a part of its members 
  • artificial persons : after the registration the company will considered as an artificial person
  • continuity : the death,insolvency,insanity of the members will not affect the company.members may come ,members may go but the company continues to exist
  • control : company is controlled by the board of directors
  • liability : the liability for the members are limited
  • transferabilty of shares  : the shares of a company are freely transferable by its members except in the case of a private company
  • common seal : the common seal with the companies name is used as the official signature of the company

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