COMPANY

A society or a ociation of persons, in considerable number, interested in a common object, and uniting themselves for the prosecution of some commercial or industrial undertaking, or other legitimate busine . Mills v. St.ate, 23 Tex. 303; Smith v. Janesv1lle, 52 Wis. 680, 9 N. w. 789. The proper signification of the word "com• pan..y," when applied to persons engaged in trade, denotes those united for the same purpose or in a joint concern. It is so commonly used in this sense, or as indicating a partnership, that few persons accustomed to purchase goods · at shops, where they are sold by retail, would misapprehend that such was its meaning. Palmer v. Pinkham, 33 Me. 32. Joint ■tock companie■, Joint stock com• panies are those having a joint stock or capitJl, which is divided into numerous transferable shares, or consists o:f' transferable stock. Llndl. Partn. 6. The term is not identical with ''partnership," although every unincorporated society is, in its legal relations, a partnership. In common use a distinction is made, the name "partnership" being reserved for busine a ociations of a limited number of persons (usually not more than four or five) trading under a name.composed of their individual nan;ies set out in succe ion; while "company" is appropriated as the designation ~f a society comprising a larger number or persons, with greater capital, and engaged in more extensive enterprises, and trading under a title not _disclosing the names of the individuals. See Allen v. Long, 80 Tex. 261, 16 S. W. 43, 26 Am. St. Rep. 735; Adams Exp. Co. v..Schofield, 111 Ky. 832, 64 S. W. 903; Ko akowski v. People, 177 Ill. 563, 53 N. ID. 115; In re Jones, 28 Misc. Rep. 356, 59 N. Y. Supp. 983; Attorney General v. Mercantile Marine Ins. Co., 121 Ma . 525. Sometimes the word is used to represent those members of a partnership whose names do not appear ID the name of the firm. See 12 ToulUer, 97. -Limited company. A company in w}!ich the liability of each shareholder is limited by the number of shares he has taken, so that he cannot be called on to contribute bey on.d the amount of his shares In England, tqe memorandum of a ociation of such company may provide that the liability of the directors. manager, or· managing director thereof shall be unlimited. 30 & 31 Viet. c. 131; 1 Lindl Partn. 383; [s. 237]