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LESSON 5
CORPORATIONS
Corporations as a form of enterprises arose as an
alternative to partnerships, limited partnerships, or such rarely
used forms as business trust or an unincorporated Joint stock
company.
Within the partnership the investors directly manage their
own money, rather than entrust that task to others. Partners are
“mutual agents” and each is able to sign contracts that are
binding on all the others. Such an arrangement is unsuited for
strangers or those who are suspicious about each other’s
integrity or business capacities. Hence the transfer of
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