A public stock corporation. Ownership thereby is spread among as many hundreds or thousands of people as are willing to buy in, their proportional part of the firm being represented by the amount of stock”or number of shares”they hold. Their reward is likewise a proportional share of their firm's profits. Their control is exercised through the board of directors they elect. And because their stock is a standardized, known quantity”and because there are stock exchanges”they can readily withdraw from the company and sell their piece of ownership to someone else. The corporation, once established and in being, is an impersonal thing of indeterminate duration.


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