Legist

The modern form of company really developed when merchants began trading overseas. A merchant from the guild traded on his own stock overseas but as a member of a company which included similar merchants. Royal Charters began to confer privileges on these “companies” of men in the 14th century but the charters did not become common until the 16th century. The trading liability of each member was separate from other members, that is from the company, and the charters were only obtained to gain a monopoly of trade in a particular territory.