Types of business Introduction

2.3 Joint stock companies - one of the forms of commercial business

 

A commercial organization formed by one or more persons not liable for its obligations, with the authorized capital divided into shares, the rights to which are certified by securities - shares, is called a joint stock company. Kashanina T.V. Business partnerships and companies: legal regulation of intra-firm activities. Textbook for universities. M., 1995.S. 16.

Joint-stock company is the most common form of business company.

A feature of a joint-stock company is that all the rights of a shareholder, their transfer and termination are associated with the transfer of securities (shares), and a member of a joint-stock company upon exiting it, as a general rule, cannot demand any payments from the company, because this exit is possible only by selling or otherwise disposing of its shares to another person. Therefore, when the participants leave, the share capital of the joint-stock company does not decrease.

In accordance with, joint stock companies are divided into two types: an open joint stock company and a closed joint stock company.

An open joint-stock company distributes its shares among an indefinite circle of persons, and therefore only it has the right to conduct an open subscription to shares, and its members (shareholders) freely alienate their shares, the number of which cannot be limited.

In a closed joint stock company, shares are distributed only among the founders or among a predetermined circle of persons. Such a company is not entitled to conduct an open subscription to its shares, and its members acquire the proprietary right to purchase shares sold by the shareholders leaving the company to third parties. The number of participants in a closed joint stock company should not exceed 50.

One of the important forms of shareholders' control over the activities of the company's managers is the principle of public conduct of affairs, which means the need for periodic publication for general information of annual reports, balance sheets, profit and loss accounts, information about which cannot constitute a commercial secret of an open joint-stock company.

The charter is the only constituent document of a joint stock company, where a certain system of governing bodies is recorded. The charter specifies the competence of these bodies, as well as fixes other necessary information, in particular about the categories of issued shares, the amount of its authorized capital.

A joint-stock company can be created by one subject of civil law or it can be retained if all its shares are acquired by one participant, which opens up the possibility of creating joint-stock companies (enterprises) with full state or municipal participation. However, the only participant in a joint-stock company cannot be another business company, consisting of one person.

To ensure the guarantee of the rights of creditors of a joint-stock company, the current legislation imposes very strict requirements on the authorized capital. So, until its full payment, open subscription to shares is prohibited, which, in fact, means the obligation of the founders of the company to pay for the shares initially by themselves at a nominal price. For the same purposes, a rule has been established that when the net assets of a company decrease below the declared authorized capital, the company is not entitled to pay a dividend, but must declare and register a decrease in the authorized capital. If the value of such assets falls below the minimum specified by law, the joint stock company is subject to liquidation. It is obliged to notify its creditors about this, who acquire the right to demand early performance or termination of their obligations and compensation for losses in connection with this. At the same time, a decrease in the authorized capital of a company can be made in only two ways: either by reducing the par value of shares, or by purchasing a part of them by the company itself with subsequent redemption, if this is directly provided for by the charter of the company.

The organization of equity capital with the help of shares makes it possible to quickly alienate and acquire shares, especially using the exchange mechanism and bearer shares, which, in fact, means the possibility of almost instantaneous transfer of capital from one area of ​​activity to another in accordance with the emerging market conditions. In the current Uzbekistan conditions, the form of joint-stock companies has received a completely unusual development by using it not for concentration of capital, but for its distribution in the process of privatization of state and municipal property.

At the same time, in the presence of a huge number of small shareholders, as a rule, incompetent in entrepreneurial activities and interested only in receiving dividends, the heads of a joint-stock company acquire a virtually uncontrolled opportunity to dispose of the huge capital collected, which creates a great danger of abuse on their part or on the part of its founders ...
Conclusion:

 

The development of various forms of business, their quantitative and qualitative growth, allow us to hope that in the near future this economic sector will develop in Uzbekistan as well. Support for entrepreneurship is able to influence the recovery of the economy as a whole. But this requires a government policy aimed at developing business in our country.

As a rule, business development is a condition for solving the following problems:

the formation of market relations that contribute to greater satisfaction of the needs of the population; activation of scientific and technological progress;

bringing the production of goods and services closer to consumers;

improving the quality of goods and services due to the desire to meet consumer needs;

attraction of funds from the population for the development of production. Partners in small businesses invest their capital in a business with greater interest than in large ones; the formation of a social stratum of owners, owners, entrepreneurs;

liberation of the state from unprofitable enterprises through their lease and redemption;

assistance to restructuring in the economy: small business gives the economy flexibility, mobility;

creation of additional jobs, reduction of the unemployment rate;

development and use of local sources of raw materials and waste from large industries.

It is entrepreneurship, especially in the case of an effectively developed state policy, that can become the basis of market structures in many sectors, ensure the flow of investments into the most effective areas and thereby unite the processes of structural policy and the formation of an all-Uzbekistan market.