Perpetual succession - A legal distinctions between what constitutes a business and what constitutes a company.
A joint stock company is similar to a corporation in that both are characterized by perpetual succession where a member is allowed to freely transfer stock and introduce a stranger in the membership.
In 1727 the Royal Bank of Scotland was established by a charter of incorporation, - which granted them " perpetual succession and a common seal." There was a great rivalry between the two companies.
of business organization that is created as a distinct "legal person" composed of one or more actual individuals or legal entities. Primary advantages of a corporation include limited liability, ease of ownership, transfer, and perpetual succession.
 See also: Unlimited liability, Monopoly, Capital Stock, Population, Poverty
  
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