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Friday, April 29, 2022

Business Enterprise - "and Sons !"

Chennai – Madras, Madrasapatnam has a chequered history.  There is Parrys Corner and George Town, a colonial vestige.  During the colonial period, the area in and around Muthialpet was renamed as "George Town" by the British in 1911, in honour of King George V when he was crowned as the Emperor of India. The area is also called Broadway, named after a main thoroughfare in Muthialpet and there is Esplanade too.
The first settlement of the city of Madras of the visiting traders,  began here, near the fort. Fort St George in 1640 as a fortified warehouse for the English East India Company. It was built by Francis Day. The township of native people that began to grow up around it was called the Black Town by the British.  
There are so many temples in this area and there is - Ekambareswarar Temple,   constructed by Alanganatha Pillai, a dubash  of   British East India Company. There are thousands of small and big trading houses and this one - H Mani Sunker Davay & Sons at a lane called - Luckmudoss Street, is well known to those used to buying quality veshtis and angavasthrams for temple and marriage purposes.  The collection and quality is really appreciable.
In 2015, the British government was forced to pay £8.8 million to Taylor & Sons when the Welsh engineering firm went into liquidation, and in so doing, laid off its 250-person team. On the surface, that might sound weird. After all, why would a government pay out a seven-figure sum to a midsize firm that went bankrupt?
A company is a legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise. A company may be organized in various ways for tax and financial liability purposes depending on the corporate law of its jurisdiction. The line of business the company is in will generally determine which business structure it chooses such as a partnership, proprietorship, or corporation. These structures also denote the ownership structure of the company. They can also be distinguished between private and public companies. Both have different ownership structures, regulations, and financial reporting requirements.
By another definition, a Company is  any formal business entity for profit which may be a corporation, a partnership, association or individual proprietorship. Often people think the term "company" means the business is incorporated, but that is not true. In fact, a corporation usually must use some term in its name such as "corporation," "incorporated," "corp." or "inc." to show it is a corporation.
Often you find – many a firms – with suffix ‘& sons’ -  It means that campany was started by a family, which has generations involved in same business. The family can still be the sole or majority share holder in the company.  
The story of Taylor & Sons’ big payout began in 2009, after the government’s official registrar for all companies in the U.K., Companies House, mistook Taylor & Sonsat that point, a flourishing firm that had been operating for 134 yearswith Taylor & Son Limited, a body shop based in Manchester, which had reported plans to shut down. The mix-up meant the British government had shut down all of Taylor & Sons accounts, bank transactions and U.K.-based trusts. Contracts were lost, staff didn’t get paid and the firm’s credit agreements with suppliers were no longer valid. And so, by the end of 2009, Taylor & Sons (the engineering firm) was forced to shut down for good.
After a six-year court battle, Taylor & Sons owner Philip Davison-Sebry won the payout for irreparable damages in London’s high court. (He’s currently using that money to start a new firm.) For its part, the British government still blames the incident on a clerical error, part of which it attributes to the large number of businesses in the U.K. that have some variation of the “& Son(s)” suffix in their names.
.. .. .. all this long post – for this board attracted me – in a literal translation – ‘& sons’ has become ‘magan’ written in Tamil.
Interesting !
With regards – S. Sampathkumar

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