Lords Proprietor

Examples of Lords Proprietor in the following topics:

• The Founding of Carolina

  • The Province of Carolina was created when Charles II rewarded the Lords Proprietor lands that include the modern day Carolinas and Georgia.
  • They named their colony Carolina, and they themselves were called the Lords Proprietors.
  • The Province of Carolina was controlled from 1663 to 1729 by these lords and their heirs.
  • The actual government consisted of a governor, a powerful council, on which half of the councilors were appointed by the Lords Proprietors themselves, and a relatively weak, popularly elected assembly.
  • The Earl of Clarendon was one of eight Lords Proprietor given title to the Province of Carolina.

• The Carolinas

  • The 1663 charter granted the Lords Proprietor title to all of the land from the southern border of the Virginia Colony to the coast of present-day Georgia.
  • Another region, near present-day Charleston, South Carolina, was settled under the Lords Proprietors in 1670.
  • The Lords Proprietors, operating under their royal charter, were able to exercise their authority with nearly the autonomy of the king himself.
  • This period culminated in Cary's Rebellion when the Lords Proprietors finally commissioned a new governor.
  • After nearly a decade in which the British government sought to locate and buy out the proprietors, both North and South Carolina became royal colonies in 1729 when seven of the Lords Proprietors sold their interests in Carolina to the Crown.

• English Administration of the Colonies

  • This person or family was given the title of Lords Proprietor.
  • Proprietary colonies were governed much as provincial colonies except that Lords Proprietors, rather than the king, appointed the governor.

• The Rise of the Assemblies

  • They were governed like the provincial colonies, except that lord proprietors, rather than the king, appointed the governor.

• English Colonies

  • It was a private venture, financed by a group of English Lords Proprietors who hoped that a new colony in the south would become profitable like Jamestown.
  • Eventually, however, the Lords combined their remaining capital and financed a settlement mission to the area.

• Maryland

  • The province began as a proprietary colony of the English Lord Baltimore and as a haven for English Roman Catholics in the New World.
  • Maryland's foundational charter created a state ruled by Lord Baltimore, who directly owned all of the land granted in the charter.
  • The charter created an aristocracy of lords of the manor who bought land from Baltimore and held greater legal and social privileges than the common settlers.
  • Like other aristocratic proprietors, he also hoped to turn a profit in the new colony.

• Characteristics of a Corporation

  • By contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability).
  • This was also important in medieval times, when land donated to the Church (a corporation) would not generate the feudal fees that a lord could claim upon a landholder's death.

• A Brief Definition of Sole Proprietorships

  • Every asset of the business is owned by the proprietor, and all debts of the business are the proprietor's.
  • A sole proprietor may use a trade name or business name other than his or her legal name.
  • In the United Kingdom, the proprietor's name must be displayed on business stationery, in business emails, and at business premises, and there are other requirements.

• Pros and Cons of Sole Proprietorship

  • The sole proprietorship is one type of business structure in the US that does not require formal incorporation, meaning that sole proprietors do not need to formally file articles of incorporation, hold regular meetings, or elect an advising or directing board.
  • This simplicity is also reflected in tax treatment, as a sole proprietor files taxes as personal income.
  • Sole proprietors also have control over the aspects of their business without the involvement of elected board members.
  • As a result, if the proprietor dies, the business ceases to exist.

• Advantages of Sole Proprietorships

  • A man starting his own consulting firm as a sole proprietor would require very little capital to set up a home office to operate until sufficient funds are earned to open a larger office.
  • The sole proprietor form of business ownership is the most common form in the United States and also the simplest.
  • As a sole proprietor, filing your taxes is generally easier than a corporation.
  • The sole proprietor can own the business for as long as he or she decides, and can cash in and sell the business when they decide to get out.
  • The sole proprietor can even pass the business down to their heir, a common practice.